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论文编号：	9317
作者编号：	2120152441
上传时间：	2017/6/20 7:47:06
中文题目：	中国A股上市公司股票更名的短期市场效应研究
英文题目：	Analysis on Short-Run Capital Market Effect of Stock Name Change Event in the Chinese Stock Market
指导老师：	陆宇建
中文关键字：	股票主动更名；短期市场效应；上市公司
英文关键字：	stock active name change event；short-run capital market effect； listed company
中文摘要：	随着2014年又一轮牛市的兴起，资本市场又开始逐渐升温。日益活跃的市场上同时也出现奇怪的现象——股票主动更名事件较往年也有明显地增加。本文以2014至2015年间的240起股票主动更名事件为研究对象，从异常回报率（股票交易价格）与异常换手率（股票交易量）的角度着重分析股票主动更名事件的短期市场效应，再通过进一步探究股票主动更名的缘由将样本进行更细致地分类，探究每一分类标准下的子样本间的短期市场效应的不同。最后，利用回归分析的方法，检验各子类型股票主动更名事件与短期市场异常波动情况之间的关系。研究发现，股票主动更名事件前1交易日与当日的股票价格会有所上涨，但从事件后1至5个交易日内，股票价格都是有明显地下降趋势；股票交易量在事件研究期间（-1，+7）内都比往常有明显地增加。依次根据股票主动更名事件中是否发生实际控制人的变更，是否发生主要上市资产的置换，是否有正当的更名理由将全样本进一步分类成买壳上市，借壳上市，常规更名以及炒作“热点”四类，实证检验发现炒作“热点”类的股票价格在主动更名公告日（-1，+5）期间内下降幅度更大；发生主要上市资产置换的股票主动更名事件的交易量往往比较大等规律。 本文的研究表明，资本市场被那些期望通过在股票名称上做手脚的公司短暂蒙蔽后会趋于理性。监管机构可以对于股票主动更名事件加强监管，细致分析其合理性，深究深问。
英文摘要：	With the coming of the bull market in 2014, the capital market began to heat up again. And at the same time there was strange phenomena - stock active name change events also came more frequently than the usual. In this paper, we took the 240 stock active name change events from 2014 to 2015 as the object of study. From the perspective of abnormal rate of return (stock transaction price) and abnormal turnover (stock trading volume), we mainly researched the short-run market effect of stock active name change events firstly. And then we explored the differences in the short-run market effect among the sub-samples by delineating the samples in a more detailed way. Finally we used the regression analysis method to test the relationship between each sub-type of stock active name change events and the abnormal fluctuation of short-run capital market. The study found that the stock price would rise from the stock name change events on the announcement day t-1 to t, but from t+1 to t+5 the stock price would be a significant downward trend; The stock trading volume increased significantly during the event study period (-1, + 7). We use the three classification standards-whether or not there is change in the ultimate controlling owner, whether or not there is a change in the major listed assets and whether or not there is a legitimate rename reason -to classify the sample into four sub-samples- shell listing, backdoor listing, regular renaming and "hot spots". And by empirical test we found that in the "hot spots" sub-sample stock prices declined in the larger during the stock name change events on the announcement day (-1, +5); The stocks whose major listed assets had been changed were traded more frequently and so on. The significance of this study is to prove that although capital markets are blinded by those listed company who want to do something through the name for an instant, and then turn to rational. We hope that the relevant regulatory authorities can pay attention to the stock active name change event and analyze its rationality.
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