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论文编号：	3233
作者编号：	2120092321
上传时间：	2011/6/5 18:09:36
中文题目：	债务人债务重组的市场反应研究
英文题目：	Research on the Market Reaction to Debtor’s Debt Restructuring
指导老师：	周晓苏
中文关键字：	债务重组 市场反应 事件研究法
英文关键字：	Debt Restructuring Market Reaction Event Study
中文摘要：	关于债务人债务重组的市场反应，以往的研究比较少。一般认为，债务重组对于债务人而言，能够减轻其财务困难，帮助其渡过难关，能够使债务人的债务结构得到优化、资产质量得到提高，有利于债务人的未来发展。因此，债务人的债务重组向市场传递的是一种正信号。本文的研究内容主要就是市场是否接受了这一信号，市场是否对债务人的债务重组公告做出了理性的正面反应。此外，本文还以债务重组准则变化前后的市场反应作对比，考察了新旧准则下债务人债务重组的市场反应是否有明显差异。本文的研究采用事件研究法，旨在探寻市场对于债务人债务重组反应的规律、特点，以对债务重组、市场的有效性给予更为全面的理解，为后续或相关研究提供经验证据和价值参考。 本文以2001—2009年沪深两市主板市场发生债务重组的债务人公司为样本，对样本总体和分年样本运用事件研究的方法研究了债务人债务重组的市场反应，研究发现，债务人的债务重组信息向市场传递了正的信号，市场能够接受这一信号，并对债务人的债务重组公告做出正的反应。研究还发现，市场对于债务人债务重组公告的反应还是提前的，说明市场对于债务重组信息的披露存在提前泄露的情况。此外，本文还以债务重组准则变化前后的市场反应作对比，研究发现，新旧准则下债务人债务重组的市场反应没有明显差异，市场能够对债务重组信息做出客观的反应。本文最后对研究结论进行了提炼总结，并讨论了研究过程中的局限性。
英文摘要：	Debt restructuring means that the creditors make concessions after the debtors and creditors come to an agreement or the court makes judgments in the case of debtor’s financial difficulties. There is not much research on the market reaction to debtor’s debt restructuring. It is generally accepted that debt restructuring can help the debtor get rid of financial difficulties and improve the quality of their assets. Therefore debtor’s debt restructuring is a positive signal for the market and the market should have a positive reaction. In this paper, the main content of study is testing whether the market reaction is reasonable. Besides, this study has examined whether the market reactions are obviously different by comparing the market reaction before and after the new accounting standards. The main research method used is the event study, and the target of this study is to find how the market reacts to debtor’s debt restructuring. Therefore we can have a complete comprehension about the debt restructuring and the market efficiency. This study may provide significant empirical evidence and valuable reference for other relevant studies. This study selects debtors who restructured debt in Shanghai and Shenzhen main board stock market as study samples, and tests the market reaction to debtor’s debt restructuring through event study. The study finds that debtor’s debt restructuring sent positive signal and the market accepted the signal, and then the market showed a positive reaction. The result also shows that the market reacted ahead of the debt restructuring date, because of the early reveal of the debt restructuring announcement. Besides, this study finds that the market could react justly by comparing the market reaction before and after the new accounting standards. In other words, there is no difference in market reactions to debtor’s debt restructuring before and after the new accounting standards. The last part of this paper is conclusions and the explanation of limitations.
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