A股市场增发的股价反应及因素分析  

An Analysis of Stock Price Reaction to SEO in A-share Market and Its Factors

作　　者：李子白[1] 余鹏[1] 

机构地区：[1]厦门大学金融系,福建厦门361005

出　　处：《厦门大学学报（哲学社会科学版）》2009年第1期52-59,共8页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：教育部社科研究基金规划项目"中国发展私募股权市场研究"(07JA790097);福建省社会科学规划重点项目"依托资本市场提升海峡西岸经济区产业竞争力研究"(2007A008)

摘　　要：增发股票是上市公司再融资的主要形式之一。对全部有效样本的经验结果显示,A股市场增发存在显著的负向股价反应。但是将样本分组之后,股价反应为负的结论不再稳健。进一步的研究表明,在牛市和熊市不同市况下,增发的股价反应有显著差别的结论是稳健的,从投资者情绪的角度对此作出解释,可能具有较好的适用性。而不同的增发方式向市场传递了不同动机的信息,使得股价反应可能不同,其原因或许与A股市场发展状况和制度环境相关,有其特殊性。Increasing stock issues is one of the major ways to refinance for listed companies. Our results from the examinations of effective samples show that there is a significant negative stock price reaction to SEO in A-share market. However, after the samples have been divided into groups, such a conclusion is not firm any more. Further research indicates that, in different market situations, such as bull or bear market, there is a firm conclusion that stock price reaction to SEO is significantly different. An explanation of such a conclusion from the point of investor sentiment may be more applicable. Moreover, different ways of SEO transfer different motivational information to the.market, which may lead to different stock price reactions. The reason has its particularity which may be related to the particular way of development of China＇s stock market and its institutional environment.

关 键 词：公司再融资 股价反应 投资者情绪 

分 类 号：F830.91[经济管理—金融学]