我国上市公司定向增发的财务效应研究

本文以2006年1月1日到2007年12月31日有定向增发新股预案且成功实施的A股公司为研究样本，对上市公司定向增发的财务效应进行了实证分析。文章首先对上市公司定向增发前后共三年的经营绩效的变化作比较分析，发现定向增发前后三年间公司整体经营绩效呈不断上升趋势；其次，在提出三大假设的基础上，建立多元线性回归模型对定向增发后上市公司整体经营绩效的影响进行实证分析，发现上市公司未来整体经营绩效与公司定向增发前第一大股东持股比例、注入资产类型、募资用途、发行前资产负债率、公司成长性存在显著的相关关系；最后，采用了新的关于衡量经营绩效的替代指标进行了稳健性检验，数据显示在所有重要方面均和回归结果一致，表明了本研究的严谨性及研究结论的可靠性。

Study on Financial Effects of Directional Private Placement in China's Listed Companies

In this paper, A-share companies that has the plan of a directional private placement of new shares and successful implementation from January 1 2006 to December 31 2007 as samples, we analyzes the financial effects of the listed companies＇ directional private placement . The first part of the listed companies targeted of three years after issuance of the operating performance to do a comparative analysis of the changes and found that after three years of directional private placement the company＇s overall business performance was rising ; Secondly, based on the three assumptions, we established a multiple linear regression model. After the implementation of the private placement of listed companies, we finds that this phenomenon has significant correlation relationship with the proportion of the largest shareholder, the type of into-asset, the use of funds, the asset-liability ratio of pre-release,and the company＇s growth. Finally, the article uses a new measure of business performance on the indicators of a robust alternative test, the data is displayed in all significant respects, and the above regression results, indicating that the rigor of this study and the reliability of conclusions.