對我國上市公司資產剝離的宣告效應進行實證分析后發現，樣本公司剝離公告前后的一個交易日內以及剝離公告后的7個交易日內，分別有正的累積平均超常收益。這說明樣本公司在剝離事件公告前后的短暫時間內，的確能夠增加股東的財富。
關 鍵 詞 資產重組; 剝離; 上市公司

Asset sell-offs emerged in China in 1993. Since the Fifteenth Congress of CCP, shrinking asset restructuring has been adopted by listed firms gradually and taken on a rising trend, especially the asset divestitures. From 1998 to 2002, over 1 000 listed firms have divested their assets. Now it appears that asset divestiture has become an indispensable part of the everyday operations of listed firms in China.
However, up to now, an empirical analysis of the wealth effects of the divestitures of China’s listed firms on shareholders has been received little attention. The reasons for it may be that there are too many cases and it is not easy to analyze them, and that it is very difficult to collect and process the stock price data. Therefore, it seems valuable for us to study listed firms’ asset divestitures positively.
This paper intends to study the wealth effects of divestitures of China’s listed firms on shareholders, and examines price movements during the entire divestiture process from 210 days prior to the announcement date through 210 days following the announcement date for 44 sell-offs which occurred between 1998 and 2002.