| 我国上市公司定向增发的长期业绩实证研究 |
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| 引用本文： | 耿建新,吕跃金,邹小平.我国上市公司定向增发的长期业绩实证研究[J].审计与经济研究,2011,26(6). |
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| 作者姓名： | 耿建新 吕跃金 邹小平 |
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| 作者单位： | 1. 中国人民大学商学院,北京,100872
2. 审计署审计科研所,北京,100086 |
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| 基金项目： | 教育部人文社会科学研究规划基金项目(10YJA630041) |
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| 摘 要： | 考察公司定向增发后的长期回报率业绩和长期经营业绩后发现,经市场调整、行业调整和规模调整的定向增发公司长期经营业绩和长期回报率均呈现下滑态势;长期回报率下滑并不是市场对定向增发公告时市场过度反应的修正,而是投资者对成长机会不确定的投资项目过分乐观,定向增发后公司并没有实现良好的经营业绩,投资者对公司预期盈利能力失望的结果。
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| 关 键 词： | 定向增发 长期回报 长期回报率业绩 长期经营业绩 上市公司 |
An Empirical Study on the Long-Term Return Performance of Private Placements of Listed Companies in China |
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| GENG Jianxin,LV Yuejin,ZOU Xiaoping.An Empirical Study on the Long-Term Return Performance of Private Placements of Listed Companies in China[J].Economy & Audit Study,2011,26(6). |
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| Authors: | GENG Jianxin LV Yuejin ZOU Xiaoping |
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| Institution: | GENG Jianxin1,LV Yuejin1,ZOU Xiaoping2(1.School of Business,Renmin University of China,Beijing 100872,China,2.Audit Research Institute of China,Audit Office of PRC,Beijing 100086,China) |
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| Abstract: | This paper examines both the long-run return performance and long-term accounting performance of listed companies following private placements issues.This study has found that the long-run return performance and long-term accounting performance of listed companies following private placements issues are no better than those of the matched firms.The paper has also found that long-run underperformance is not because of the amendment market overreaction of the private placements issuing announcement,but becaus... |
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| Keywords: | private placements issues long-term return long-term return performance long-term accounting performance listed companies |
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