股价信息含量与定向增发的长期股东财富效应——基于沪深主板上市公司的实证研究

发布时间：2018-07-05 19:21

本文选题：股票市场 + 非公开发行　；参考：《南方金融》2017年07期

【摘要】：定向增发是上市公司从资本市场获得融资的重要渠道,追求财富效应是投资者参与定向增发的主要动机之一。本文以我国沪深主板上市公司为样本,使用股价非同步性指标来测算股价信息含量,基于信息不对称视角研究股价信息含量对定向增发长期股东财富效应的影响。研究结果表明,我国上市公司定向增发整体上给投资者带来了显著为正的长期财富效应;同时,股价信息含量越高,定向增发的长期财富效应越明显。上述研究结论的启示是:上市公司在吸引投资者参与定向增发、实现资源优化配置的同时,也要完善信息披露机制,提高股价信息含量,进而提升公司价值,使定向增发给股东带来持续为正的财富效应。
[Abstract]:Private placement is an important channel for listed companies to obtain financing from the capital market, and the pursuit of wealth effect is one of the main motivations for investors to participate in private placement. In this paper, the information content of stock price is measured by using the non-synchronous index of stock price, and the influence of information content on the wealth effect of long-term shareholders of directional placement is studied based on the view of information asymmetry. The results show that the listed companies in China have a positive long-term wealth effect on the whole, and the higher the information content of the stock price, the more obvious the long-term wealth effect. The enlightenments of the above conclusions are as follows: while attracting investors to participate in the placement of additional shares and to optimize the allocation of resources, the listed companies should improve the mechanism of information disclosure, increase the information content of stock prices, and further enhance the value of the company. To make the directional issuance to the shareholders to bring a sustained positive wealth effect.
【作者单位】：中山大学管理学院;中国农业银行深圳市分行;中山大学旅游学院;
【分类号】：F832.51

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