控股股东整体上市与定向增发的短期财富效应

The Short-term Wealth Effect of E-Stockholders' Complete Listing

通过考察控股股东利用定向增发实施整体上市的财富效应及其影响因素后发现,此类事件在短期内获得了显著为正的财富效应。在信息不对称程度较高的情形下,发行对象只有控股股东的整体上市事件具有更大的短期财富效应。控股股东认购定向增发的股份比例越大,则整体上市的财富效应越强。同时发现,在整体上市前后,控股股东持股比例变化越大的公司,市场反应越积极。经验证据也表明,定向增发这种新兴的财务行为的确存在国外研究所发现的监督效应与确证效应。

Based on the sample of private placements, this paper investigated the wealth effect of complete listing and the factors that determined the effect. As shown by the empirical results, firstly, the short - run wealth effect is significantly positive. Secondly, when the degree of asymmetric information is higher, the private placements to the only one investor, the controlling shareholder, will get stronger wealth effects, compared with their counterparts including controlling shareholder and other institutional investors. Thirdly, the fraction sold to controlling shareholder is positively related to the wealth effects. Lastly, more changes in ownership concentration contributed to the stronger wealth effects. In addition, the empirical results supported the monitoring hypothesis and certification hypothesis.