定向增发、股权结构与股票流动性变化  

Private Placement,Equity Structure and the Change of Stock Liquidity

作　　者：田昆儒[1] 王晓亮[1] 

机构地区：[1]天津财经大学商学院,天津300222

出　　处：《审计与经济研究》2013年第5期60-69,共10页Journal of Audit & Economics

摘　　要：分别对2010年、2011年定向增发前后一年的股票流动性和股权结构变化进行研究。研究发现,定向增发之后股票流动性显著下降;机构投资者持股比例、股权集中度、股权制衡度明显增加。然后就股权结构变化对股票流动性变化进行截面回归分析后发现,机构投资者持股比例与股票流动性负相关;股权集中度与股票流动性正相关;股权制衡度、管理者持股比例与股票流动性没有显著关系。This paper studies the changes of the stock liquidity and equity structure before and after a year in private placement in the period of 2010 and 2011.Research finds that stock liquidity dropped significantly after the private placement.Institutional investor shareholding,ownership concentration and equity balance degree increased significantly.We further run regressions for changes of ownership structure and stock liquidity by cross-sectional data.Research finds also institutional investor shareholding and stock liquidity are negatively correlated.Ownership concentrations are positively correlated with stock liquidity.

关 键 词：定向增发 非公开发行 股权结构 股票流动性 公司治理 私募 融资成本 股权再融资 

分 类 号：F224[经济管理—国民经济] F832.51