资产注入支付手段和市场反应.docVIP

资产注入：支付手段与市场反应 曾 颖 （深圳证券交易所博士后工作站，广东深圳，518028） 摘要：本文以股改后我国上市公司控股股东对上市公司资产注入事件为样本，运用市场模型检验不同支付手段资产注入的市场反应。研究发现，市场对投资者对资产注入方案已经具备较强的辨别能力。关键词：资产注入；支付手段；市场反应 作者简介：曾颖，博士，深圳证券交易所博士后工作站研究员。F830.9 文献标识码：A Abstract: Using the sample of listed firms’ asset injections by controlling shareholders after the Non-tradable Share Issue Reform, this paper analyzes the market reaction for different types of asset injections. It is documented that the asset injections which choose shares as payment method get strong market reaction. Besides, the scale of injected asset, the tradable market capitalization before