我国上市公司配股融资行为的实证研究

配股在我国资本市场中具有举足轻重的地位 ,研究上市公司配股融资行为具有重要的现实意义。本文运用实证研究的方法 ,对上市公司配股资格与配股融资行为的选择 ,配股价格的制定 ,以及转配股、放弃配股与股权结构变动的关系等问题进行了分析 ,并提出了解决上市公司配股融资行为背后隐含的深层次问题的方法     

证券市场对上市公司配股行业反应的实证检验

实证研究表明，就总体而言，我国证券市场对上市公司配股的反应是积极的；就每一个具体的配股事件而言，配股的股价行为与公司业绩关系不大，而较多地受到市场大势、公司流通规模和配股价格的影响。     

上市公司的再融资分析——配股在证券市场中的现状分析

再发行融资作为证券市场的一项基本功能,对于证券市场的持续稳定发展至关重要。作为再融资的一种方式,配股在股权融资中扮演者重要的角色。特别是90年代,由于中国的金融市场发展相对滞后,配股融资成为上市公司的重要融资方式。本文结合2007-2009年上市公司的配股融资数据,分析公司配股定价的影响因素影响因素。     

上市公司配股盈余管理之规范分析

配股融资历来受到上市公司的青睐。为达到中国证监会的ROE标准,上市公司通过各种手段进行利润调整,从而产生了配股盈余管理现象。配股盈余管理主要是上市公司在配股融资的过程中,为了达到政府有关的配股融资标准,在公认会计原则的约束下进行调节盈余的行为。它是在中国特有的融资环境中所产生的一种盈余管理行为。盈余管理在短期内有助于提高上市公司的股票价格,但长期上会导致股票价格的不稳定,从整个资本市场来看,融资盈余管理带来的是有限的资金资源没有合理的利用,甚至可能出现"劣币驱逐良币"的现象。     

浅谈我国上市公司再融资渠道

我国股市的发展影响着上市公司的融资状况,上市公司在完成了初次融资即股票发行上市后,因发展需要再融资,而再融资渠道的选择,反过来又影响着我国股票市场的发展。在相互影响下,我国上市公司再融资渠道从单纯的配股融资发展到今天的配股、增发和可转换债券等多种再融资渠道。     

浅谈我国上市公司再融资渠道

我国股市的发展影响着上市公司的融资状况,上市公司在完成了初次融资即股票发行上市后,因发展需要再融资,而再融资渠道的选择,反过来又影响着我国股票市场的发展。在相互影响下,我国上市公司再融资渠道从单纯的配股融资发展到今天的配股、增发和可转换债券等多种再融资渠道。     

配股对股票长期收益的影响：基于改进三因子模型的研究

在中国证券市场中,配股一直是上市公司再融资的主要途径。配股行为是否影响公司股票的长期收益,这一问题具有重要的研究意义。本文以1999-2005年中国A股市场所有配股公司为样本,采用日历时间回归方法考察了配股后的股票长期收益。研究发现,配股样本主要集中于大公司,配股样本的股票收益和传统方法构造的因子收益时序上高度相关,配股后股票收益的长期低绩效并不是配股公司所特有的现象。本文进一步从模型设定偏误的角度改进了三因子模型,模型定价能力显著改善,并且从整体上减弱了配股发行的长期低绩效。     

产权性质、股权再融资与资源配置效率

本文以1998年～2004年符合配股条件的A股上市公司为研究对象发现,民营企业发布配股预案的比率更低,实施配股的比率也更低。但这并非民营企业的外部融资需求更低,而是证券监管部门在配股审批中优先照顾国有企业。进一步的研究还表明,被批准实施配股的民营企业未来投资增长更快,而实施配股的国有企业更有可能变更募集资金的预计使用用途。这意味着监管部门在配股审批中对国有企业的照顾损害了民营企业股东的利益,影响了资源配置效率。     

武汉中百(000759) 致力发展超市大卖场

■公司1月10预告业绩同比增长50%-70%■股价配股后有所贴权■配股实施能进一步巩固和发挥公司的经营优势■当前股价:16.14元目标股价:26.71元■今日投资个股安全诊断星级:     

上市公司股权再融资盈余管理行为的实证分析

本文运用横截面修正的Jones模型,对我国1997—2002年A股上市公司配股盈余管理行为作了实证分析。研究发现,配股前3个年度和配股当年存在系统的盈余管理行为,影响了上市公司资本配置效率,并导致配股后上市公司业绩出现下降。会计师对于盈余管理进行了必要的关注,说明融资后的审计意见报告具有一定的质量。     

The Impact of Information Release on Stock Price Volatility and Trading Volume: The Rights Offering Case

This paper examines whether information released via rights offering announcements induces changes in price volatility and trading volume of underlying stock. The results of this paper provide support for the release of new information via offering announcements and evidence of its effects on price volatility and volume of underlying stock. Specifically, utilization of the announced information by investors is evidenced by greater trading volume following the announcement date than during the pre-announcement period. We interpret this result to mean that informedness dominates consensus. However, stock price volatility decreased from the pre-announcement period to the post-expiration period of rights offerings.     

