我国上市公司增发的长期绩效问题研究

增发新股是上市公司筹集资金的重要形式之一,对其长期绩效的优劣,理论界和实务界一直存在着争议。从企业的财务绩效和持股绩效两方面进行实证分析可以看到,我国上市公司在实施增发后,短期内都出现了绩效下降、收益降低的现象,但从长期来看,无论是财务绩效还是持股绩效都出现了良性的变化。这说明增发融资有助于企业的长远发展,但必须加强监管与规范。

A STUDY ON THE LONG-TERM PERFORMANCE OF SEO IN CHINA'S LISTED COMPANIES

Issuing additional shares is one important channel for listed companies to raise fund,but the long-run performance of this practice has been controversial in both the academics and the business sector.From the empirical analysis on both the financial performance and stock performance of list companies,we found that after issuing additional shares,in the short run the companies have experienced worsening performance and falling returns,but in the long run both the financial performance and share-holding perf...