价格政策调整对上市公司影响的实证分析—以中国移动、中国联通香港上市公司为例

基于2000年左右电信管理部门的价格政策调整(下调),中国移动、中国联通香港公司相应的公告,以及关于手机单向收费的传言,实证检测发现,上市时间较短的中国联通比起较长时间上市的中国移动,受价格政策变动的冲击更为显著;对公司本身公告而言,中国移动反应显著而中国联通又反之;对手机单向收费信息期间的检测结果发现,二公司并没有大的异常收益。结论认为上市时间较短的公司股票(中国联通)受行业政策影响较为明显,而较长时间上市的公司股票(中国移动)受公司本身的经营环境、业绩变化的影响较大。

An Empirical Analysis of Impact on Telecom Tariff Adjustment:A Case Study on China Mobile and China Unicom in HongKong Securities Market

Based on policy changes of Telecom tariff,corresponding announcements issued by China Mobile and China Unicom,and rumors about unilateral charge on mobile communications,this paper tests abnormal returns of these events.It is found tariff changes made more significant impact on China Unicom which is is listed shorter than china Mobile's.The impact caused by announcements are more significant on china Mobile than China Unicom.As to events about unilateral charge on mobile communications,the paper does not find any significant change on two companies.It is concluded that industrial policies have more distinct impact on the stock price of shorter time listed company,which is China Unicom;while operating environment and the performance changes have more influence on the stock price of longer time listed company of China Mobile.