定向增发与公开增发新股融资股东财富效应的实证研究

发布时间：2018-07-16 19:06

【摘要】：公开增发新股和定向增发新股是上市公司增发新股融资的两种方式。研究发现,我国上市公司公开增发新股后1～3年股东获得的长期超额收益率均为负,而定向增发新股后两年股东获得的长期超额收益率均为正,表明我国上市公司宣告公开增发新股股东获得负的股东财富效应,而宣告定向增发新股股东能获得正的股东财富效应。从保护投资者长期利益的视角看,本文的研究结果表明在股权分置改革之后证券管理部门推出的定向增发新股融资方式和上市公司青睐定向增发新股融资方式具备其适时性和合理性。
[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.
【作者单位】：江西财经大学会计学院;
【基金】：作者主持的国家社会科学基金项目“定向增发新股、资产收购与利益输送问题研究”(项目号:09BJY017) 江西省社科规划重点课题“上市公司资产注入与公司绩效关系研究”(10YJ04)的阶段性研究成果 “企业融资与投资者保护”创新团队的资助 “资本市场与行为公司金融国际学术创新团队”的资助
【分类号】：F832.51;F224

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