冰箱压缩和长春高新国家股回购实证分析

An empinical study of the share repurchase of Shanghai Highly Com. Ltd and Changchun High New Technology Industries Inc.

运用事件研究方法中的"常均值调整收益模型(MAR)",我们对国内冰箱压缩和长春高新的国家股回购进行了实证分析,得出的结论是:在各个事件公告前后的短暂交易日内,两家公司股价的累积超常收益显著地为正。这说明国家股回购确实为A股股东创造了财富,有关股份回购的个别信息披露不规范,"内幕交易者"提前获得了信息并加以利用。

Adopting Mean Adjusted Return Model of event study, this paper analyzes the share repurchases of Shanghai Highly(Group)Com., Ltd and Changchun High New Technology Industries (Group) Inc. and has the results: In a short period before and after the announcements, the two firms' shares get positive cumulative abnormal returns, which shows that the buy-backs of the state-owned stock do be able to create wealth for A share holders; The information disclosure of the share repurchases is not canonical, and insiders acquire and make use of the information beforehand.