Short-term Impact Of Industrial Planning Releasing On Financial Market Value Of It Enterprises

Information Technology has been widely applied in national life, and it’s pillarrole in national economy has become increasingly apparent with a wide marketprospect. But this industry has not yet mature. Most of the enterprises are still in thegrowth with insufficient capital accumulation. In the face of market requirements,these enterprises cannot develop reling on their own, thus demond to the government.And the government isssued a series of documents based on its function in order toclear industry positioning and optimizing allocation of resources.This paper mainly studies if there exsits a short-term impact on IT industry listedcompanies’ capital market value when government releasing related planningdocuments. Then established the industry planning documents releasing and listedcompanies stock price short-term fluctuation relationship model. Selected two classesof macro-level planning documents with different content level using event studymethod to test the model. The result showed that government’s releasing IT relatedindustry planning file would make investors adjust their expectations and investmentbehavior, thus caused the short-term stock price volatility. The direction of thevolatility related to the content level of the planning file and investors’ expectation.Based on the comfirmed existing of events’ impact, this paper set up stock priceabnormal reture model to test influence factors to test enterprise swings betweenindividuals. The empirical test showed that enterprise scale has significant positiveinfluence to abnormal return. Enterprises with greater scale had a greater degree ofshare price rises or smaller degree of share price falls during the event. In addition,selected the asset-liability ration as financial levarage index and fist big shareholders’holding indicators as equity structure index to be examine factors. Moderateshareholding concentration is a sign of reasonable governance structure and had asignificant inverted U-shaped curve relationship with the short-term abnormal return.