突发公共卫生事件、定向增发与市场反应

Public Health Emergency,Private Placement and Market Reaction

突发公共卫生事件给中国上市企业带来极大的生存发展压力。运用双重差分方法,探究突发公共卫生事件发生当期上市企业采取定向增发策略对上市企业超额收益率的影响,以此评估突发公共事件发生期间,上市企业是否应该采取定向增发策略以及采取定向增发策略后的市场反应。结果表明,突发公共卫生事件发生当期采取定向增发策略的上市企业,其未来一期的超额收益率要显著高于未采取定向增发策略的上市企业的超额收益率。进一步研究发现,政府推行的定向增发政策也会对上市企业市场反应造成显著影响。异质性检验发现,非国有上市企业在面对突发公共卫生事件时更偏向采用定向增发策略。此结论对于上市企业应对突发公共卫生事件带来的资金短缺问题,具有重要的实践意义。

Public health emergencies put great pressure on the survival and development of listed companies in China.In this paper,a difference-in-difference method was used to investigate the impact of a public health emergency on the abnormal returns of listed companies that adopt a targeted issuance strategy in the period of the public health emergency,in order to assess whether listed companies should implement a targeted issuance strategy during the public health emergency and the capital market response after the implementation of a targeted issuance strategy.The results of this paper show that the market reaction of listed companies that choose to participate in targeted issuance during a public health emergency are significantly higher than those of listed companies that do not participate in targeted issuance in the future period.Further research shows that the government's policy of private placement will also have a significant impact on the market response of listed companies.The findings of this paper have important practical implications for listed companies in dealing with capital shortages arising from public health emergencies.