Market Reaction and Its Impact of Related factors on Chinese Listed Companies

根据中国上市公司技术创新投资公告的数据,本文实证检验了在创新资金短缺的中国市场环境下,自有资金技术创新投资的股票市场估值及影响因素。研究表明:(1)公告市场反应具有明显的行业特点,同时公告效应呈现一定的漂移现象;(2)公告市场反应与行业投资机会及公司的资金偿债安全性显著相关,与自由现金流量不相关,与公司规模、第一大股东及大流通股股东的持股比例显著负相关,与公司高管人员持股比例不相关。The author tests stock market and its related factors under the condition of capital shortage based on the data from Chinese listed companies.The research shows: 1) advertisement market has clear features;2) advertisement market reaction is related to investment chance and security of capital debts of the firms and has nothing to do with cash flow