股权再融资对上市公司长期绩效的影响研究

The Study of Equity Refinancing on China's Listed Companises and The Influenceon Long-term Performance

对2000～2004年期间进行股权再融资的上市公司，按照再融资方式进行了归类和分析，对每种再融资方式对其财务绩效的长期影响进行了统计性分析，并对其均值差进行了T检验，得出的结论是再融资将会导致上市公司长期财务绩效指标下滑，尤其是以发行新股方式进行再融资的上市公司下滑更为明显。最后利用实证分析的结论，给出了与我国证券市场有关的结论与启示。

This article shares during the 2000 - 2004 refinancing of listed companies, according to another mode of financing were classified and analyzed for each re - financing long - term impact on its financial performance for the statistical analysis, and their mean difference T- tests conducted, and concluded that the refinancing will result in long - term financial performance indicators of listed companies fell, especially by way of issuing new shares of listed companies to refinance more pronounced decline. Finally, empirical analysis of the findings, given the conclusions concerning the securities market in China and enlightenment.