募集资金投向变更信息披露的市场敏感性实证研究

本文以上市公司募集资金投向变更信息披露的市场敏感性作为研究对象,通过理论和实证分析来研究募集资金投向变更的相关问题。对影响我国上市公司募集资金投向变更的因素和募集资金投向变更这一消息对于市场敏感性进行了回归分析。分析发现上市公司是否为首次变更募集资金投向和是否存在关联交易与变更前后的累积超常收益率存在着显著的负相关,而公司的净资产收益率与变更前后的累积超常收益率存在着显著的正相关。接着使用Logit回归模型验证了上述结论。最后,本文根据上文中募集资金投向变更信息披露的敏感性反应的相关因素,提出了一系列建议。

Demonstrative research of market sensibility on placement change investment's information disclosure

This paper set the market sensitivity of listed company Information Disclosure of alternation of financing capital as a research object, using theoretical analysis and empirical analysis to study relative issues of information disclosure of alternation of financing capital. This paper has made a regression analysis of the reasons of the listed company information disclosure of alternation of financing capital and the market sensitivity of the information disclosure of alternation of financing capital. It has found that the negative relation is between CAT of before and after alternation and if alternation of financing capital of IPO and whether existing affiliate transaction,positive relation with ROE. Logit regression model has been used to verify this result. Finally, this paper gives a series of recomendations based on the relative causes of information disclosure of alternation of financing capital.