投资者情绪视角下上市公司定向增发的宣告反应

The Announcement Effect of Private Equity Placement:Under the Perspective of Investor Sentiment

股权分置改革完成后,定向增发已成为上市公司最重要的再融资方式。本文尝试从投资者情绪角度入手,以2006—2009年在沪深两市实施定向增发融资的A股上市公司为研究的样本,采用事件研究法研究上市公司定向增发的宣告效应。研究结果表明:中国上市公司定向增发普遍能获得正的宣告效应。具体而言,当定向增发前的投资者情绪较高时,投资者情绪与定向增发公司的累积超额收益显著正相关;而当投资者情绪较低时,投资者情绪则与定向增发公司的累积超额收益显著负相关。此外,在不同投资者情绪背景下,公司特征对上市公司定向增发宣告效应也有显著影响。

After reform of the shareholder structure, private equity placement has become the most important refinancing mode for listed company. This paper attempts to study announcement effect of the listed companies＇ private equity placement based on the perspective of investor sentiment by employing the sample of Ashare listed firms with private equity placement from 2006 to 2009 and by using event study. The results show that private equity placement of Chinese listed companies gener ally has a positive announcement effect. Specifically,when the pre-placement investor sentiment is high,investor sentiment and the private placement company＇s CAR （cumulative abnormal returns）turns significantly positive correlation;conversely, a signifi cantly negative correlation. In addition, corporate characteristics also have significant impact on the announcement effect of pri- vate placement of listed companies during different investor sentiment.