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本文在事件分析法框架下,将2012年5月至2014年5月在上交所发布公司债券发行公告的上市公司共102个样本划分为大盘下降通道、上升通道和盘整区间,对公司债发行公告效应进行了实证检验。研究结果表明,在公告发布之前累计异常收益率均为负但不显著;公告发布之后盘整区间累计异常收益率为负,下降通道和上升通道为正。公司债发行公告效应有所减弱,股价更多受基本面等其他因素的影响。
This article, under the framework of the incident analysis, divides 102 samples of listed companies that issued the public issuance of corporate bonds from May 2012 to May 2014 into two categories: the market decline channel, the upward channel and the consolidation range, and announces the effect of corporate bond issuance Conducted an empirical test. The results show that the cumulative abnormal return before the announcement is negative but not significant; the cumulative abnormal return after the announcement is negative is negative, and the negative and positive channels are positive. Corporate bond issuance announcement effect weakened, the stock price more by the fundamentals and other factors.