基于股权协议转让的第一大股东变更披露的实证研究  

An Empirical Research on Information Disclosure of Changing the Largest Shareholder Based on Agreement of Share Transaction

作　　者：陈嵘[1] 王春峰[2] 

机构地区：[1]天津大学管理学院 [2]天津大学系统工程研究所

出　　处：《经济管理》2005年第6期62-68,共7页Business and Management Journal ( BMJ )

基　　金：本文受国家杰出青年基金项目(项目编号:70225002)资助。

摘　　要：本文选取2000～2003年间我国上市公司基于股权有偿协议转让发生第一大股东变更的79起事件,运用事件研究法从价格行为和交易量两个角度,对该类事件信息披露前后的市场反应进行实证研究,验证了我国股市普遍存在内幕交易和股价操纵的现象。本文还从持股比例、股权的所有权性质和股权变更的程度等角度,发现对于市场尤为关注的信息,内幕交易和股价操纵的情况更为严重。This paper studies 79 largest shareholder changing events based on controlling share transaction between listed companies in China during 2000 to 2003.From two aspects:price behavior and trading volume,it is demonstrated that insider trading and price manipulation are common in China stock market by empirical research using event study method.The empirical results also suggest that insider trading and price manipulation are more serious if there are sensitive market information.

关 键 词：信息披露 第一大股东变更 累积超额收益率 超额交易量 

分 类 号：F830.91[经济管理—金融学]