上市公司非公开发行研究述评

A Review on the Private Placements of Public Companies

非公开发行是上市公司股权再融资的重要手段之一。国外关于上市公司非公开发行的折价、发行动因、短期市场反应和长期绩效等都有较多的研究,并形成了一系列理论假说;国内学者对我国上市公司非公开发行的研究,则主要集中于定向增发的公告效应、定向增发折价和定向增发过程中相关利益主体的利益变化情况等方面。现有的有关研究更多侧重于实证研究,且对国家及地区差异研究不够;国内学者对上市公司定向增发偏好、市场反应及其影响因素的研究也不够系统和完善。

Private placement is one of important equity financing instruments of public companies.There are many foreign studies on private placements including pricing discounts,placement motivation,short-term stock price reaction and long-run performance of public companies which form a series of theories and hypotheses,the domestic academic studies mainly focus on announcement effect of private placement,pricing discount of private placement,the benefit change situation of stakeholders in the process of private placement and so on.The existed researches more emphasize empirical studies and are inadequate in the aspect of the discrepancy between different states and different regions,the research of domestic scholars is not systematic and complete in the perspective of public companies＇ private placement preference,market reaction and its influencing factors.