上市公司定向增发新股融资与可转换债券融资比较研究

The Comparative Study of Private Placement of Equity Financing and Convertible Bond Financing

本文以2005年5月1日至2007年12月31日中国证券市场发生的218个定向增发新股或可转换债券事件为样本,运用标准的事件研究法实证检验了中国上市公司定向增发新股与可转换债券的短期市场绩效的差异性。研究结果发现,在控制其他因素的条件下,定向增发新股的短期市场绩效显著好于可转换债券。这说明,监管当局在制定相关融资政策时,应当充分考虑证券市场投资者的意愿,为上市公司进行定向增发新股创造一个好的政策环境。

Using the 218 samples from both Shanghai and Shenzhen stock exchange from 2005 to 2007, with standard event study method,this paper examines the difference between the short - term performance of private equity placement and that of convertible bond financing. We find that the short - term performance of private placement equity is better than that of convertible bond issuing. These findings suggest that the regulators should incorporate the preference of investors into the regulations of financing policy, and thus provide suitable environment for the private placement equity.