中国情境下上市公司主动更名的市场反应研究

Study on the Market Reaction of Voluntary Name Change among Listed Companies in Chinese Context

近些年来,上市公司主动更名的事件已屡见不鲜,然而这一行为的经济后果却较少受到学术界的关注。文章以中国资本市场中2008年至2014年间发生的114起相对干净、未发生实质性变化的主动更名事件为对象,采用事件研究法分析其带来的市场反应。研究结果表明:(1)更名公告发布会引发显著的正面市场反应,事件日后负面市场反应明显,总体上呈现出过度反应特征;(2)区分牛、熊市后,发现牛市行情中股票更名公告导致的正面市场反应更为明显;(3)若主动更名契合热点主题,则市场反应相对更强。文章丰富了中国情景下上市公司主动更名的经济影响研究,同时也对完善资本市场相关监管法规具有重要的借鉴意义。

In recent years, voluntary name change among listed companies in China is very common, but the e- conomic consequences of the behavior haven＇t attracted much attention in academic circles. Based on the sample containing 114 voluntary name changes（listed companies are relatively clean and have no substantive change） from 2008 to 2014 in China＇ s capital market, this article used event study to analyze the market reaction. The results are as follows： （ 1 ） Rename announcement conference causes a significantly positive market reaction, after date, it comes the obviously negative market reaction, on the whole, it showes the characteristics of overreaction ; （2） When dividing whole market into bull market and bear market, it finds that the market reaction to the stock name change announce- ment in bull market is more positive; （3） If voluntary name change fits hot topics, the market reaction is larger. This article enriches studies on economic consequences of voluntary name change among listed companies in Chinese context, and it has great significance to perfect the relevant laws and regulations in capital market.