摘要
近年来,基于异质信念的行为金融理论已经成为国际学术界的重要研究前沿。本文结合中国资本市场特殊制度背景,首次从投资者异质信念视角实证检验了上市公司定向增发后股价长期市场表现。研究结果表明:投资者异质信念越大,上市公司实施定向增发后公司股价长期市场表现越差;当发行对象为机构投资者时,异质信念对定向增发后股价的负向作用更加显著。此外,本文还进一步发现公司定向增发后的经营业绩变化也与投资者异质信念呈显著负相关关系。本文的研究结论丰富了投资者异质信念假说在公司股权再融资领域中的研究范畴。
Research on behavior finance based on heterogeneous beliefs has become a recent hot issue in finance field. This paper is the first to investigate long- run performance following private equity placements from the perspective of investor heterogeneous beliefs with China's special institutional settings.The empirical results show that investor heterogeneous beliefs negatively associate with firms' long- run market performance after private equity placements. Such effect is more significant when the offering targets are institutional investors. The paper further shows that investor heterogeneous beliefs also have negative relationship with firms' operation performance after private equity placements.
出处
《会计研究》
CSSCI
北大核心
2014年第11期38-45,96,共8页
Accounting Research
基金
国家自然科学基金“定向增发融资行为及其经济后果:基于投资者异质信念视角”(71202014)、“控制权结构、定向增发与财富效应”(71072144)的阶段性成果