Tests of the efficiency of the U.S. rights offering market: An option pricing approach

The efficiency of the U.S. market for stock purchase rights is empirically analyzed in an options framework, in which prices of rights, given the prices of underlying stock, are examined with regard to the possibilities of actually earning above-normal profits, considering the risk taken. Two neutral hedging tests for market efficiency, along with a simple buy-and-exercise trading strategy, are applied to daily traded rights data. Results from ex-post hedging tests suggest that the trading strategy based on the rights valuation model is able to differentiate between overpriced and underpriced rights so as to generate substantial book profits. The positive ex-ante hedge return, found to exist empirically, is completely eliminated once transaction costs are introduced, lending support for the efficient U.S. rights offering market on an after-transaction cost basis.     

上市公司股权再融资创新的比较与分析

通过比较分析武钢股份、宝钢股份和鞍钢新轧三家钢铁行业上市公司（以下简称三家上市公司）再融资方案，本文从行业、目标、财务变化、发行方案以及二级市场表现等方面，剖析了三家上市公司再融资创新的共性和差异；在阐述三家上市公司再融资创新的启示和借鉴意义基础上，提出了完善我国上市公司再融资制度的若干建议。     

Corporate performance following stock offerings

There is substantial evidence that stock offerings contain a negative signal, based on numerous studies on the immediate market reaction to the announcement. These studies document the market's ex ante view of how the offering will affect the firm. Our objective is to determine whether the adverse signal is accurate by measuring long-term valuation effects following the stock offering. We find a strong negative valuation effect that accumulates to –30.28 percent after 60 months following the stock offering. These long-term effects were more unfavorable for firms that (1) have relatively large stock offerings, (2) have more free cash flow, (3) experienced larger stock price runups before the offering, and (4) had higher market to book value ratios prior to the offering.     

Earnings management and initial public offerings: Evidence from the Netherlands

This paper presents one of the first studies of earnings management by initial public offering (IPO) firms in a European country. Using a sample of 64 Dutch IPOs, we investigate the pattern of discretionary current accruals (DCA) over time. We find that managers manage their company's earnings in the first year as a public company but not in the years before the IPO. We also examine the impact of earnings management on the long-run stock price performance of IPOs. We find a negative relation between the size of the DCA in the first year as a public company and long-run stock price performance over the next 3 years. A number of additional tests support these findings.     

The market timing of corporate bond reopenings

The objective of this paper is to test whether companies use corporate bond reopenings to exploit overvalued debt. Reopenings represent new debt offerings, which are characterized through identical configurations as an already outstanding bond, but with a market-adjusted price. Their advantage lies with the fact that fewer preparations are required compared to a new regular offering. For a set of European companies our results suggest that stockholders respond less positively to the announcements of reopenings than to regular offerings. This effect is stronger, the higher the pre-issue bond price run-up, and the stock price reaction is directly linked to the change in the firm’s debt value. Additionally, the prices of the reopened bonds drop on the announcement day. Therefore, in line with the window of opportunity theory, the firm’s management appears to use reopenings as a fast and inexpensive way to raise debt capital, which leads stockholders and bondholders to suspect an overvaluation and therefore to adjust their price expectations. The analysis also reveals that the redistribution of wealth from bondholders to stockholders is a major determinant for the observed price changes.     

Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.     

The Effect of Earnings Management on the Value Relevance of Accounting Information

This study investigates whether opportunistic earnings management affects the value relevance of net income and book value in determining stock price. We document a decrease in the value relevance of earnings in the year of an equity offering for a group of firms with ex post evidence of earnings management. This decrease is greater for the discretionary component of earnings than for the non‐discretionary component. These results are robust to model specification and the type of offering. However, the results are sensitive to firms' disclosure activity prior to the offering.     

Market Reaction Implications of the Composition of SEO Packages on the Tel Aviv Stock Exchange

In this paper, the author examines the implications of the composition of the Tel Aviv Stock Exchange's different seasoned equity offering (SEO) packages on the market reaction to the SEO announcements. The 2000-2010 analysis demonstrates the significant impact of the SEO package's composition on the reaction to SEO announcements. It appears that the most negative impact of stock options in the package is alleviated by inclusion of a rights issue. The author concludes that package composition conveys an important signal to investors. Because they are perceived as a diminished threat to the existing ownership's balance of power, rights issues may alleviate asymmetric information agencies.