定向增发、资产注入与证券市场反应研究

Research on Directional Private Placement,Asset Injection and Capital Market Reaction

以资产注入型定向增发为研究重点,探讨了定向增发、大股东资产注入行为与我国二级资本市场之间的相互关系。研究发现,定向增发会带来正向的证券市场反应,而只有大股东注入资产类型与上市公司主业相关联时,才会给证券投资者带来更多的长期超额回报。我国多数上市公司特别是国有企业注入的资产是优质的经营性资产。

In this paper, with the asset-injection directional private placement as the focus of the study, this paper explores the relationship of additional orientation and large shareholders＇ asset-injection behavior with China＇s secondary capital markets. The study finds that directional private placement brings a positive reaction in stock market, and only when the large shareholders＇ asset injection is associated with main business of listed company, it brings more long-term excess returns to investors. In China, the injected assets in the majority of listed companies, especially the state-owned enterprises, are excellent productive assets.