再融资新政对投资者收益率影响的研究

Research on Investors’ Yield Effects of 2020’s New Refinancing Policies

2020年2月,证监会正式发布《关于修改<上市公司证券发行管理办法>的决定》,被视作定向增发市场监管松绑的利好举措。本文从投资者视角对超过1,000例定向增发案例进行研究。实证结果表明:在新政颁布以后,市场存在显著的预期改善效应,同时伴随更小的解禁日冲击效应,两种效应叠加改善了收益率。进一步研究发现,解禁后中长期存在估值修复效应。本文的研究为定向增发投资者的认购与减持策略提供了一定指导意义。

On February 14,2020,China Securities Regulatory Commission issued a set of instructions named“Decision on Amending the Measures for the Administration of Securities Issuance of Listed Companies”which were considered as the substantial helpful measures to the PIPE(Private Investment in Public Equity)market.Using empirical research,the paper focuses on more than 1,000 PIPE case and finds that the market has experienced an“expectation improvement effect”while experiencing a more negligible“impact effect”after the resale limitation period.These effects combined,resulting in a significant improvement in investors’yields.Besides,the result shows that“valuation repair effect”does exist.This paper believes that,in the context of the new policy,chances are higher that the investors will benefit from the PIPE investments as market sentiments are high.The research is significant in further improving policies providing helpful guidance for investors.