上市公司参与PPP的股价反应及其异质性——来自中国沪深两市的经验证据  

The Stock Price Reaction and Heterogeneity of Listed Companies Participating in PPP——Evidence from Chinese Security Market

作　　者：詹雷 王波 Zhan Lei;Wang Bo

机构地区：[1]中南财经政法大学会计学院 [2]中铁第四勘察设计院集团有限公司

出　　处：《财政研究》2020年第8期101-117,共17页Public Finance Research

摘　　要：上市公司作为社会资本的重要组成部分,自2014年以来积极投资、深度参与PPP项目,引起投资者密切关注。基于此,本文以2015-2018年中国沪深两市A股上市公司参与的PPP项目为研究样本,通过事件研究法,检验上市公司参与PPP项目的股价反应及其异质性。结果显示:总体而言,上市公司参与PPP项目引发了正向的市场反应,上市公司首次参与PPP项目会增强市场反应,而项目合作方当地财政压力会减弱市场反应。进一步分析发现,参与PPP项目的上市公司股权性质、政企关系、项目合作方当地人均GDP水平及GDP增长速度、PPP政策环境等,亦对股价反应有显著影响。本文研究对于PPP项目的理性选择和有效实施具有一定借鉴意义。As an important part of social capital,listed companies have actively invested in and participated deeply in PPP projects since 2014,and have attracted close attention from investors.Based on this,this paper takes the PPP projects of A-share listed companies in China and Shanghai as the research sample from 2015 to 2018,and uses the event research method to examine the market response and influencing factors of listed companies participating in PPP projects.It was found that overall,the participation of listed companies in PPP projects triggered a positive market response,and when listed companies first participated in PPP projects,it would enhance the positive market response,while local financial pressure of the project partners would weaken this response.Further analysis found that the nature of the equity of listed companies participating in PPP projects,government-enterprise relations,per capita GDP and GDP growth rate of the project location,and PPP policy window period also have a significant impact on market response.The research in this paper has certain reference and significance for the rational selection and effective implementation of PPP projects.

关 键 词：PPP 股价反应 异质性 

分 类 号：F275.5[经济管理—企业管理] F812[经济管理—国民经济]