摘要
以中国股市于2000年和2001年间进行新股增发的33支A股股票为样本研究发现,增发后SEO股票无论是在投资收益方面还是在公司业绩方面,长期内都表现出显著的弱势现象。在进一步研究弱势表现的原因时发现,SEO前发行公司过度的盈余管理导致了发行后经营业绩的长期弱势表现;SEO前,投资者对即将增发的股票存在着系统性高估,SEO后的长期股票收益弱势是投资者根据发行后公司的实际业绩对原本过度乐观的预期逐步进行理性调整的结果。
This paper shows the long- ran decline in post- issue investment performance and operating performance d SEO fume in China stock market.There is the significant positive relationship between post- SEO operating performance and the level of pre-SEO earnings management. With the post- issue decline in market expectations to future earnings of SEO fims, it concludes that the post- SEO decline in operating pcrformance is due to pre- SEO over management in earnings and that inveeters overestimate the future earnings of issuers before issuing. However, they still gradually adjust their expectation when poor post - SEO operating performance is diseovered, which may lead to the significant underperformance in stock market.
出处
《商业研究》
北大核心
2006年第5期160-164,共5页
Commercial Research
关键词
新股增发
股票收益率
经营业绩
盈余管理
seasoned equity offerings
stock returns
operating performance
earnings management
