我国上市公司首次披露股权激励计划的市场反应分析

本文首次以《上市公司股权激励管理办法》颁布以来沪深两市首次披露股权激励计划的上市公司作为研究对象,运用事件研究法计算超额收益的方式,检验了股权激励计划披露前后超额收益率的变动情况.研究发现,在股权激励计划披露后,证券市场有显著的正面反应;在股权激励计划披露前34天的短时窗内证券市场有不显著的正面反应,在披露前60天到90天的长时窗内,证券市场有负面反应.

The Market Reaction to Listed Companies' Initial Disclosure of Stock Option Incentive Plan in China

Taking the listed companies which initially disclose Stock Option Incentive Plan as study subject and using the events study approach to calculate CAR,this paper studies changes of CAR before and after stock incentive plan disclosed.We find a significant positive market reaction after the disclosure; an insignificant positive market reaction 34 days before the disclosure;an negative market reaction 60 days to 90 days before the disclosure.