定向增发与公开增发新股融资股东财富效应的实证研究

An Empirical Research on the Shareholders'Wealth Effects in Public Seasoned Offering and Private Placement

公开增发新股和定向增发新股是上市公司增发新股融资的两种方式。研究发现,我国上市公司公开增发新股后1～3年股东获得的长期超额收益率均为负,而定向增发新股后两年股东获得的长期超额收益率均为正,表明我国上市公司宣告公开增发新股股东获得负的股东财富效应,而宣告定向增发新股股东能获得正的股东财富效应。从保护投资者长期利益的视角看,本文的研究结果表明在股权分置改革之后证券管理部门推出的定向增发新股融资方式和上市公司青睐定向增发新股融资方式具备其适时性和合理性。

Both public seasoned offering and private placement are the main refinancing methods for listed companies. In China,for the listed companies which adopted the public seasoned offering in refinancing,the average cumulative abnormal return of shareholders is negative in the first three years. But the shareholders to the companies which adopted private placement get a positive cumulative abnormal return in the first two years. The comparies which held an announcement of private placement get a better shareholders＇ wealth effect than these held an announcement of public seasoned offerings. The results of this paper suggest that the securities regulatory department put the method of private placement into practice after the shareholder structure reform and the listed companies＇ preference of choosing the private placement method is appropriate from the prospective of protecting the interests of investors.