基于事件研究方法的IT产业投资价值实证研究  

Empirical Study on the Value of IT Industry Investment in View of Event Study

作　　者：张露[1] 黄京华[1] 

机构地区：[1]清华大学现代管理研究中心,北京100084

出　　处：《管理科学》2010年第4期104-111,共8页Journal of Management Science

基　　金：国家自然科学基金(70831003;70772022;70621061);教育部人文社会科学重点研究基地重大项目(06JJD630014)~~

摘　　要：以企业IT产业投资公告为研究对象,基于有效率的资本市场和理性投资者的假设,在事件研究方法的基础上设计研究方法,收集1998年～2005年中国股市IT产业投资公告,分析这些公告对企业市值的影响,并通过公告的分类考察IT产业投资公告的时差效应和行业差异。研究结果表明,企业IT产业投资公告显著提升企业的市值,2001年前IT产业投资公告带来的企业市值增加显著高于2001年后,制造企业投资IT产业为股东带来的收益显著高于IT行业的企业。IT产业具有投资价值的结论将吸引更多的资本投入该产业,为该产业提供强大的资金支持,有助于该产业的发展壮大,为国民经济做出更多的贡献。Taking IT industry investment announcements as the object of this study, and based on the assumptions of efficient capital markets and rational investors, we designed the research on the basis of event study, collected IT industry investment announcements of China＇s stock market form the year 1998 to 2005, and analyzed the impacts of these announcements on the market value. Moreover, we classified the announcements and examined the difference between industry and time lag effects. The quantitative results show that enterprises which investment in IT industry can significantly enhance the market value, moreover, the announcements before 2001 bring higher market value than announcements after 2001 and the manufacture enterprises which invest in IT industry bring shareholders higher return than IT industry. The conclusions of IT industry with investment value will attract more capital into this industry, provide strong financial support for this industry, and help the industry develop and grow, so as to make more contributions to the national economy.

关 键 词：IT产业 IT产业投资价值 市值 事件研究 

分 类 号：F49[经济管理—产业经济]