摘要
本文以我国10年来实施公开增发的A股上市公司为样本,考察不同市场环境下公开增发市场反应的差异及其原因。研究发现,不同市场环境下,增发市场反应存在差异。然后,我们实证检验了投资者情绪与增发市场反应之间的关系,发现两者显著正相关,即不同市场环境下公开增发市场反应的差异主要源于投资者情绪。
Taking public SEO（seasoned equity offerings） companies of Chinese A share in last 10 years as samples, we investigate the difference of SEO market reaction under different market circumstances and its reason. First, we find that the negative stock reaction of SEO increases is different under three market circumstances： ＂bull＂, ＂balance＂ and ＂bear＂. Then we test the relationship between investor sentiment and SEO market reaction. The results show that they are significantly positive. That is, the difference of SEO market reaction under different market circumstances is mainly caused by investor sentiment.
出处
《中国会计评论》
CSSCI
2010年第1期53-72,共20页
China Accounting Review
基金
教育部人文社科青年基金项目(07JC630004)
国家自然科学基金青年科学基金项目(70902076)的资助
关键词
投资者情绪
增发市场反应
市场环境
Investor Sentiment, SEO Market Reaction, Market Circumstances
