合肥工业大学学报（社会科学版）
閤肥工業大學學報（社會科學版）
합비공업대학학보（사회과학판）
JOURNAL OF HEFEI UNIVERSITY OF TECHNOLOGY(SOCIAL SCIENCES)
2015年
2期
1-7
,共7页
资产注入%异常收益率%大股东
資產註入%異常收益率%大股東
자산주입%이상수익솔%대고동
assets injection%abnormal rate of return%large shareholders
大股东的资产注入行为理论上存在掏空和支持两种动机。文章通过运用事件分析法和回归分析法实证研究了大股东资产注入对上市公司股东财富的影响。研究发现，大股东资产注入的股东财富效应取决于资产注入的具体代理变量：资产注入的短期宣告效应与注入资产规模和注入模式显著正相关，而与注入资产类型和所有权性质关系不显著；资产注入的长期股价表现与注入资产的类型和规模呈显著的正向关系，而与所有权性质和注入模式呈负向关系。
大股東的資產註入行為理論上存在掏空和支持兩種動機。文章通過運用事件分析法和迴歸分析法實證研究瞭大股東資產註入對上市公司股東財富的影響。研究髮現，大股東資產註入的股東財富效應取決于資產註入的具體代理變量：資產註入的短期宣告效應與註入資產規模和註入模式顯著正相關，而與註入資產類型和所有權性質關繫不顯著；資產註入的長期股價錶現與註入資產的類型和規模呈顯著的正嚮關繫，而與所有權性質和註入模式呈負嚮關繫。
대고동적자산주입행위이론상존재도공화지지량충동궤。문장통과운용사건분석법화회귀분석법실증연구료대고동자산주입대상시공사고동재부적영향。연구발현，대고동자산주입적고동재부효응취결우자산주입적구체대리변량：자산주입적단기선고효응여주입자산규모화주입모식현저정상관，이여주입자산류형화소유권성질관계불현저；자산주입적장기고개표현여주입자산적류형화규모정현저적정향관계，이여소유권성질화주입모식정부향관계。
Theoretically ,there are two motives ,tunneling and propping ,accounting for assets injection implemented by large shareholders . T his paper utilizes event study method and multiple regression model to verify the short‐term and long‐term shareholder wealth effect of large shareholders'assets in‐jection .The results show that the shareholder wealth effect of large shareholders'assets injection de‐pends on specific proxy variables :the short‐term announcement effect is positively correlated with the size and pattern of assets injection ,but has no significant relationship with the type and ow nership properties of assets ;the long‐term stock price effect has significant positive correlation to the type and size of assets ,but has negative relationship with ownership properties and pattern of assets injection .
