定向增发、控制权变动及其信号传递效应

 当公司再融资引起股权结构显著变动时，其必然会对公司控制权配置、竞争和转移产生重要影响，这种影响传递到资本市场会使公司股价发生相应波动。这种效应在股权高度集中公司更为明显，因为大股东是公司的实际控制人，大股东股权进而公司控制权变动传递了公司经营管理的内部信息。采用事件研究法，本文研究发现定向增发在我国具有正的公告效应；但是，定向增发对大股东控制权的影响不同其公告效应也不同：使得大股东控制权发生转移的定向增发其AAR和CAR最大，控制权强化类定向增发居次，控制权弱化类最后。可见，我国上市公司定向增发传递出了明确的公司控制权变动信号，彰显了大股东控制在上市公司中地位突出的治理角色。

Directional Add-issuance,Change in Corporate Control and Its Signal Effect

When the corporate finance is so large as to lead to significant change in capital structure, it should have an important impact on configuration，competition and transfer of corporate control that will be passed to the secondary market for the stock. Using event study methodology, this paper finds a positive declaration effect in our directional add–issuance. However, the declaration effect is different when the impact on large shareholder control right is different. The average abnormal rate and cumulative abnormal return is the largest when the directional add–issuance make the shareholder control transferred, and to strengthen the large shareholder control right is the second place, to weaken control is the third. So this paper thinks that the directional add–issuance of our listed company passes a signal about large shareholder control that not only illustrates the large shareholder is key in the company management, but also convey to us that to standardize the behavior of large shareholders and protect the interests of minority shareholders is very important to the capital market and its healthy development.