摘要
定向增发是上市公司重要的再融资途径,对公司的发展和股价有重大影响。为研究中国股票市场上定向增发对公司股价的影响,以2010—2013年成功进行定向增发的公司为样本,采用事件研究法和多元回归分析检验了定向增发事件窗口内异常收益率的变化及其影响因素。结果表明:定向增发前后几天内有显著为正的异常收益率;在有大股东参与的定向增发中,股价较早出现波动;发行折价率越高、股权集中度越低的定向增发中累计异常收益率越高。说明定向增发有显著为正的短期效应,且存在消息提前泄露的可能,大股东可能会利用信息优势获利。
The private placement is an important refunding of listed enterprises,which has a significant effect on development and share price.To research the influence of private placement of Chinese Stock Markets on the share price of enterprises,the changes of abnormal rate of return in the private placement and its influence factors are analyzed and inspected by using the event study and the multiple regression method,and the enterprises that had successfully implemented private placement during 2010—2013 were considered as samples.The results show that：There were significant abnormal rate of return in few day before and after private placement;Share price has an early fluctuation in a private placement that involved strong stock holders;The higher the rate of discount of issuance is and the lower the concentration ratio of stock rights is,the higher the cumulative abnormal rate of returns in aprivate placement is.It shows that private placement has an obvious positive short-term effect,and the information leakage in advance is possible.Hence,strong shareholders may take advantage of information to gain benefits.
作者
黄佐
邹高峰
李丹
Huang Zuo;Zou Gaofeng;Li Dan(College of Management and Economics,Tianjin University,Tianjin 300072,China)
出处
《甘肃科学学报》
2018年第3期141-146,共6页
Journal of Gansu Sciences
基金
国家自然科学基金项目"询价发行
投资者行为与IPOs市场表现"(71471130)
关键词
定向增发
事件研究
短期效应
Private placement
Event study
Short-term effect
