摘要
本文详细介绍了中国定向增发市场的发展历史,定义了定向增发市场的四种效应——年关效应、牛市效应、负债效应、政策效应,认为定向增发受市场环境、时间周期、经营状况和政策倾向等因素影响。通过研究这些效应的形成原因,提出了适度放宽发行底价、加强对高折价定向增发项目的监管等建设性意见。
Through presenting the development of China＇s private placement market,this paper provides detailed and exact data of private placement.This paper first finds and defines the four effects of private placement market,namely,the December effect,bull-market effect,liability effect,policy effect,and the private placement is affected by the factors such as market environment,cycle time, operating conditions and policy orientation. Through the research on the causes of these effects,this paper provides constructive suggestions for China＇s private placement market.
出处
《金融发展研究》
2014年第6期67-71,共5页
Journal Of Financial Development Research
关键词
上市公司
定向增发
效应
实证研究
listed companies
private placement
effects
empirical study
