摘要
本文通过事件研究法,以32只ST类股票为研究样本,探讨大小非解禁事件对ST类股票的收益率的影响;再配合多元回归模型,选取14个财务指标,研究影响收益率的因素。实证分析发现,大小非解禁对股票收益率有负面的影响,其中总资产周转率、现金流量比率、资产负债率等指标对收益率有显著影响。
This paper selects 32 ST stocks to examine the influence of the circulation of limited shares on the rates of return with event study methodology.Then the paper studies which factors affect the rates of return with 14 financial indicators of related data from 2010 to 2011 by multiple regression model.Empirical findings suggest that the circulation of limited shares has a negative impact,and total assets turnover,cash flow ratio and debt asset ratio have a significant effect on returns.
出处
《特区经济》
2013年第5期66-68,共3页
Special Zone Economy
基金
浙江省教育厅课题(20070839)资助
关键词
事件研究法
股票收益率
大小非解禁
event study methodology
rates of return
the circulation of limited shares
