定向增发新股折扣率的影响因素及其与公司短期股价关系的实证研究——来自中国上市公司的经验证据  

The influencial factors Of Private Equity's (PE) discount rate and the empirical study of the relationship between them and the short-term stock price——From the China's listed companies' empirical evidence

作　　者：章卫东[1] 李德忠[1] 

机构地区：[1]江西财经大学会计学院,330013

出　　处：《会计研究》2008年第9期73-80,共8页Accounting Research

基　　金：教育部人文社会科学研究项目(07JA630064)研究的阶段性成果;第41批中国博士后科学基金面上资助项目(20070410965)的资助

摘　　要：本文分析了影响中国上市公司定向增发新股折扣率的因素,并研究了中国上市公司定向增发新股折扣率对公司短期股价表现的影响。本文认为,影响中国上市公司定向增发新股折扣率的因素与外国不同,中国上市公司定向增发新股折扣率的高低与股东的身份有关,向控股股东及关联投资者定向增发新股的折扣率要低于向非关联投资者定向增发新股的折扣率。并且,中国上市公司定向增发新股的折扣率越低,投资者获得的超额累积收益率越高。本文运用中国证券市场定向增发新股的数据,对影响中国上市公司定向增发新股折扣率的因素及中国上市公司定向增发新股折扣率对公司短期股价表现的影响分别进行了实证研究,实证研究结果证明了本文理论分析的结论。This paper analyzes the factors that affect the discount rate of private issue of public equity of China's listed companies,and studies the effect of the discount rate on those companies' short-term stock price performance.This paper argues that,the factors,which affect the discount rate of private issue of public equity of listed companies in China,are different from those in foreign countries,and it is relevant with the status of shareholders.The discount rate of private issue of public equity to controlling shareholders and related investors is lower than that of private issue of public equity to non-controlling shareholders and related investors.In addition,the lower the discount rate is,the higher the investors' cumulative abnormal returns are.This paper makes empirical research on the affect that the discount rate of private issue of public equity of China's listed companies and the effect of the discount rate on those companies' short-term stock price performance.The empirical results support the conclusions of the theoretical analysis.

关 键 词：上市公司 定向增发新股 折扣率 股票价格 

分 类 号：F224[经济管理—国民经济] F832.51