白酒上市公司股权划转“输血”效应研究——基于事件研究法分析  

Research on the Effect of"Blood Transfusion"in the Equity Transfer of Liquor Listed Companies—Analysis Based on Event Research

作　　者：饶海阔 毛国育[1] RAO Hai-kuo;MAO Guo-yu(Sichuan University of Light Chemical Technology,Zigong 643000)

机构地区：[1]四川轻化工大学

出　　处：《财务与金融》2021年第4期11-16,共6页Accounting and Finance

基　　金：四川轻化工大学课程案例库建设项目:MPAcc财务会计课程教学案例库(KA202020)。

摘　　要：在划转国有资本股权充实社保基金背景下,贵州茅台、五粮液等众多优质白酒企业相继向地方政府无偿划转股权,白酒上市公司“输血”地方财政现象愈发明显,创新应用“茅台化债”模式成为社会各界关注的焦点。基于此,本文选取已完成向地方财政“输血”的白酒上市公司,基于事件研究法分析白酒上市公司无偿划转股权事件对公司短期价值的影响,并分析企业划转股权前后现金股利政策的变化情况,研究白酒行业无偿划转股权的市场反应及“输血”效果。研究发现,资本市场对白酒上市公司积极履行社会责任做出了正向回应,白酒上市公司对地方财政“输血”的效果也较为明显。在此基础上,本文对上市公司股权划转提出了相关建议。Under the background of transferring state-owned capital equity to enrich the social security fund,many high-quality liquor companies such as Kweichow Moutai and Wuliangye successively have transferred equity to local governments for free.The phenomenon of"blood transfusion"of listed liquor companies in local finance has become more and more obvious.Innovative application of"Moutai bonds"model has become the focus of attention from all walks of life.Based on this,this paper selects liquor-listed companies that have completed the"blood transfusion"to the local government,analyzes the impact of the free transfer of equity of liquor-listed companies on the short-term value of the company based on the event research method,and analyzes the changes in the cash dividend policy before and after the company's equity transfer,and studies the market reaction of the free transfer of equity in the liquor industry and the effect of"blood transfusion".The study found that the capital market has responded positively to the active performance of social responsibilities by listed liquor companies,and the effect of the"blood transfusion"of local finance by listed liquor companies is also obvious.On this basis,relevant policy recommendations have been put forward for the equity transfer of listed companies.

关 键 词：股权划转 市场反应 输血效果 白酒上市公司 

分 类 号：F275[经济管理—企业管理]