上市公司股票更名、投资者信息识别与交易量反应——基于委托-代理分析

上市公司更名，是上市公司一投资者间的隐性合约谛约订立行为。合约产生的股市交易量反应和合约报酬激励取决于投资者对股票更名事件的市场环境、上市公司状态、自我偏好、自我风险及合约报酬信息的识别与评价，依赖于投资者信息评价的完整性和完美性，依赖于上市公司行业经营状况和股市收益波动与行业收益波动之间的相关性。投资者信息识别是股市更名事件转化为投资信息和利益分配的实现机制、分配机制与联系机制，管理者可以用包括股票更名等事件影响投资信息识别和评价，调控市场交易。

The Changing of Stock Name of Listed Firm, the Investor 's Information Discerning and Transaction Reaction——Based on the Principal-agent Theory

The Changing of the stock name for a listed cooperation is an implicated contacting behaviors between listed cooperation and investors.The shocks to transaction and returns produced by the contacting depend on the discerning and appreciation on environment,the cooperation's states,the investor's preference and risk,and the reward information in the contact incurred by the event,depend on whether the investor's appreciating is completed and perfect,and the waves of stock reward,the industry mean profit and development,the correlation between the reward waves of the stock market and industry waves.The investors discerning is the transaction,distributing and connecting system,which makes the changing of the stock name into investor's information and the profit distributing.So,the manager can use the event as a tool to influence the investor's discerning and appreciating and to control the market transaction.