投资者情绪对定向增发折价的影响研究

The Impact of Investor Sentiment on Private Placement Discount

利用2006年至2010年第3季度的定向增发事件作为研究样本,着重分析投资者情绪对定向增发折价的影响及其作用路径。研究发现:投资者情绪对定向增发折价影响显著,投资者情绪越乐观(悲观),定向增发折价越大(小);投资者情绪对定向增发折价的影响路径分析表明,市场错误定价是投资者情绪和定向增发折价间的中介变量;进一步研究显示,定向增发题材对市场错误定价影响显著,定向增发后股票出现低估的可能性增加。

Using the event of private placement from 2006 to 2010 third quarter,this paper analyzed the investor sentiment＇s effect on private placement discount.It reveals： investor sentiment has a significant effect on private placement discount.The more the investor optimistic,the greater the discounts of private placement are;The path analysis showed that the market mispricing is an intermediate variable between investor sentiment and private placement discount;Further studies showed that private placement subject has a significant effect on market mispricing.Private placement increased the likelihood of stock undervalued.