股权再融资与长期业绩下滑——来自亚洲新兴市场的证据

Seasoned Equity Offerings and Long-run Underperformance of Stock Return——Evidence from Asian Emerging Markets

选取2002至2009年亚洲新兴市场的2 195起股权再融资事件,通过市值配对、行业—市值配对等方法,分析再融资后的长期业绩。实证结果显示,亚洲新兴市场再融资后普遍存在业绩下滑现象,3年期购买持有超额收益约为-22.79%。业绩下滑现象约在再融资6个月后开始显现,并持续至30个月前后。不同市场的业绩存在一定差异,印度、新加坡、韩国、台湾与泰国在再融资后长期业绩显著下滑,中国大陆与马来西亚则较不显著。再融资方式对业绩无显著影响,公开发行与非公开发行后业绩下滑幅度相当。

This article investigates the long-run performance of 2195 seasoned equity offerings （ SEOs） in Asi-an emerging markets from 2002 to 2009 .The empirical result indicates there are significant underperformance after SEOs：the mean 3-year Buy-and-hold Abnormal Return （ BHAR） is -22.79%.The underperformance happened about 6th month after SEOs, and last to about 30th month.There are significant underperformance in India, Singa-pore, Korea, Taiwan and Thailand, but not in China Mainland and Malaysia.The long-run performance does not depend on the issue type of SEOs.Both public offerings and private offerings are followed by decline of stock per-formance.