投资者情绪视角下定向增发股东财富效应研究

Private Placement Shareholder Wealth Effect from Perspective of Investor Sentiment

基于投资者情绪视角,以定向增发新股的A股上市公司为研究对象,采用事件时间法实证检验投资者情绪对定向增发新股宣告后的股东财富效应的影响。研究结果表明:由于投资者情绪的渲染作用,上市公司定向增发新股宣告后普遍能产生正的短期股东财富效应和负的长期股东财富效应。短期内,在低投资者情绪情况下的定向增发新股宣告后股东财富效应低于高投资者情绪情况下的股东财富效应;而长期内,低投资者情绪情况下的定向增发新股宣告后的股东财富效应高于高投资者情绪情况下的股东财富效应。研究结论有助于识别投资者心理和行为特性,合理研判其对定向增发市场产生的影响,从而有助于中小投资者合理决策和保护其长短期股东财富。

From the perspective of investor sentiment and with private placement A - shares listied companies as study object, this paper empirically tests the influence of investor sentiment on post - announcement shareholder wealth effect via event time method. The results show that due to the effect of investor sentiment rendering, private placement of new shares announcement can bring about short - term positive shareholder wealth effect and long - term negative shareholder wealth effect. In the short term, the post - announcement shareholder wealth effect from low investor sentiment is lower than that from high investor sentiment while the situation is just opposite in the long - term. The research findings are helpful to identifying investor psychology and behavior characteristics, evaluating their impact on private placement markets, and also helpful for small and medium investors to make rational deci- sions and protect their short/long - term shareholder wealth.