摘要
《上市公司证券发行管理办法》实施后,定向增发成为上市公司股权再融资的主要方式。采用事件研究法对定向增发的公告效应进行实证检验,并从信息不对称角度分析发行特征对公告效应的影响。以2006年5月至2008年5月间完成定向增发的公司为样本,发现定向增发有显著的正向公告效应,且在增发预案公告日当天最为显著。发行特征可解释公告效应,发行溢价、发行规模与公告效应正相关,且在溢价发行和折价发行样本中,二者对累计超额收益率的影响程度不同。得出了发行对象对公告效应的影响不显著的结论。
After the implementation of the Management Methods for Securities Offerings of Public Companies, private investment in public equity （PIPE） has become the major way of refinancing for public companies in China. Event study method was used to investigate the announcement effect of PIPEs. The impact of offer characteristics on the announcement effect was analyzed. The firms that have completed PIPEs between May, 2006 and May, 2008 were used as a sample, from which the significant positive announcement effect for the disclosure of the PIPE prospectus was found. It was strongest on the announcement date. Offer characteristics can explain the announcement effect. Offer premium and offer size are positively related to the announcement effect. Their effects on cumulative abnormal returns differ between the premium - offer sample and the discount - offer sample. The announcement effect has little relation to investor identity.
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2009年第2期333-337,共5页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家自然科学基金资助项目(70802023)
关键词
定向增发
公告效应
发行特征
private investment in public equity
announcement effect
offer characteristics
