CAJ | 학술논문

文章针对优质大型企业上市是否会产生价格压力这一问题，采用事件分析法对近五年来上市的七个优质大型企业境内上市前后对市场的影响进行了实证研究。文章检验优质大型企业境内上市事件发生期间．市场是否产生累积超额收益率（CAR），并根据CAR的变化趋势判断优质大型企业境内上市对市场整体以及对具有不同特征股票子样本的影响。实证结果总体上不能得出优质大型企业上市对市场产生了价格压力的明显实证证据，因此得不出其对证券市场产生价格压力的一致性结论。
문장침대우질대형기업상시시부회산생개격압력저일문제，채용사건분석법대근오년래상시적칠개우질대형기업경내상시전후대시장적영향진행료실증연구。문장검험우질대형기업경내상시사건발생기간．시장시부산생루적초액수익솔（CAR），병근거CAR적변화추세판단우질대형기업경내상시대시장정체이급대구유불동특정고표자양본적영향。실증결과총체상불능득출우질대형기업상시대시장산생료개격압력적명현실증증거，인차득불출기대증권시장산생개격압력적일치성결론。
This paper focuses on the problem whether or not large, high-quality enterprises listed in the domestic market could produce price pressure. The method used is an event study designed to test whether or not the event of being listed could produce cumulative abnormal returns （CAR） in the market around the period of seven large, high- quality enterprises which were being listed in the domestic market. And then this paper estimates its impact on the whole market and the stock samples with different characters according to the CAR change trend. Based on the empirical study, we cannot get obvious empirical evidence that the seven large, high-quality enterprises listed in the domestic market produced price pressure, so we cannot get a consistent conclusion that the event of being listed could produce price pressure on the securities market.