中国物流奖与股票超常收益的实证研究

运用事件研究法考察了中国物流奖及奖项类别对公司超常收益的影响。结果发现中国物流奖公告日前5天及当天均无显著的正超常收益,公告日后第1天获得显著的正超常收益。表明获得中国物流奖可为公司带来正超常收益,中国物流奖不存在信息提前泄露现象,股票市场对获得中国物流奖的反应存在滞后效应。奖项类别显著影响超常收益,中国物流百强带来的超常收益最大,中国货代物流百强带来的超常收益最小。

Empirical Study of China's Material Row Awards and Stocks' Superior Rates of Return

By means of event study, this paper investigates the influences of China’s material flow awards and its classification of awards on the companies’ superior rates of return, showing that there are no prominent positive superior rates of return five days before and on the very day when the announcement of the China material flow awards is made. The next day after their announcement witnesses obvious positive superior rates of return. This shows that the China’s material flow awards bring positive superior rates of return to companies, but there is not any exposition of information in advance. The responses from the stock market to the China’s material flow awards are delayed. The awards items remarkably affect superior rates of return. The superior rates of return brought by the 100 strongest corporations of China’s material flow are the biggest while the superior rates of return brought by the 100 strongest corporations of China’s forwarders’ material flow are smallest.