上市公司期权激励公告的市场反应研究  

Research of Market Reaction to Stock Options Incentive Announcement in Listed Companies

作　　者：凌春华[1] 于萍[1] 

机构地区：[1]浙江大学管理学院,杭州310058

出　　处：《世界科技研究与发展》2013年第4期539-543,共5页World Sci-Tech R&D

摘　　要：在回顾期权激励相关研究的基础上,利用事件研究法对《上市公司股权激励管理办法》实施以来我国上市公司期权激励公告的市场反应进行了研究,并检验了不同市场对期权激励公告的反应是否相同。研究表明,市场对期权激励公告持积极态度,公告公司股票能获得比非公告公司股票更高的累积超额收益,且不同市场股票的CAR没有差异。Reviewing the research related to stock option incentive, the event study is used to test the market reaction to t of stock options incentive in China since Listing Corporation Equity Incentive Management Method was released, also to test whether different markets response to the announcements dissimilarly. Research shows that the market holds a positive attitude toward the t,an- nouncement company stock can get higher cumulative abnormal returns （CAR） than the non-announcement company, and there＇s no differ- ence between the CAR of stocks in different markets.

关 键 词：期权激励公告 市场反应 事件研究法 累计超额收益率 

分 类 号：F832.51[经济管理—金融学] F272.92