| 上市公司权证发行的市场反应研究 |
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| 引用本文： | 秦旭艳,张信东.上市公司权证发行的市场反应研究[J].科技与管理,2007,9(3):70-72. |
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| 作者姓名： | 秦旭艳 张信东 |
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| 作者单位： | 山西大学,管理学院,山西,太原,030006 |
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| 摘 要： | 以股权分置改革方案中采用权证对股价方案的上市公司为样本,采用事件研究方法,探讨权证发行的市场反应问题。实证结果表明：权证发行对我国证券市场的影响是负面的。
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| 关 键 词： | 权证 股权分置改革 市场反应 |
| 文章编号： | 1008-7133（2007）03-0070-03 |
| 收稿时间： | 2007-03-15 |
| 修稿时间： | 2007-03-15 |
Market reaction to the warrants issuance of listed companies |
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| QIN Xu-yan,ZHANG Xin-dong.Market reaction to the warrants issuance of listed companies[J].Science-Technology and Management,2007,9(3):70-72. |
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| Authors: | QIN Xu-yan ZHANG Xin-dong |
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| Institution: | School of Management, Shanxi University, Taiyuan 030006, China |
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| Abstract: | Warrants have been widely used as a kind of primary financial derivative products in the international capital market in recent years and become the third-largest trading variety of the world after the stocks and bonds. With the share-trading reform, warrants appear again in our capital market after ten years. We choose the listed companies which introduce the consideration of warrants in share-trading reform program as our sample and use event study to explore the market reaction to the issuance of warrants. The empirical results indicate that the issuance of warrants have a negative impact on our securities market. |
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| Keywords: | warrants share-trading reform market reaction |
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