中国上市公司资产重组绩效的分类事件收益研究  

Applying the Event Study Methodology to the Asset Restructuring Performance of the Listed Companies in China

作　　者：金桩[1] 蒋序怀[1] 郭彩霞[2] 

机构地区：[1]复旦大学理论经济学博士后工作站,上海200433 [2]内蒙古财经学院金融学系,呼和浩特010051

出　　处：《华东师范大学学报（哲学社会科学版）》2006年第2期108-112,共5页Journal of East China Normal University（Humanities and Social Sciences）

基　　金：内蒙古教育厅科研项目(NJ04042)

摘　　要：对资产重组样本公司进行事件收益分析后发现,我国上市公司在资产重组过程中出现了非常明显的短期累计超常收益,但不同的重组方式之间产生了截然不同的重组绩效。同时,样本公司累计超常收益的大小,受到样本公司自身的经营业绩以及流通股规模的影响,相对而言,业绩较差公司和流通盘较小公司的反应更为强烈,出现了累计超常收益的较大波动。By applying the event study methodology to the sample companies this paper expounds that apparent short term CAR emerges in the listed companies during the course of asset restructuring. The amount of the sample companies＇ CAR is influenced by its own business performance and the scale of the float. Roughly speaking, the companies with poor business performance and small float caps respond more strongly and end up with greater CAR fluctuation.

关 键 词：资产重组 绩效 事件收益分析 上市公司 

分 类 号：F832.5[经济管理—金融学]