上市公司第一大股东变更的股东财富效应研究  

Research on Shareholder's Wealth Effect of Number-one Shareholder Change in Listed Companies

作　　者：蒲妮娜[1] 吴振信[1] 徐兴旺[1] 

机构地区：[1]北方工业大学经济管理学院,北京100144

出　　处：《北方工业大学学报》2008年第2期7-12,共6页Journal of North China University of Technology

基　　金：北京市人文社科重点项目(SZ200710009003)

摘　　要：股权分置改革完成后,股份的全流通给上市公司带来了新的挑战,公司控制权转移将成为解决大股东问题的一个有效途径。本文选择了2006-2007年上半年我国第一大股东发生变更的上市公司为样本,运用事件研究法来研究第一大股东变更给上市公司股东带来的财富效应。结果表明,能带来正的财富效应。同时,结合我国资本市场的特殊背景,为监管机构能更好地规范第一大股东变更行为提出政策建议,使第一大股东变更真正成为优化资源配置的手段。After the completion of the reform of the share split, the all-circulation of the shares will bring new challenges to listed companies. The transfer of company-control power will become an effective way to solve big shareholder problems. This article takes those listed companies that changed their number-one shareholders from 2006 up to the first half of 2007 as its study sample, using the event-study methodology to study the wealth effect condition which the alteration of the number-one shareholders brought to the listed companies. The result indicates that it could bring positive wealth effect. Keeping in mind the special background of our country＇s capital market, the supervisory body is able to put forth policies to better regulate the alteration behavior of number-one shareholder, making the alteration the very means for the optimization of resources allocation.

关 键 词：第一大股东变更 财富效应 事件研究法 

分 类 号：F721.5[经济管理—产业经济]