CAJ | 학술논문

采用事件研究法探讨分拆上市事件对我国上市公司股价带来的冲击,结果表明：通常分拆能使母公司将精力投入到其核心业务的经营上,有助于提高母公司和子公司的股票价格和绩效。然而,母公司选择在不同的市场分拆,其市场反应往往存在较大差异。一般而言,在分拆标的子公司既定的情况下,投资者对于分拆上市公司越熟悉,信息不对称程度越低,那么相对予以的定价则越高。
채용사건연구법탐토분탁상시사건대아국상시공사고개대래적충격,결과표명：통상분탁능사모공사장정력투입도기핵심업무적경영상,유조우제고모공사화자공사적고표개격화적효。연이,모공사선택재불동적시장분탁,기시장반응왕왕존재교대차이。일반이언,재분탁표적자공사기정적정황하,투자자대우분탁상시공사월숙실,신식불대칭정도월저,나요상대여이적정개칙월고。
This paper analyzes the impacts of equity carve-outs on the stock price by the event study,which shows that,generally,equity carve-outs dedicate holding company to its core business＇ operation and help to increase the performance and price of holding company and subsidiary.However,if the holding company chooses the different capital market to operate equity carve-outs,there is a significant difference on the market＇s reaction.Generally speaking,the more familiar with subsidiary and information asymmetry the investors are,the more higher the pricing of equity carve-outs is.