基于事件研究法的掏空行为分析--以舍得酒业为例

Analysis of Tunneling Behavior Based on Event Research Method--Taking Shede Liquor Industry as an Example

本文以舍得酒业被控股股东天洋控股违规占用资金事件为研究对象,采用事件研究法,通过计算超额收益率和累计超额收益率,对上市公司被“ST”公告发布前后10个交易日的市场反应进行分析。结果表明:掏空行为会对上市公司股价造成较大的波动,引起消极的市场反应。结合结果,本文对证监会监管方面提出一些建议,以便更好地保护中小股东的权益,促进资本市场健康发展。

Taking the illegal occupation of funds by the controlling shareholder Tianyang holdings of Shede liquor industry as the research object,this article uses the event research method to analyze the market reaction of listed companies in 10 trading days before and after the announcement of"ST"by calculating the excess return and cumulative excess return.The results show that tunneling behavior will cause great fluctuations in the stock price of listed companies and cause negative market reaction.Combined with the results,this paper puts forward some suggestions on the supervision of the CSRC,which is conducive to protecting the rights and interests of minority shareholders and promoting the healthy development of the capital market.