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随着全球性金融危机的爆发及中国资本市场的走低,以采掘业为代表的产业资本增持公司股份事件频出。文章采用实证研究方法,选择2010-2012年采掘行业有产业资本增持行为的41家公司为研究样本,采用股票超额收益率作为公司市场价值特征变量,分析公告日前后的公司价值特征的变化,并得出结论:上市公司产业资本增持股票存在着市场效应;我国资本市场具有弱式有效的特点,信号传递上存在着一定的失真现象,上市公司公告增持股份比例与股价短期的累计超常回报率没有必然联系。
With the outbreak of the global financial crisis and the declining capital market in China, industrial capital represented by extractive industries increased its share of the Company’s shares frequently. This paper uses empirical research methods to select 41 companies with mining industry overcapacity in the mining industry from 2010 to 2012 as the research sample and uses the stock excess return rate as the characteristic variable of the company’s market value to analyze the changes of the company’s value characteristics before and after the announcement day, And concludes that there is a market effect in the increase of industrial capital stock in listed companies; the capital market in our country has weak and effective characteristics, and there is a certain distortion phenomenon in signal transmission. The listed company announces the accumulative excess The rate of return is not necessarily linked.