| 任健华.募集资金投向变更的市场传导效应研究[J].陕西学前师范学院学报,2017,33(3):23-26 |
| 募集资金投向变更的市场传导效应研究 |
| A Study on the Market Reaction to the Alteration of Financing Capital’s Use from the Listed Companies |
| 投稿时间：2016-03-09 修订日期：2016-04-15 |
| DOI：10.11995/j.issn.2095-770X.2017.03.006 |
| 中文关键词: 募资投向变更 事件研究方法 股票价格 |
| 英文关键词: alteration of financing capital’s use event research method share price |
| 基金项目: |
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| 中文摘要: |
| 募集资金的投资方向对企业的生产经营有重要影响，因此，与募集资金有关的信息，尤其是投向变更信息受到投资者格外关注。以沪深两市2014年有募资投向变更行为的80家上市公司为样本，用超额收益指标定量分析募资投向变更行为对股票市场的影响。研究发现，变更公告的发布会使股票价格异常波动，产生负的超额收益率，引起股价下降。通过分析，认为募资投向变更会使投资者产生信心下降，从而对股票市场产生负面影响。最后为企业、投资者、政府部门提出政策建议。 |
| 英文摘要: |
| Alteration of financing capital’s use has an important impact on development. So people always pay attention to this behavior. We select 80 shares listed companies which altered financing capital in 2014 as samples，using event research method empirically analyze the market conductibility of the alteration of financing capital’s use. The results show that listed companies altered financing capital’s has declined. The net amount in a low proportion. Paper finally gives some advice to enterprises，investors and government. |
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