摘要
文章研究了定向增发购买资产事件首次公告中包含的三种效应,证实了来自信息和股权结构两个方面的影响:定向增发实施资产注入事件的市场反应显著为正,影响因素主要来自信息效应和股权结构效应,市场反应与代表公司价值被低估可能性的变量以及股权集中度增加的代理变量显著相关;没有证据支持并购与整体上市效应;注入资产类型以及资产注入目的是否为了整体上市对市场反应亦无显著影响。
This paper investigates market reaction on events that listed firms purchase assets of large shareholders by placing equity privately, and determinants result in market reaction. The results show that the market reaction is significantly positive and the information effect and changes in ownership concentration are important determinants on market reaction. In addition, the assets type has no impact on market reaction. Also, whether the purpose of asset injection is complete listing of controlling shareholders does not matter in the events.
出处
《山西财经大学学报》
CSSCI
北大核心
2010年第10期80-87,共8页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目(编号:70572040)
上海高校特聘教授(东方学者)岗位计划资助
关键词
定向增发
资产注入
信息效应
股权结构效应
private placements
assets injection
information effect
ownership structure effect
