【摘要】 本文采用事件研究法就股权分置试点改革过程中G股股票是否存在超常收益进行了实证分析。实证分析表明股改试点公司股票在试点公司完成股改后复牌当天确实存在着显著的正的超常收益,其中第一批试点公司G股股票的平均超常收益率高于第二批试点公司G股股票的平均超常收益率,深交所试点公司G股股票的平均超常收益率略高于上交所试点公司G股股票的平均超常收益率,中小企业板试点公司G股股票的平均超常收益率高于主板试点公司G股股票的平均超常收益率,高对价试点公司G股股票的平均超常收益率高于低对价试点公司G股股票的平均超常收益率。更多还原

【Abstract】 This study examines whether the pilot companies gain abnormal returns adfter finishing the nontradable shares reform,that is,whether the tradable shareholders really gain profits.By employing event study analysis,we find that on average the pilot G stocks do have positive significant abnormal returns,in which the average abnormal return of the first batch is higher than the second batch,the average abnormal return on the Shenzhen Stock Exchange is higher than the Shanghai Stock Exchange,the average abnormal return on the middle-small board is higher than the main board,and the companies with high compensation package have higher average abnormal return than those companies with low compensation package.更多还原