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                        學者來訪
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                        臺灣大學姜堯民教授做客金融論壇
                        發布時間:2019年06月21日 23:35    編輯:wangyj    點擊:[]

                        6月20日,經濟學院第12期金融論壇在中心校區舉行。臺灣大學管理學院金融學教授姜堯民為學院師生帶來了題為“Guaranteeing Employees Stock Purchase against Losses”的學術報告。報告由經濟學院金融系錢先航教授主持。


                        首先,報告系統性地闡述了中國A股市場的保賠員工購買計劃的定義及時代背景。2015年6月和7月,中國A股市場崩盤期間,一些上市公司推出了針對虧損的員工購買擔保計劃,試圖在股價持續下跌的情況下提振市場信心。其次,報告對內部人士和公眾投資者之間的信息不對稱問題及其后果進行了研究,報告認為控股股東更有可能推出針對虧損的擔保員工購買計劃,以釋放他們追加保證金的壓力。值得注意的是,報告對計劃產生原因、相關者反應、計劃產生后果進行了實證研究,提供了相關數據支撐。此外,與融資融券壓力假說相一致,報告發現控股股東推出保賠員工購買計劃的主要原因是為了釋放內部人士對其質押股票的融資融券壓力。在公告之前,當股票表現較差且承諾水平較高時,啟動該計劃的可能性尤其高。同時,市場對保本員工短期內的購保計劃反應強烈且積極,但市場很快意識到保本員工購保計劃的真正含義,股價隨后出現反彈。報告還發現,員工知道項目背后的真正原因,因此不積極參與項目,尤其是在公告前的股票回報率非常低的時候。此外,參與該計劃的員工無論是在購買期間還是在長期內都沒有獲得顯著的異常購買和持有收益。最后,報告發現樣本公司的質押水平下降,從而釋放了內部人士的追加保證金壓力,一般來說,保賠計劃具有一定的效果。


                        姜堯民,美國愛荷華大學金融學博士,臺灣大學管理學院金融學教授。長期從事IPO等公司金融問題的研究,在Review of Financial Studies等金融學權威期刊發表論文多篇。



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