事件研究法下资金流向对公司短期业绩表现的影响--以荣科科技股权质押为例

Impact of Fund Flow on Company's Short-term Performance under Event Research Method:Taking Rongke Technology's Stock Pledge as an Example

2012年在深交所上市以来,荣科科技历经三任控股股东,前两任控股股东均采用过股权质押方式进行融资,从资金流向的角度看,其股权质押的资金流向不同。文章基于事件研究法和案例研究法,探究不同的质押资金投向影响公司业绩的路径,分析市场对质押资金不同的投向的反应,发现当控股股东股权质押的资金未投向上市公司时,出现负的累计超额收益率,公司的短期市场表现消极;当质押资金投向上市公司时,累计超额收益率为正,短期市场业绩得到提升。

Since its listing on the Shenzhen Stock Exchange in 2012,Rongke Technology has gone through three controlling shareholders.The first two controlling shareholders have adopted equity pledge for financing,and the flow of funds from equity pledge is different in the perspective of capital flow.Based on the event research method and case study method,this paper explores the paths of different pledged funds to affect the company's performance,analyzes the reaction from the market to different investment directions of pledged funds,and finds that when the funds pledged by the controlling shareholder's equity are not invested in the listed company,there is a negative cumulative excess rate of return,and the company's short-term market performance is negative.When the pledged funds are invested in listed companies,the cumulative excess return is positive,and the short-term market performance is improved.