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本文以2003年和2004年入选中国企业信息化500强的188个上市公司为研究对象,采用非参数事件研究方法,检验企业信息化建设成果对其市场价值的影响。分析结果表明,企业信息化500强宣告这一事件为样本企业带来超常收益,体现出良好的价值回报。研究还显示,市场对样本企业的反应存在时滞效应和行业差异。总体上,本文从市场投资的角度对“企业信息化建设是否有价值”这一具有理论与现实意义的问题给出了肯定的回答。
In this paper, 188 listed companies selected as Top 500 Enterprises in China in 2003 and 2004 are selected as research objects, and the non-parametric event research method is used to test the impact of the achievements of enterprise informatization on their market value. The results of the analysis show that the announcement of this event by Top 500 Enterprises in Information Technology brought exceptional returns to the sample enterprises and showed a good value return. The study also shows that the market response to sample companies has lagged effects and industry differences. In general, this paper gives a positive answer from the perspective of market investment on the issue of “theory of the value of enterprise informatization” and its practical significance.