摘要
本文以2006-2015年成功进行定向增发的中国上市公司为样本,研究发现预案日前后定向增发市场反应均值显著为正,且大股东认购定向增发股份与市场反应显著负相关,此外,大股东认购定向增发股份的比例越高,折扣率越大,而折扣率越大,市场反应越差。本文的研究表明,市场对于上市公司定向增发行为普遍乐观,但是对于有大股东认购的定向增发相对悲观,大股东会通过定向增发折扣率进行利益输送,而市场能感知这种利益输送。
Based on the samples of Chinese listed companies that successfully conducted private placement from 2006 to 2015, the study found that the average market response of private placement before and after the plan was significantly positive, and block shareholders' subscription for private placement was significantly negatively correlated with market response. In addition, the higher the proportion of block shareholders' subscription for private placement, the greater the discount rate, and the greater the discount rate, the worse the market response. The research in this paper shows that the market is generally optimistic about the private placement of listed companies, but is relatively pessimistic about the private placement subscribed by block shareholders. Block shareholders will deliver benefits to themselves through the discount rate of private placement, and the market can perceive such benefits delivery.
作者
刘慧玲
贺云龙
Liu Huiling;He Yunlong
出处
《投资研究》
CSSCI
北大核心
2019年第2期148-158,共11页
Review of Investment Studies
关键词
大股东
定向增发
折扣率
市场反应
Block Shareholder
Private Placement
Discount
Announcement Effects
