股权分置改革的市场反应研究——以中小企业板为视角

本文以深市中小盘为样本,采用事件研究和回归分析相结合的方法,检验了股权分置改革的市场反应.研究发现,市场对股权分置改革各批次各事件期反应不一,随着时间的推移,市场越来越成熟了;流通股东在中小盘股改中获得了短期利益,非流通股东获得了流通权;流通股东参会率等变量对累计异常报酬率有显著的解释作用.这表明只有非流通股东具有诚意来设计对价方案,流通股东积极参与,才能达到共赢.

The Market Reactions to the Reform of Dual-Class Shares System——Based on Small-and-medium Sized Enterprises Listed Companies

Based on small-and-medium sized enterprises listed companies,using events study and regression analysis,this paper investigates the market reactions to the reform of dual-class shares system in Chinese capital market.It finds that there are inconsistent reactions to each group and each event period.Market becomes more mature as time flies.During the reform of small-and-medium sized enterprises listed companies,the owners of tradable shares get transitory returns and non-tradable shareholders get liquidity rights.It also finds the ratio of tradable shares' owners-attending meetings has significant effects on accumulative abnormal returns.If only non-tradable shares' owners design scheme frankly and tradable shares' owners participate actively,they both will benefit.