定向增发中募资投向变更对投资者行为的影响

Research on the Behavior of Investors Influenced by Change of SEO Investment Project

针对上市公司募资投向变更公告信息,不同投资者的认知会有显著差异,从而表现出不同的行为规律。利用变更公告、账户数据和逐笔交易数据,对投向变更前后及后续定向增发时不同类型投资者的行为规律进行了实证分析。结果表明:相比于未变更的上市公司,机构投资者和大股东对变更公司有显著的减持倾向;发生投向变更后,后续定向增发的融资成本更高,机构投资者参与积极性显著更低,但个体投资者对是否变更未表现出显著差异。说明募资投向变更的公司会受到机构投资者“惩罚”,而个体投资者不能对变更决策所带来的影响进行有效识别。这些发现有助于深入了解公司决策与投资者行为之间的互动关系,并对完善上市公司融资监管具有指导意义。

Different investors may have significant different opinions on the events that change of SEO investment projects,which would cause different behaviors.This paper makes an empirical analysis for the different types of investors'behaviors influenced by the change of SEO investment projects and the next SEO events,using announcement of changing investment projects,account data and the high-frequency data of transaction.The results show that,compared with the unaltered listed companies,institutional investors and major shareholders have a significant tendency to reduce the shareholding of the changed companies,and the companies meet higher funding costs follow-up.But the individual investors don't have such a tendency.Furthermore,institutional investors'enthusiasm for participation decreases significantly when subsequent SEO of changed companies,which is also different from individual investors.And the probability of successful release is also lower.These results illustrate that changed companies would be punished by institutional investors and need to pay a higher cost.Individual investors have weak ability to deal with information about change of investment project.These findings would help to understand the interaction between companies'strategies and investors'behavior,which has guiding significance to the financing supervision of listed companies.