文献类型：期刊文献

中文题名：亏损异质、投资者预期与股票价格

英文题名：Loss Heterogeneity, Investors' Anticipation and Stock Price

作者：杜勇[1,2];刘星[1];鄢波[3]

机构：[1]重庆大学经济与工商管理学院,重庆400030;[2]西南大学经济管理学院,重庆400715;[3]广东海洋大学经济管理学院,广东湛江524088

年份：2009

期号：12

起止页码：69

中文期刊名：商业经济与管理

外文期刊名：Journal of Business Economics

收录：CSTPCD、、国家哲学社会科学学术期刊数据库、CSSCI2008_2009、北大核心2008、北大核心、CSSCI

基金：国家社会科学基金项目"基于亏损异质的上市公司财务价值驱动因素研究"(09CJY085);国家自然科学基金项目"大股东控制下的中国上市公司资本配置行为研究"(70772100);教育部高校博士学科点基金资助项目(20060611025);教育部人文社科研究青年项目"我国海洋与渔业灾害风险防范的金融体系构建研究"(09JC790049);广东省哲学社会科学"十一五"规划项目(08YO-01)

语种：中文

中文关键词：亏损异质;投资者预期;溢价型亏损;折价型亏损

外文关键词：loss heterogeneity; investor＇ s anticipation; premium-loss; discount-loss

中文摘要：文章从投资者预期的角度,将亏损上市公司按照其亏损的性质和特征进行了分类研究,认为由于亏损的异质性,投资者对亏损上市公司价值变动的预期不同,各类上市公司的股票价格与盈余信息之间也存在较大差异。文章以我国2004至2006年度A股亏损上市公司为研究对象,将其按照亏损的程度和性质区分为(正、负)溢价型亏损和(正、负)折价型亏损四种类型,实证检验的结果表明,正溢价型亏损公司的股票价格不仅受到亏损信息的负面影响较大,而且还与投资者对公司可能发生的卖壳、重构、高管变更等题材面事件的预期收益显著相关;负溢价型亏损公司是否有较大项目的投资或研发费用支出等信息对其股价的影响较大;正折价型亏损公司的股票价格受到亏损信息的正面影响较为显著,同时,公司的净资产、资产内部调整事件等因素对其股票价格的影响也较大;负折价型亏损公司的股价主要受到公司的净资产、清算价值的影响。

外文摘要：This article studies several kinds of the losing listed companies in accordance with their loss-making nature and characteristics from the perspective of investors＇ anticipation. We find that the investors＇ anticipation to the value change of various losing listed companies is different due to the heterogeneity of losses, and there are many differences in the relationship between price and earnings information for different types of losing companies. The article classifies the losses into four types： （positive and negative） premium-loss and （positive and negative） discount-loss. The results of empirical test show that： for the positive premium-loss companies, their stock price is not only influenced by the loss information but also influenced by investors＇ anticipation to the returns of selling ＂shell＂, reconstruction, top management changes and other factors. For the negative premium-loss companies, the loss information has a little impact on the company＇s stock price, but the information about project investment and R＆D expenditures has an important impact on stock prices. For the positive discount-loss companies, stock prices are significantly affected by the information about loss, cmnpany＇s net assets and internal adjustment of assets. For the negative discount-loss emnpanies, the loss information, the company＇s net assets and the liquidation value have a significantly positive impact on the stock price.