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本文采用公告日相对收益率法和相对收益模型 ,对重组上市公司的市场效应进行了实证研究 ,得出了我国证券市场还未达到半强有效形态的结论。提出了供中小投资者参考的建议 :采取积极的投资策略 ,投资市盈率低的股票、流通市值小的股票、账面 -市场价值比率低的股票以及发生重组公司的股票 ,尤其是控股权转让公司的股票能获得超常的利润 ,但不同类型的投资者在重组过程中获利空间有很大的差别。
In this paper, we use the relative return method and the relative return model on the announcement day to make an empirical study on the market effect of the reorganized listed companies, and draw the conclusion that the securities market in our country has not yet reached the semi-effective form. Proposed for small and medium-sized investors for reference: Adopt a positive investment strategy, investing in stocks with low PE, stocks with small market capitalization, book-stocks with low market value, and stocks of reorganized companies, especially controlling transfer companies Stocks can make extraordinary profits, but different types of investors make a big difference in the profitability of the restructuring process.