定向增发预案公告市场反应及其影响因素研究——基于深圳证券交易所上市公司数据的分析

自股权分置改革实施以来，定向增发成为中国上市公司资本市场权益再融资的重要方式之一。通过运用事件研究法对2006年—2007年实施定向增发的深市上市公司董事会预案公告日前后超额收益变化的分析，发现增发规模、机构投资者认购比例是影响预案公告后公司股票超额收益的主要因素；同时还发现在定价基准日之前20个交易日内定向增发公司股价弱于市场表现，存在负的超额收益。

Market Reaction to Private Placements Announcement of Listed Companies and Its Contributing Factors——An Analysis on the Data of Listed Companies in Shenzhen Stock Exchange

Since the reform of equity distribution,private placements has become one of the methods of equity refinancing in the capital market of China listed companies.Based on the event study,the paper mainly investigates the changes of abnormal returns of listed companies which disclosed the board announcement of private placements from the year of 2006 to 2007.The results prove that there is significant negative abnormal returns during 20 days before the announcement day and positive abnormal returns during 5 day...