定向增发新股长期股东财富效应的实证研究--来自中国上市公司定向增发新股的经验证据

The Effects of Private Placement on Long-term Shareholder Wealth——Evidence from Chinese Listed Companies

本文通过对2006年1月1日到2008年6月31日期间中国上市公司定向增发新股的长期股东财富效应进行了研究。研究发现:中国上市公司定向增发新股有正的长期股东财富效应。并且向关联股东定向增发新股的长期股东财富效应要好于向非关联股东定向增发新股的长期股东财富效应。这一研究对检验定向增发新股的政策具有一定意义。

This paper analyses the long-term shareholder wealth effect of private placement for China listed companies from January 1st 2006 to June 31st 2008.We find that shareholders get positive abnormal returns in the long-run for companies of private placement,which becomes particularly pronounced when the new shares are issued to the associated shareholders.This research has some guidance for the policy of private placement.