选取第二批41家股改试点企业作为样本,考察了试点企业在一定事件窗口内的股价走势,试图找出导致其股价波动的原因,分析是否与企业的对价方案有关.实证结果表明,股权分置改革方案的实施对股价走势存在积极的影响,而且股票对价率和现金对价率都对股价走势有着显著的影响,股价随着它们的增加而上涨,但是其它承诺方案的影响却不显著.
With the 41 samples of the second Shareholder Structure Reform companies, this paper analyzes the stock market abnormal fluctuation in a given event window, and tries to find out the reasons which result in it, and whether the companies consideration scheme matters. The result of empirical research proves that the execution of Shareholder Structure Reform has apositive effect on the stock market. What's more, the stock consideration ratio and cash consideration ratio have a significant effect on the companies'stock, which is going up along with the increase of the ratios, but the additional promise is not so significant.