我国上市公司定向增发的长期业绩实证研究

An Empirical Study on the Long-Term Return Performance of Private Placements of Listed Companies in China

考察公司定向增发后的长期回报率业绩和长期经营业绩后发现,经市场调整、行业调整和规模调整的定向增发公司长期经营业绩和长期回报率均呈现下滑态势;长期回报率下滑并不是市场对定向增发公告时市场过度反应的修正,而是投资者对成长机会不确定的投资项目过分乐观,定向增发后公司并没有实现良好的经营业绩,投资者对公司预期盈利能力失望的结果。

This paper examines both the long-run return performance and long-term accounting performance of listed companies following private placements issues.This study has found that the long-run return performance and long-term accounting performance of listed companies following private placements issues are no better than those of the matched firms.The paper has also found that long-run underperformance is not because of the amendment market overreaction of the private placements issuing announcement,but because of investors＇ uncertainty on the investment growth opportunities due to being over-optimistic.The company has not achieved a good operating performance and investors＇ expected profitability of the company which results in long-run underperformance in stock returns following private placements.