| Author: | 刘军 Liu, Jun |
| Title: | 分拆上市公告效应研究 : 来自香港的经验证据 Fen chai shang shi gong gao xiao ying yan jiu : lai zi Xianggang de jing yan zheng ju |
| Other Title: | A study on equity carveouts: evidence from Hong Kong |
| Advisors: | 俞伟峰 (AF) 谢博安 (MM) |
| Degree: | D.Mgt. |
| Year: | 2015 |
| Subject: | Hong Kong Polytechnic University -- Dissertations Stock exchanges -- China -- Hong Kong |
| Department: | Faculty of Business |
| Pages: | x, 126 pages |
| Language: | Chinese |
| Abstract: | 分拆上市是企业重组的主要方式之一，业已被越来越多的企业在美国以外的资本市场中运用。本文从实证层面探讨香港上市公司分拆上市的公告效应。本文在剖析分拆上市公告市场反应的基础上，通过检验信息不对称假说与剥离收益假说来解释市场的积极反应。信息不对称假说认为，信息不对称程度越大的企业分拆上市公告带来更显著的市场反应;而剥离收益假说则指出分离资产比例越大、分拆后母公司不保留对子公司控制权的企业进行分拆上市的公告效应更积极、显著。此外，笔者还探讨中国国有企业与非国有企业分拆上市公告效应的差异。本文以1999-2014年间进行分拆上市的84家香港上市公司为研究样本，从信息不对称视角、剥离收益视角与融资效应视角探讨分拆上市的公告效应，得到以下主要结论:第一，笔者发现在公告期前后平均的市场积极反应是3.05%。 第二，剥离收益假说得到印证，剥离程度越大，分拆上市公告效应越好。第三，分拆上市公告存在显著的融资效应。当企业利用分拆上市进行权益融资，其带来的现金流越多，分拆上市公告的市场反应越小。第四，本文利用未被分离资产与分离资产比、股价同步性衡量信息不对称程度，但并无法得出分拆上市的信息不对称效应的直接实证证据。第五，在香港上市的中国国有企业与非国有企业分拆上市公告效应不存在显著差异。在进行了相关稳健性检验与内生性检验后，本文结论保持不变。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| b2856361x.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 830.34 kB | Adobe PDF | View/Open |
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