上市公司增长机会、增发数量与股价反应  

Growth Opportunities,Scales of Seasoned Equity Offering and Share Price Effects of Listed Companies

作　　者：黎精明[1] 赵燕[1] 

机构地区：[1]武汉科技大学管理学院,湖北武汉430081

出　　处：《南京审计学院学报》2012年第3期27-37,共11页journal of nanjing audit university

基　　金：教育部人文社会科学研究基金资助项目(08JC630061);武汉科技大学绿色制造与节能减排科技研究中心开放基金重点项目(A1002);湖北省会计学会2011年度研究项目(HBKJ201118)

摘　　要：以2007年至2009年成功增发的A股上市公司为样本,对我国上市公司增发数量与股价变动的相互关系进行研究,结果表明:上市公司的增发数量内生于其增长机会,增长机会越大的公司增发数量占发行前总股本的比率也越高;股市对上市公司的过度增发会做出显著的负面反应,但仅有微弱的证据表明谨慎增发会导致股价下跌;公开增发的上市公司较之于定向增发的上市公司具有更多的过度增发倾向,且股价反应也更剧烈。Based on the examples of the A-share listed companies that succeeded in seasoned equity offering from 2007 to 2009,the paper made an empirical analysis of the relationship between the scales of seasoned equity offering and the share price effects.The research results showed that the scale of seasoned equity offering depended on its growth opportunities,in other words,the greater the growth opportunities,the higher ratio of the number of seasoned equity offering to the total equity of the pre-offering.The paper also indicated that the stock market would make significant negative reaction to the over-issuing of listed companies,and only weak evidence proved that cautious re-offering would lead the stock price to drop.In addition,the paper also showed that public re-offering companies were more inclined to over-issue than the directed re-offering companies,and their stock prices tend to change radically.

关 键 词：上市公司再融资 增发数量 增长机会 股价反应 过度增发 谨慎增发 公开增发 定向增发 优序融资理论 

分 类 号：F275[经济管理—企业管理]