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本文以 1 999年到 2 0 0 1年发生股票名称变更的 1 48家上市公司为样本 ,研究股票名称变更对股价的短期影响。研究发现 ,不具有任何经济意义 ,也不向市场传递任何新信息的公司股票名称变更“事件”可以像具有经济意义 ,包含新信息的“事件”那样引起股票价格的显著波动 ,而且这一波动呈现出过度反应特征。这种股价波动可能与中国 A股市场投资者的投机行为有关。由于既具有“事件”特征 ,同时又不包含新的信息的“非事件”在证券市场上很少出现 ,我们的这一研究为探讨证券市场的有效性和研究投资者对信息的反应特征提供了新的线索和资料。
In this paper, we take a sample of 148 listed companies that have changed their stock names from 1999 to 2001 to study the short-term impact of changes in stock names on stock prices. The study found that changes in the names of companies that do not have any financial sense, nor do they convey any new information to the market, can cause significant fluctuations in the stock price in the same way as “events,” which are economically significant and contain new information, and that the volatility Showing overreaction characteristics. Such price volatility may be related to the speculation of investors in China’s A-share market. Because “non-events” that have both the “event” characteristics and no new information at the same time are seldom seen in the securities market, our research provides a useful tool for examining the effectiveness of the stock market and investigating the investor’s response to information New clues and information.