我国上市公司定向增发长期股价效应的实证研究

Empirical Study on the Performance of Long-run Stocks Following Private Equity Placements in China's Listed Companies

中文关键词:  定向增发  长期持有回报率  股权融资偏好  利益输送

英文关键词:private equity placement  return rate on long-run holdings  equity financing preference  tunneling

中文摘要:

      本文以2006年5月至2006年底定向增发的41家上市公司为样本,研究了其增发后24个月的长期股价表现。研究结果表明,融资非理性和股权融资偏好使其长期回报率出现了长期恶化趋势;控股股东和关联股东参与认购的企业长期持有回报率较低,但该影响并不显著;长期持有回报率与反映控股股东利益输送动机的控股股东认购比例与原持有股比例差额均存在负相关关系,且在10%的统计水平上显著。

英文摘要:

      Based on the private equity placements in China's 41 listed companies from May 8th,2006 to December 31st,2006,this paper makes a study on the performance of long-run stocks during 24 months following private equity placements.The research shows a long-term deteriorating trend in the long-run return rate due to financial irrationality and equity financing preference.The return rate is relatively low for long-run stocks in the enterprises where controlling shareholders and affiliated stockholders have participated in stock subscriptions,but the effect is not so significant.The return rate on long-run holdings is negatively correlated with the controlling shareholders' subscription percentage (reflecting their motivation for tunneling) and the proportional balance of originally holding stocks,with a significant effect at the statistical level of 10%.