我国股票增发对象差异的市场效应研究

运用事件研究法对我国股票公开增发和定向增发的短期公告效应和较长期的增发实施后一年内的市场表现进行了比较研究。实证结果发现,在定向增发的公告效应比公开增发更加积极且显著。从长期来看,无论是实施公开增发还是定向增发,都能带来正的累计平均异常收益率且统计显著;但定向增发的累计平均异常收益率会在更长的时间周期内明显超过公开增发。这种对象选择的市场效应差异背后是股权分置改革带来的参与各方行为逻辑的变化。对金融监管的启示在于,通过市场建设保证利益兼容要比纯粹限制对象范围更能降低金融活动的不确定性。

This paper compares respectively the temporary announcement effect of public offering and private placement and the market performance in long term for the listed companies in China. On the whole, the public offering＇ s market effects are dominated by the private placements, which is coincident with listed company＇ s preference. Empirical analysis of the determinants on the private placement＇ s performance is further put forward. The results may suggest that ensuring the interest compatibility by market improvement do better than restricting issuance range in decreasing the financial uncertainty for regulatory authorities.