摘要
定向增发伴随的财富效应已被学界与投资实务界广泛关注。使用PSM匹配的沪深两市定向增发样本研究发现:上市公司定向增发当年和增发股解锁年通过盈余操控掩盖了其实际业绩与对照公司的差异;向机构增发公司的增发决策存在市场择时,而大股东参与增发公司的增发决策不存在择时;公司定向增发当年均存在正向股价反应,但向机构增发的公司增发后第二年起股票回报率显著反转,而大股东参与增发的公司增发后三年内股票回报率与对照组无显著差异。
Great concern has been put on the wealth effect of private equity placement （PEP） by the academic field and investors. The paper studies the PEP samples of China＇ s two stock markets by using PSM matched sample, and finds out that： Listed firms manage their earnings to cover the difference between real operating performance and the comparing company on the year of PEP and the year when the lock - up period expires ; Market timing is important when firms issue shares to institutional investors, but the timing is not important if large shareholders are involved in the PEP; Stock prices increase significantly on the year of equity placement. However, firms issuing shares to institutional investors encounter a stock price reverse since the second year, while for firms issuing shares with large shareholders involved, the return rates of stocks have no significant differences among the three years after the PEP.
出处
《云南财经大学学报》
CSSCI
北大核心
2017年第2期104-117,共14页
Journal of Yunnan University of Finance and Economics
关键词
定向增发
经营业绩
股票回报
Private Equity Placement
Operating Performance
Stock Return
