购销合同公告与公司市值的相关性分析-correlation analysis between announcement of purchase and sale contract and companys market value.docxVIP

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购销合同公告与公司市值的相关性分析-correlation analysis between announcement of purchase and sale contract and companys market value.docx

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购销合同公告与公司市值的相关性分析-correlation analysis between announcement of purchase and sale contract and companys market value

华华中科技大学硕士学位论文IIIIAbstractWith the progressive realization of the split share structure reform, Chinas stock market has undergone a structural change, the interests of major shareholders and minority shareholders are in line, resulting in increasingly high attention of the listed companies on their market value management, company management through the corporate operational decisions to affect the companys market capitalization is more and more common. Therefore, the study of the relativity between companies’ operational decisions and their stock market return is of practical significance. The purpose of this paper is to study the influence of purchase or sales contract announcements on listed companies’ market value, and find out the factors that affect companies’ stock market return in such circumstances.This paper empirically investigates how the stock market reacts to purchase or sales contract announcement, which is considered as an indication of the capability of related firms to do well in the market. The evidence is based on an analysis of 113 purchase or sales contract announcements made by publicly traded firms in China during 2001-2011. The result shows that stock market will have a positive reaction towards firms’ purchase or sales contracts. When the announcing firm is the supplier, the stock market reaction will be more positive. Investors will often ignore facts such as growth prospects, firm size and debt-to-equity ratio when they make decisions in situations caused by contract announcements. The stock market return is positively related to the proportion of contract price in total sales.Key words: empirical research market value management contract announcement stock market return PAGE IV PAGE IV目录摘要I HYPERLINK \l _bookmark0 Abstract II HYPERLINK \l _bookmark1 1 HYPERLINK \l _bookmark1 绪 HYPERLINK \l _bookmark1 论 HYPERLINK \l _bookmark1 1.1 HYPERLINK \l _bookmark1 研究背景 HYPERLINK \l _bookmark1 (1) HYPERLINK \l _book