我国上市公司资产剥离宣告效应实证分析

对我国上市公司资产剥离的宣告效应进行实证分析后发现，样本公司剥离公告前后的一个交易日内以及剥离公告后的7个交易日内，分别有正的累积平均超常收益。这说明样本公司在剥离事件公告前后的短暂时间内，的确能够增加股东的财富。
关 键 词 资产重组; 剥离; 上市公司

Asset sell-offs emerged in China in 1993. Since the Fifteenth Congress of CCP, shrinking asset restructuring has been adopted by listed firms gradually and taken on a rising trend, especially the asset divestitures. From 1998 to 2002, over 1 000 listed firms have divested their assets. Now it appears that asset divestiture has become an indispensable part of the everyday operations of listed firms in China.
However, up to now, an empirical analysis of the wealth effects of the divestitures of China’s listed firms on shareholders has been received little attention. The reasons for it may be that there are too many cases and it is not easy to analyze them, and that it is very difficult to collect and process the stock price data. Therefore, it seems valuable for us to study listed firms’ asset divestitures positively.
This paper intends to study the wealth effects of divestitures of China’s listed firms on shareholders, and examines price movements during the entire divestiture process from 210 days prior to the announcement date through 210 days following the announcement date for 44 sell-offs which occurred between 1998 and 2002.