【摘要】：公開增發(fā)新股和定向增發(fā)新股是上市公司增發(fā)新股融資的兩種方式。研究發(fā)現(xiàn),我國上市公司公開增發(fā)新股后1～3年股東獲得的長期超額收益率均為負,而定向增發(fā)新股后兩年股東獲得的長期超額收益率均為正,表明我國上市公司宣告公開增發(fā)新股股東獲得負的股東財富效應,而宣告定向增發(fā)新股股東能獲得正的股東財富效應。從保護投資者長期利益的視角看,本文的研究結(jié)果表明在股權(quán)分置改革之后證券管理部門推出的定向增發(fā)新股融資方式和上市公司青睞定向增發(fā)新股融資方式具備其適時性和合理性。
[Abstract]:Public issuance of new shares and private issuance of new shares are two ways for listed companies to raise new shares. It is found that the long-term excess returns of the shareholders of the listed companies in China are all negative one to three years after the public issuance of new shares, while the long-term excess returns of the shareholders of the two years after the private issuance of new shares are all positive. It is shown that the listed companies in our country declare that the shareholders of public new shares have negative shareholder wealth effect, and that the shareholders of the public offering new shares can obtain the positive shareholder wealth effect. From the perspective of protecting the long-term interests of investors, The research results of this paper show that the new shares financing mode of private placement issued by the securities management department after the reform of equity separation and the financing mode of the listed companies favor the new shares financing mode of directional additional issuance have its timeliness and rationality.
【作者單位】： 江西財經(jīng)大學會計學院;
【基金】：作者主持的國家社會科學基金項目“定向增發(fā)新股、資產(chǎn)收購與利益輸送問題研究”(項目號:09BJY017) 江西省社科規(guī)劃重點課題“上市公司資產(chǎn)注入與公司績效關系研究”(10YJ04)的階段性研究成果 “企業(yè)融資與投資者保護”創(chuàng)新團隊的資助 “資本市場與行為公司金融國際學術創(chuàng)新團隊”的資助
【分類號】：F832.51;F224

【參考文獻】

相關期刊論文 前1條

1 陳信元,張?zhí)镉?陳冬華;預期股票收益的橫截面多因素分析:來自中國證券市場的經(jīng)驗證據(jù)[J];金融研究;2001年06期

【共引文獻】

相關期刊論文 前10條

1 唐俊,宋逢明;證券咨詢機構(gòu)選股建議的預測能力分析[J];財經(jīng)論叢;2002年01期

2 宋獻中,王展翔;股票流動性與資產(chǎn)定價:基于時間序列回歸的實證分析[J];財經(jīng)理論與實踐;2004年06期

3 鄧可斌;唐s，

本文編號：2127385