增发的时机:制度差异与含义

Opportunity of expanding listing:system difference and its meanings

国外针对新股增发的研究表明,新股增发后会出现显著的业绩走低,这可能是由于经理往往会抓住产业高峰的时机进行增发所导致。中国证券市场的增发审批制度与国外完全不同,我们有兴趣的是,类似现象在中国是否存在,制度的差异是否限制了经理对增发时机的把握。本文通过实证研究,发现我国上市公司增发后并没有出现显著的长期业绩走低现象,可以由此推断:上市公司增发股价并没有被明显高估,也不存在公司经理利用产业高峰时机窗口进行增发的可能性。

Previous studies on seasoned equity offerings （SEOs） in developed markets have found that there exists significant long-run underperformance after the issues, which means that the managers can often take advantage of the ＂windnws of opportunity＂ that arise periodically at the peak of industry fads in issuing decisions. We offer turther evidence of this by examining the Chinese data. Our empirical study, however, suggests no similar results. We conclude that there are no such windows nf opportunity in SEOs in the Chinese case.