CAJ | 학술논문

2003年以来,中国上市公司的股权转让以及由此衍生的控制权转移现象日渐增多,中国上市公司的控制权市场也基本形成,为上市公司控制权转移市场反应的实证分析提供了便利条件。本文用事件研究法对2006～2010年我国上市公司控制权转移事件的市场反应进行实证研究。结果表明：市场对控制权转移事件的反应具有明显的＂先抑后扬再抑＂的倒N型特征,控制权转移信息存在提前泄漏问题。但是,随着市场的逐步完善,投机炒作现象有所减少。
2003년이래,중국상시공사적고권전양이급유차연생적공제권전이현상일점증다,중국상시공사적공제권시장야기본형성,위상시공사공제권전이시장반응적실증분석제공료편리조건。본문용사건연구법대2006～2010년아국상시공사공제권전이사건적시장반응진행실증연구。결과표명：시장대공제권전이사건적반응구유명현적＂선억후양재억＂적도N형특정,공제권전이신식존재제전설루문제。단시,수착시장적축보완선,투궤초작현상유소감소。
The increasing phenomena of equity transfers and the consequent control transfers since 2003 primarily formed the control market of China listed companies which facilitates the empirical analyses.The paper empirically studies on the reaction to control transfers of listed companies in China market by event study method from 2006 to 2009.The results are as follow：The reaction to the control transfer clearly characterizes as an inverted N-type,i.e,down first,then rise before down finally;information leakage in advance exists.However,speculation has declined to some extent with the gradual improvement of the market.