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论文编号：	9395
作者编号：	2120152473
上传时间：	2017/6/21 10:08:30
中文题目：	上市公司变更股票简称的市场价格反应研究
英文题目：	A Study on the Market Price Response of Listed Companies to Change Stocks'' Names
指导老师：	黄福广
中文关键字：	股票简称变更；事件研究法；超额收益率
英文关键字：	Stock name changes; Event study;Abnormal retrun
中文摘要：	中国股票市场上上市公司每天都在发生着许多经营活动，这些经营活动小到生产或服务的各个环节，大到有关上市公司战略方向，但并不是每项经营活动都会对投资者的投资决策产生影响，只有那些影响上市公司未来现金流量的重大经济活动对投资者的投资决策有参考价值。在上市公司发布股票简称变更公告前，会对引起公司更名的原因进行公告，这些公告包括：股东大会关于同意变更公司名称及证券简称的决议、公司章程修正案、完成工商变更登记公告等，而且持续时间较长，这些公告所包含的有关公司更名的信息应当已经被投资者知晓和吸收，上市公司发布股票简称变更公告只不过是对上述重大事项的确认，是上述一系列事件的必然结果，并不向投资者传递有关公司价值的新信息。因此，在有效市场中的理性投资者是不会对此类事件作出反应的。因此，本文的研究问题是股票简称公告的发布是否引起股价的波动，市场是否对不同原因股票简称变更的反应不同，市场是否存在概念炒作和投机的现象。通过选取2014年1月1日至2016年12月31日主动变更公司名称的上市公司作为样本，结合事件研究法的基本原理，本文发现上市公司发布股票简称变更公告能给市场带来显著正的超额收益，股票简称变更公告发布后机构投资者持股比例显著下降；市场对更名前后有实质性变化的上市公司发布股票简称变更公告更加看好，尤其是对发生重大资产重组事件的上市公司更加青睐；市场对更名前后没有实质性变化的上市公司未来绩效持怀疑态度，如果上市公司更名后股票简称中含有热门概念词汇，那么市场对该股票有正向的价格反应，说明中国股票市场存在炒作热门概念的现象。但是本文只研究了短期市场价值效应，未对公司更名的长期市场价值效应进行深入研究；只对市场价值效应的表现形式——股价上涨，随后股价下跌现象本身进行了研究，未对引起该现象的深层次原因——行为金融学内容进行深入研究，这既是本文研究的局限性所在，也是未来可能的研究方向。
英文摘要：	China's stock market listed companies every day in the occurrence of many business activities, these business activities to the production or service in all aspects of the strategic direction of the listed companies, but not every business activities will be the investment decision-making investors , Only those major economic activities that affect the future cash flow of listed companies have a reference value to investors' investment decisions. The announcement of the announcement of the shareholders' general meeting on the agreement to change the name of the company and the abbreviation of the securities, the amendment of the articles of association, the announcement of the registration of the change of business and industrial registration, and so on, And the duration of a long period of time, these announcements contain information about the company renamed the information should have been known and absorbed by investors, listed companies issued stock short notice is only a confirmation of the above important events, is the inevitable result of a series of events , Does not send new information about the value of the company to investors. Therefore, the rational investors in the effective market will not react to such events. Therefore, the research question in this paper is whether the announcement of the stock short name causes the stock price to fluctuate. By selecting the listed companies starting from January 1, 2014 to December 31, 2016, taking the initiative to change the name of the company as a sample, combined with the basic principles of the incident research method, this paper found that the listed company issued a notice of change to the market can bring significant positive The market for the change of name before and after the substantial changes in the listed companies to release the stock short notice more optimistic about the announcement, especially for the occurrence of major asset reorganization of the listed companies more favored; the market name change before and after no substantial changes in the listed company Skeptical attitude, if the listed company renamed after the short name contains a popular concept vocabulary, then the market has a positive price response to the stock, indicating that the Chinese stock market speculation hot concept of the phenomenon. However, this paper only studies the short-term market value effect, does not carry on the thorough research to the long-term market value effect; only the manifestation of the market value effect - the stock price rise, then the stock price descent phenomenon itself has carried on the research, has not caused the phenomenon deep Reason - behavioral finance content in-depth study, which is both the limitations of this study, but also the future possible research direction.
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