基于事件研究法的A股市场股权激励效应实证分析  

Empirical Study on Stock Option Motivation Effect Based on Event Study

作　　者：沈海平[1] 

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211100

出　　处：《金融发展研究》2011年第2期73-77,共5页Journal Of Financial Development Research

摘　　要：本文以2010年沪深两市推出股权激励方案的90家上市公司为样本,选取公告日前5日至公告日后20日为事件窗口,运用事件研究法就股权激励推出对上市公司股价影响进行实证研究。结果表明:中国股市呈现明显的股权激励效应,股权激励公告发布前后股票产生持续的累计异常正收益;由于信息不对称,部分投资者通常会借助内幕信息提前买入,并获得可观的超额收益,而普通投资者在公告发布后买入只能获得小部分的超额收益并且需要承担更大的风险。This paper makes an empirical study on the stock option motivation effects of China＇s equity market based on the 90 listed companies in 2010 under the influence of stock option motivation with a time window of 26 days.Research results show that China＇s stock market has significant stock option motivation effect and the price of stocks increase before and after the announcement day of stock option motivation effect.Due to information asymmetry,some investors got the information and buy first,therefore gain high returns,while ordinary investors buy on and after the announcement day,therefore gain low returns but take high risk.

关 键 词：股权激励 事件研究法 超额累计收益 

分 类 号：F830.9[经济管理—金融学]