险资举牌对被举牌公司股价波动的影响研究——基于事件研究法的实证分析

The Study on the Impact of Insurance Companies' Significant Shareholding on the Listed Company's Stock Price Volatility——An Empirical Investigation Based on the Event Study

本文通过事件研究法就我国险资举牌上市公司对其股价波动的影响进行了实证研究。结果表明:第一,举牌事件总样本的研究发现,在举牌公告日后,被举牌公司有较大的平均异常收益率(AAR),短期内,险资举牌后对被举牌公司的股价波动具有显著影响。第二,分类研究发现,一次举牌和多次举牌的市场反应差异不大,说明市场并未对多次举牌形成预期;平台类和非平台类险资举牌、大公司和小公司的险资举牌的研究表明,险资的不同属性并没有对被举牌上市公司的股价产生明显的差异化影响;险资财务投资和战略投资的举牌研究表明,现阶段财务投资更能得到市场的认可,战略投资会引起市场的一定担忧。

This study investigated the impact of insurance companies＇ significant shareholding on the fluctuation of the listed company＇ s stock price in China. The results show that ： firstly, for the aggregate samples,investee compa- nies have a significant average abnormal returns （AAR） following the day of the announcement, and in the short term, the listed company has a high stock price fluctuation;secondly, the classification study finds that, market reactions to one-time investment and multiple investments are not quite different, showing that the market doesn＇ t anticipate the strategy of insurance company;researches on the investments of the platform and non-platform insurance funds and large and small insurance companies respectively indicate that, different attributes of insurance funds have no significant difference on their investments＇ impacts on the listed company＇ s stock prices ; the research on the impacts of financial investment and strategic investment of insurance funds shows that, at present, financial investment is more acceptable to the market, while strategic investment may raise market concerns.