中国上市公司定向增发公告的股价效应研究——基于事件研究法的实证分析

发布时间：2018-07-03 12:02

本文选题：上市公司 + 定向增发　；参考：《武汉金融》2014年09期

【摘要】：相对于公开增发模式而言,定向增发模式的操作相对便利,其已成为我国上市公司再融资的重要模式。对此,文章分析了中国上市公司定向增发公告股价效应的形成机理,在此基础上,运用事件研究法,选取2012~2013年度286家上市公司定向增发事件作为样本数据,对上市公司定向增发公告的股价效应进行了实证分析。研究表明,中国上市公司定向增发公告存在显著的正向股价效应,且股价效应在定向增发公告之前更为明显,并以此为依据,给出了规范中国上市公司定向增发的相关建议。该研究成果将为规范我国上市公司定向增发制度,提升我国证券市场的整体绩效,提供重要决策参考。
[Abstract]:Compared with the public placement mode, the operation of the directional placement mode is relatively convenient, and it has become an important refinancing model for listed companies in China. In this paper, we analyze the formation mechanism of the stock price effect of Chinese listed companies' IPO announcement. On this basis, we select 286 listed companies in the year of 2012 and 2013 as sample data by using event research method. This paper makes an empirical analysis on the stock price effect of the IPO announcement of listed companies. The research shows that there is a significant positive stock price effect in Chinese listed companies' private placement announcement, and the stock price effect is more obvious before the IPO announcement. Based on this, the author gives some suggestions to standardize the Chinese listed companies' private placement. The research results will provide an important decision reference for standardizing China's listed companies' directional placement system, improving the overall performance of China's securities market and providing an important reference for decision-making.
【作者单位】：东华大学旭日工商管理学院;
【基金】：国家社会科学基金项目(13BGL041) 教育部人文社会科学研究一般项目(11YJC790051) 中国博士后科学基金项目(20090450683) 中央高校基本科研业务费专项资金项目(项目批准号11D10827)
【分类号】：F832.51

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