中国股市增发公告的股价效应分析  

The Analysis of Share-price-effect of Seasoned Equity Offering in Domestic Stock Market

作　　者：王家新[1] 刘曦[2] 

机构地区：[1]南京审计学院 [2]南京大学经济学院

出　　处：《统计研究》2008年第4期61-65,共5页Statistical Research

基　　金：国家社科基金项目资助(项目批准号07BTJ006)

摘　　要：增发公告的股价效应受到人们的广泛关注,本文通过研究相关的91家公司股价变动情况,对公开增发公告与定向增发公告,以及定向增发中不同募资投向的各种股价效应进行比较研究,发现不同方式的增发公告之间,不同募资投向方案之间的股价效应存在显著差异,对市场决策具有重要影响。同时根据研究结果还得出了目前我国股市的一些特征。The share-price-effect of seasoned equity offering （SEO） has attracted wide attention. In this paper, by investigating the stock price of the 91 companies which issued SEO in recent years, we have compared the share-price-effect between public offering and private offering, and between private offerings with different distributions. The results indicate that there are beth distinctive differences of share-price-effects between them, which will affect the market strategy. Meanwhile, we have also concluded some properties of domestic stock market at present.

关 键 词：股价效应 公开增发 定向增发 募资投向 

分 类 号：C812[社会学—统计学]