上市公司增发新股政策的变更及有效性研究

An Analysis on the Efficiency of the More Strict Seasoned Equity Offering Policy

中国证监会提高申请增发新股上市公司的业绩要求后,满足更加严格增发新股条件的上市公司发行新股后的股价收益率要显著高于同行业、同规模未进行股权再融资的上市公司,而且其相对于行业一般水平的超额资产盈利能力在发行新股后仍具有较强的持续性;而在增发新股政策相对宽松时期发行新股的上市公司发行后的股价收益和会计业绩并不突出。这表明增发新股政策的变更能够筛选出优质的上市公司,并能有效配置资源和保护投资者的利益。

This paper investigates the efficiency of the more strict seasoned equity offering （SEO） policy published by the China Security Regulation Committee. We find that： 1 ） the post-SEO stock performance are better than the firms in the same industry with the similar size which didn＇t conduct SEO when the firms conducting SEO under the more strict policy, and these SEO firms also have more persistent abnormal earnings. 2） The post-SEO performance of the firms conducting SEO under the loose policy is much more mediocre. We conclude that the more strict SEO policy could allocate resources more efficiently and protect the interests of the investors.