上市公司SEO后业绩变化及其影响因素实证研究  

An Empirical Analysis of the Performance Changes and the Affecting Factors of Listed Companies after SEO

作　　者：熊正德[1] 李胜男[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《当代财经》2009年第2期120-124,共5页Contemporary Finance and Economics

基　　金：教育部人文社会科学规划基金项目(06JA790030);湖南省社科成果评审委员会科研项目(0808013A)

摘　　要：SEO作为证券市场中经常使用的一种融资手段,在当今中国资本市场中扮演着越来越重要的作用。本文对我国上市公司SEO后业绩表现及其影响因素进行了实证研究,发现上市公司SEO前业绩有一个较大增长,而后业绩显著下滑,实证结果支持盈余管理假说和价值高估假说关于上市公司SEO后业绩持续滑落的理论解释,本文据此提出政策建议。SEO is playing an increasingly important role in the present capital markets in China as a common means of financing in the stock markets. This paper carries out an empirical analysis of the performance and the affecting factors of the listed companies after SEO in China, with the result that before conducting seasoned equity offerings （SEO）, the performance of the listed companies had a greater increase, while after SEO it began to slide notably. The findings of the empirical study can support the theatrical explanations for the sliding performance of the listed companies after SEO with the hypothesis of surplus management and the hypothesis of over evaluation. Based on that, this paper puts forward some policy suggestions.

关 键 词：上市公司 增发新股 业绩表现 影响因素 

分 类 号：F234.4[经济管理—会计学]