定向增发新股、整体上市与股票价格短期市场表现的实证研究

定向增发新股成为股权分置改革之后中国上市公司股权再融资的主要工具,本文从理论上解释这种现象,并运用中国证券市场定向增发新股、整体上市的数据,对宣告定向增发新股、定向增发新股实现集团公司整体上市的公司股票价格的短期市场表现进行了实证研究。实证研究结果表明,上市公司宣告定向增发新股和宣告定向增发新股实现集团公司整体上市都有正的财富效应,并且上市公司通过向控股股东或控股股东的关联企业定向增发新股实现集团公司整体上市的宣告效应要好于其他类型的定向增发新股的宣告效应。

The Short-run Performance of Private Investment in Public Equity and Complete Listing

Private investment in public equity have been the main financing tool of listed firms after split share structure reform,and some firms use private investment in public equity to achieve complete listing.We give the interpretations for the two phenomena in this paper.Using a sample of private investment in public equity from May 2005 to March 2007,we find that the short-run performance of private investment in public equity and the private investment in public equity for complete listing are both positive and statistical significance.