对上市公司"触网"行为的实证反思

上市公司"触网",曾是中国证券市场上令人关注的话题.那么,市场对上市公司"触网"反应之强究竟达到何种程度呢?上市公司"触网"对其经营业绩究竟有无实质性影响呢?首先,本文采用超额收益法,对我国股票市场1999年68家上市公司"触网"公告的反应进行研究.研究结果表明,市场在"触网"公告日前后具有显著正反应.继而,本文采用以财务指标为基础的因子分析法,综合评价68家上市公司"触网"前后业绩的变化,研究未发现"触网"公司整体上在"触网"前一年、当年及次年的业绩有显著变化.最后,本文采用聚类分析法,依据2000年因子得分将68家"触网"后的上市公司分为三类,揭示出三类公司的不同特征,并注意到"触网"第二年,增长型企业类占到了"触网"公司的大多数.

Empirical Reflection on Listed Companies' "Touching-net" Behavior

This paper provides empirical evidence on the linkage betweenfirms touching-net behavior and the security price. Research conclusionis that abnormal return in the short window of touching-netannouncements is significantly positive. In addition, this study adoptsFactor Analysis method to evaluate the change of performance. Theconclusion suggests that the performance has not changed significantlyafter the firms touching-net behavior. Based on the results of FactorAnalysis, this paper uses Cluster Analysis method to classify three clustersaccording to the firms performance in 2000. The paper finds that growingfirms account for 60% in all the research samples.