| 中国上市公司定向增发的短期财富效应研究 |
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| 引用本文： | 陈石清,谢璐.中国上市公司定向增发的短期财富效应研究[J].财经理论与实践,2009,30(6). |
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| 作者姓名： | 陈石清 谢璐 |
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| 作者单位： | 1. 中南林业科技大学,经济学院,湖南,长沙,410004
2. 中国汇添富基金公司,北京,100032 |
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| 摘 要： | 定向增发是我国上市公司股权再融资的主流方式.对于上市公司来说,定向增发可以为公司的发展和成长提供资金;对于投资者来说,定向增发为他们提供了良好的投资机会.短期财富效应是指证券市场各因素引起股价发生波动而给股东带来的额外收益.因此,选择39家上市公司定向增发短期财富效应进行研究,其中以2007年10月16日为分界,选取2007年3、4月实施定向增发的21家上市公司及2008年3、4月实施定向增发的18家上市公司为样本,分别分析定向增发在牛市和熊市中的财富效应.在实证研究中,通过超额收益率,建立一元线性回归模型,对样本公司定向增发的市场变化、股东收益进行研究,并得出结论.
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| 关 键 词： | 上市公司 定向增发 再融资 短期财富效应 |
Short Term Financial Effect Research on the Private 0ffering of Additional Shares of China's Listed Companies |
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| CHEN Shi-qing,XIE lu.Short Term Financial Effect Research on the Private 0ffering of Additional Shares of China''s Listed Companies[J].The Theory and Practice of Finance and Economics,2009,30(6). |
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| Authors: | CHEN Shi-qing XIE lu |
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| Institution: | CHEN Shi-qing1,XIE lu2 (1.Business School,Central South University of Forestry , Technology,Changsha,Hunan 410004,China,2.China Universal Asset Management,Beijing 100032,China) |
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| Abstract: | Fixed orientation additional share issuance is a major financing channel for Chinese listed companies undertaking share issuance financing.For listed companies,fixed orientation additional share issuance can provide capital for companies' development and growth.For investors,fixed orientation additional share issuance provides them good investment opportunities.Short term wealth effect is the extra profit brought about by stock prices fluctuation triggered by various security market factors.The author selec... |
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| Keywords: | Listed companies fixed orientation additional share issuance Refinancing Short term wealth effect |
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