上市公司更名的市场价格反应与公司治理效应:来自中国股票市场的经验证据

The market price reaction and corporate governance effect of listed companies’ renaming:Evidence from Chinese stock market

上市公司更名已经成为中国股票市场的普遍现象,其对公司股票价格和经营绩效的影响受到了证券监管部门、上市公司和投资者的广泛关注。文章首先结合现有相关研究成果、从理论上分析公司更名、特别是公司基于经营范围变更、并购重组、战略调整、声誉改变和其他原因等不同动机的更名行为对其股票价格和经营绩效的影响,并提出相应研究假设。其次,在对中国上市公司更名情况及其更名原因进行统计分析的基础上,以2010—2017年中国更名上市公司在更名前后60个交易日的股票价格数据为样本,利用事件研究法实证研究上市公司更名的市场价格反应;以2010—2015年中国更名上市公司在更名前后3年的总资产收益率和每股收益等经营绩效数据、公司规模和财务杠杆等财务数据以及股权结构和董事会结构等公司治理数据为样本,利用差分T检验和多元回归模型实证研究上市公司更名的公司治理效应。研究发现,无论上市公司因何种原因更名,其在更名前后很短的时间内可能产生显著的正超额收益,但这种正超额收益将在更名后的较短时间内消失,甚至产生显著的负超额收益;同时,公司更名还可能在更名后的1~3年内显著降低其总资产收益率和每股收益,进而产生显著的公司治理负效应;公司更名的短期市场价格反应与长期公司治理效应具有较强的内在一致性。因此,公司更名并不是改善其经营绩效和治理绩效的有效途径,投资者投资于更名上市公司在长期和短期内都可能难以获得正的超额收益。证券监管部门应该出台更加详细的公司更名规定,以规范上市公司更名行为,抑制上市公司更名乱象,为营造良好的中国股票市场环境提供制度保障;上市公司在因经营范围变更、战略调整、并购重组、声誉恶化和其他原因变更公司名称时,应该根据公司实际情况作出正确决策,更名可能不仅不会提高公司经营绩效,产生正的治理效应,反而可能适得其反;投资者不要对更名上市公司进行盲目投资,更名上市公司可能既不会为投资者带来短期超额收益,也不会提高公司经营绩效和产生正的治理效应而为投资者带来长期超额收益。文章研究结果为证券监管部门规范上市公司更名行为、上市公司更名决策以及投资者对更名公司的投资决策提供了决策依据。

Renaming of listed companies has become a common phenomenon in Chinese stock market, and its impact on stock price and company performance has attracted widespread attention from securities regulators, listed companies and investors. The article first theoretically analyzes the impact of company renaming, especially the company’s renaming behaviors based on different motives such as business scope changes, mergers and acquisitions, strategic adjustments, reputation changes, and other reasons, on its stock prices and operating performance according to existing relevant research results, and puts forward corresponding research hypotheses. Then, on the basis of statistical analysis on the status of Chinese listed companies renaming and the reasons for their renaming, taking the stock price data of Chinese listed companies in the 60 trading days before and after the renaming from 2010 to 2017 as the sample, the article uses the event study method to empirically research the market price response to the renaming of listed companies. Taking the operating performance data such as ROA and EPS, financial data such as company size and financial leverage, and corporate governance data such as equity structure and board structure in the three years before and after the renaming from 2010 to 2015 as the sample, the article uses difference T test and multiple regression model to empirically research the corporate governance effect of listed company renaming. The main results are as follows. No matter what causes the renaming of listed company, it may produce significant positive excess returns in a very short time before and after the renaming, however, such positive excess returns will disappear within a short time after the renaming and even produce significant negative excess returns. Meantime, renaming of listed company may also significantly reduce its ROA and EPS within 1-3 years after the naming, and have significant negative corporate governance effect. The short-term market price reaction of companies’ renaming is strongly internal consistent with its long-term corporate governance effect. Therefore, the renaming of company is not an effective way for listed companies to improve their business performance and governance performance, and it may be difficult for investors to obtain positive excess returns in the long and short term by investing in renamed listed companies. The securities regulators should issue more detailed company renaming regulations to standardize the renaming behavior of listed companies and curb the chaos of listed companies renaming, and provide institutional guarantees for creating a good environment of Chinese stock market. When the listed company changes its name due to business scope changes, strategic adjustments, mergers and acquisitions, reputation deterioration, and other reasons, it should make correct decisions based on the actual situation of the company. Renaming may not improve the company’s operating performance and generate a positive governance effect. Investors should not blindly invest in the renamed listed company, which may not bring short-term and long-term excess returns for them by improving the company’ operating performance and producing positive governance effects. The results of the article provide a decision reference for the securities regulatory authorities to regulate the renaming behavior of listed companies, and listed companies to change their name, and investors to invest on renamed companies.