“买买买”背后的流动性与市场效应研究——来自A股市场举牌的证据

Research on Liquidity and Market Effect Based on“Buy Buy Buy”——An Evidence from A-Share Market on Placards

因险资的频繁举牌而使举牌备受市场各方力量关注,文章以A股市场举牌事件为样本实证检验举牌对股票市场影响,发现举牌对股票流动性增加有显著的影响,但弱化了市场的有效性.作为二级市场重要的主力资金,虽然险资举牌备受争议,但市场效应并不因举牌方的险资背景而存在显著差异,流动性、市场有效性变动与举牌方的资金背景没有显著的相关性.因此,监管政策不应仅局限于名声大噪的险资举牌,同时对其他投机炒作、恶意收购及异常交易举牌方的严格监管才能保证资本市场的健康发展.

The market has paid much attention to the increasing holding of placards because of the frequent placards by insurance funds.This paper takes the placards of listed companies in A-share market as a sample to empirically test the effect of placards on the stock market.It is found that the placards have significant impact on the increasing of stock liquidity,but the effectiveness of the market has been weakened.As an important main capital in the secondary market,although there is a great deal of controversy about the placards by insurance funds,the market effect does not differ significantly whether the placards is implemented by the insurance funds or not.There is no significant correlation between liquidity,market efficiency changes and the fund background of placards.Therefore,regulatory policy should not be limited to the reputation of insurance funds placard,while strict supervision of other speculation,hostile takeover and abnormal transactions placards can ensure the healthy development of the capital market.