大股东资产注入的股东财富效应——来自我国上市公司的经验证据  

Shareholder Wealth Effect of Large Shareholders' Assets Injection:Evidence from Chinese Listed Companies

作　　者：张本照[1] 闵佩佩 

机构地区：[1]合肥工业大学经济学院,合肥230009

出　　处：《合肥工业大学学报（社会科学版）》2015年第2期1-7,共7页Journal of Hefei University of Technology(Social Sciences)

基　　金：安徽国土资源厅计划类基金项目(2013AHST0719);安徽省软科学项目(2012ASHT0760)

摘　　要：大股东的资产注入行为理论上存在掏空和支持两种动机。文章通过运用事件分析法和回归分析法实证研究了大股东资产注入对上市公司股东财富的影响。研究发现,大股东资产注入的股东财富效应取决于资产注入的具体代理变量:资产注入的短期宣告效应与注入资产规模和注入模式显著正相关,而与注入资产类型和所有权性质关系不显著;资产注入的长期股价表现与注入资产的类型和规模呈显著的正向关系,而与所有权性质和注入模式呈负向关系。Theoretically ,there are two motives ,tunneling and propping ,accounting for assets injection implemented by large shareholders . T his paper utilizes event study method and multiple regression model to verify the short‐term and long‐term shareholder wealth effect of large shareholders＇assets in‐jection .The results show that the shareholder wealth effect of large shareholders＇assets injection de‐pends on specific proxy variables ：the short‐term announcement effect is positively correlated with the size and pattern of assets injection ,but has no significant relationship with the type and ow nership properties of assets ;the long‐term stock price effect has significant positive correlation to the type and size of assets ,but has negative relationship with ownership properties and pattern of assets injection .

关 键 词：资产注入 异常收益率 大股东 

分 类 号：F830.59[经济管理—金融学]