本文選題：O2O公告 + 市場價值　； 參考：《華中科技大學(xué)》2016年碩士論文

【摘要】：O2O即Online to Offline,是近年來在國內(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,使消費者能夠通過移動客戶端方便快捷地購買日常所需,在本地生活服務(wù)市場中具有巨大的市場空間。本文以國內(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象,在我國滬、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,基于有效資本市場和理性投資者的假說,對樣本公告相應(yīng)的股票價格進(jìn)行了異常收益檢驗及累計異常收益檢驗,考察了樣本公告對上市公司市場價值的整體影響。同時,在研讀公告內(nèi)容的基礎(chǔ)上對樣本公告進(jìn)行了分類,考察了公告的行業(yè)差異、戰(zhàn)略差異、產(chǎn)品差異和風(fēng)險提示差異對公司市值的影響。實證結(jié)果表明,O2O戰(zhàn)略公告能夠顯著提升上市公司的市場價值。其中,制造業(yè)O2O戰(zhàn)略公告帶來的公司市值的增加顯著高于非制造業(yè);自建平臺類公告帶來的公司市值的增加顯著高于借助平臺類,并且,投資自有平臺和全資設(shè)立公司類公告能夠為股東帶來更多的異常收益;有風(fēng)險提示型公告為股東帶來的異常收益顯著高于無風(fēng)險提示型公告;而實物型產(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)略公告對公司市值產(chǎn)生正向影響的結(jié)論能夠為企業(yè)在資本市場上帶來更多的資金支持,同時不同類型O2O戰(zhàn)略公告產(chǎn)生的不同市場效應(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)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張榮;;O2O模式企業(yè)的發(fā)展現(xiàn)狀[J];物流工程與管理;2013年12期

2 盧益清;李忱;;O2O商業(yè)模式及發(fā)展前景研究[J];企業(yè)經(jīng)濟(jì);2013年11期

3 石川;任菲;李東;;IT投資與企業(yè)市場價值關(guān)系的實證研究[J];東北大學(xué)學(xué)報(社會科學(xué)版);2013年03期

4 李巧丹;;O 2O體驗式營銷模式探索[J];電子商務(wù);2012年09期

5 馬紅春;;O2O電子商務(wù)模式在我國的應(yīng)用現(xiàn)狀分析[J];科技視界;2012年26期

6 王慧;;基于O2O模式下的中小企業(yè)移動商務(wù)發(fā)展策略研究[J];中國商貿(mào);2012年23期

7 姜奇平;;O2O商業(yè)模式剖析[J];互聯(lián)網(wǎng)周刊;2011年19期

8 孫建昆;;線下到線上:另一種O2O的思考[J];互聯(lián)網(wǎng)周刊;2011年19期

9 張露;黃京華;;基于事件研究方法的IT產(chǎn)業(yè)投資價值實證研究[J];管理科學(xué);2010年04期

10 寧向東,劉綺云;“年報”與“非典”的公告日效應(yīng):比較及含義[J];中國管理科學(xué);2004年01期

相關(guān)碩士學(xué)位論文 前2條

1 劉鵬;020本地生活服務(wù)電子商務(wù)模式研究[D];北京郵電大學(xué);2012年

2 楊娟;互聯(lián)網(wǎng)財經(jīng)新聞對股票影響的實證分析[D];西南財經(jīng)大學(xué);2012年

，

本文編號：1963942