【摘要】 以2007—2015年A股发布融资租赁业务公告的上市公司为研究对象,采用事件研究法实证研究融资租赁公告效应。结果表明:A股上市公司融资租赁公告能够带来显著为正的超额收益;截面回归数据表明融资租赁公告的超额收益与税率弱相关、与破产成本显著负相关、与关联交易行为显著正相关;债务互补型的公司开展融资租赁业务会降低公司的价值,信息不对称问题并不会对融资租赁超额收益产生明显影响。更多还原

【Abstract】 This paper studies the listed companies releasing financial leasing announcementin China and its effect with the event study method. The results imply that the listed companies with financial leasing announcements can bring significantly positive and excess returns. The cross-sectional regression results support that the financial leasing abnormal returns have a week correlation with tax rate while significantly negatively correlated with bankruptcy costs and positively correlated with connected transactions. Moreover,complementary debt company will reduce its value through financial leasing when asymmetric information problem will not have significant impact on financial leasing abnormal returns.更多还原