我国上市公司定向增发短期股价表现实证研究

Empirical Study on Short-Term Stock Price Performance of Listed Companies after Private Securities Offering

近年来，定向增发在我国上市公司呈现出快速发展的趋势，从募集资金规模而言甚至超过IPO，定向增发已经成为我国资本市场上最重要的再融资方式之一。本文基于理论分析提出了定向增发后上市公司短期股价存在正的财富效应的研究假设，并采用事件研究法，从宣告增发预案的前后10个交易日的累计超额收益率发现，其在该事件窗内显著大于0，说明短期股价存在正效应。实证研究结果验证了本文的研究假设。

In recent years, private securities offering is developing rapidly in listed companies of China, and the scale of fund-raising is even larger than IPO. Private securities offering has already become one of the most important way to refinance in China capital market. Based on the theoretic analysis, I propose the reseach hypothesis concerning the positive wealth effect in short-term share prices, after the private securities offering.And ＂event study＂ is adopted and we can see through the cumulative abnormal return ranging from 10 trading days before to after the declaration of pre-proposal for private securities offering that it is highly evident in ＂event window＂, which demonstrates the existing positive effect of short-time stock prices. The reseach results prove the validity of the assumptions made in this thesis.