本文選題：O2O公告 + 市場(chǎng)價(jià)值��； 參考：《華中科技大學(xué)》2016年碩士論文

【摘要】：O2O即Online to Offline,是近年來(lái)在國(guó)內(nèi)較為流行的一種新型商業(yè)模式。這種商業(yè)模式將線上流量與線下資源相結(jié)合,使消費(fèi)者能夠通過(guò)移動(dòng)客戶(hù)端方便快捷地購(gòu)買(mǎi)日常所需,在本地生活服務(wù)市場(chǎng)中具有巨大的市場(chǎng)空間。本文以國(guó)內(nèi)各大公司涉水布局O2O新型電子商務(wù)模式為視角,選取發(fā)布O2O戰(zhàn)略公告的上市公司為研究對(duì)象,在我國(guó)滬、深兩市證券交易所中收集了2013-2015年間各上市公司發(fā)布的154個(gè)O2O戰(zhàn)略公告。根據(jù)已有參考文獻(xiàn),采用事件分析法,基于有效資本市場(chǎng)和理性投資者的假說(shuō),對(duì)樣本公告相應(yīng)的股票價(jià)格進(jìn)行了異常收益檢驗(yàn)及累計(jì)異常收益檢驗(yàn),考察了樣本公告對(duì)上市公司市場(chǎng)價(jià)值的整體影響。同時(shí),在研讀公告內(nèi)容的基礎(chǔ)上對(duì)樣本公告進(jìn)行了分類(lèi),考察了公告的行業(yè)差異、戰(zhàn)略差異、產(chǎn)品差異和風(fēng)險(xiǎn)提示差異對(duì)公司市值的影響。實(shí)證結(jié)果表明,O2O戰(zhàn)略公告能夠顯著提升上市公司的市場(chǎng)價(jià)值。其中,制造業(yè)O2O戰(zhàn)略公告帶來(lái)的公司市值的增加顯著高于非制造業(yè);自建平臺(tái)類(lèi)公告帶來(lái)的公司市值的增加顯著高于借助平臺(tái)類(lèi),并且,投資自有平臺(tái)和全資設(shè)立公司類(lèi)公告能夠?yàn)楣蓶|帶來(lái)更多的異常收益;有風(fēng)險(xiǎn)提示型公告為股東帶來(lái)的異常收益顯著高于無(wú)風(fēng)險(xiǎn)提示型公告;而實(shí)物型產(chǎn)品公告與服務(wù)型產(chǎn)品公告的市值差異并不顯著。O2O戰(zhàn)略公告對(duì)公司市值產(chǎn)生正向影響的結(jié)論能夠?yàn)槠髽I(yè)在資本市場(chǎng)上帶來(lái)更多的資金支持,同時(shí)不同類(lèi)型O2O戰(zhàn)略公告產(chǎn)生的不同市場(chǎng)效應(yīng)也可為投資者和管理者提供相應(yīng)的決策參考。
[Abstract]:O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 O 2 This business model combines online flow with offline resources, which enables consumers to purchase daily needs conveniently and quickly through mobile clients, and has a huge market space in the local life service market. From the perspective of the new O2O E-commerce model of domestic companies, this paper selects listed companies that issue O2O strategic announcements as research objects, in Shanghai, China. Shenzhen and Shenzhen stock exchanges collected 154 O 2 O strategic announcements issued by listed companies in 2013-2015. Based on the hypothesis of efficient capital market and rational investors, the abnormal return test and accumulative abnormal return test are carried out on the stock price corresponding to the sample announcement according to the existing references and the event analysis method. The effect of sample announcement on the market value of listed companies is investigated. At the same time, on the basis of studying the contents of the announcement, the paper classifies the sample announcement, and examines the influence of the industry difference, strategy difference, product difference and risk hint difference on the market value of the company. The empirical results show that O 2O strategic announcement can significantly enhance the market value of listed companies. Among them, the increase in market value of manufacturing companies brought about by O2O strategy announcement is significantly higher than that of non-manufacturing companies, and the increase of corporate market value brought by self-built platform announcements is significantly higher than that of companies with platform class, and, Investment in its own platform and the establishment of corporate announcements can bring more abnormal returns to shareholders, and the abnormal returns brought by risk-prompting announcements are significantly higher than those of risk-free announcements. However, the difference of market value between physical product announcement and service product announcement is not significant. The conclusion that O2O strategic announcement has a positive impact on corporate market value can bring more financial support to the enterprise in the capital market. At the same time, the different market effects of different types of O _ 2O strategic announcements can also provide reference for investors and managers.
【學(xué)位授予單位】：華中科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類(lèi)號(hào)】：F832.51

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本文編號(hào)：1963942