资产出售的财富效应存在吗?——基于上市公司资产出售动机的经验证据被引量：7

An Empirical Analysis on Motivations of Corporate Asset Sales

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摘要本文运用聚类分析与事件研究法对我国上市公司不同资产出售动机的市场反应进行研究。结果表明:以降低财务风险、改善财务状况、美化报表为动机的资产出售的市场反应是显著消极的;而以经营战略调整为动机的资产出售,在公告日及其之前存在微弱的财富效应。回归分析表明,资产出售规模、Tobin-Q、盈利能力等因素对资产出售的市场反应有显著影响,而投资者对上市公司主动披露的资产出售动机是不敏感的。 This paper uses an event study approach to examine market reaction to the divestiture announcement based on different motivations of asset sales. It is found out that the market reacts negatively to asset sales aimed at decreasing the leverage, easing the pressure of liquidity or earning manipulation. However, market reaction is positive if the sales are for the purpose of strategy adjustment. The study reveal that sales size, Tobin-Q and earnings prospect has a marked impact on market reaction, although investors are not sensitive to companies＇ motivation of the sales.

作者安灵刘星

机构地区重庆大学经济与工商管理学院

出处《证券市场导报》 CSSCI 北大核心 2007年第6期57-62,共6页 Securities Market Herald

关键词资产出售财富效应公司理财 asset sales wealth effect financial management

分类号 F830.9 [经济管理—金融学]

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参考文献8

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