上市公司定向增发的财务效应研究  

Research on the Financial Effect in Listed Companies of the Private Placement

作　　者：王莉婕[1] 马妍妍[2] 

机构地区：[1]中央财经大学会计学院,北京100081 [2]中国航天科技集团公司,北京100048

出　　处：《经济问题》2014年第6期117-120,共4页On Economic Problems

摘　　要：以2006～2012年A股成功实施定向增发的上市公司为研究样本，选取每股盈余、总资产报酬率、净资产报酬率为长期绩效指标，探究上市公司定向增发后的长期业绩表现。结果发现大股东持股比例与长期绩效显著正相关，大股东认购起到了较好的支持作用；机构投资者认购与长期绩效显著正相关，说明机构投资者在定向增发中发挥了很好的监督职能，对上市公司定向增发后的长期业绩有促进作用。Based on A share listed company samples which successfully implemented the private placement dur- ing 2006 -2012, this paper selects the earnings per share, return on total assets, return on net assets to study the long - term performance of listed companies after private placement. The results show that there is significantly positive correlation between the proportion of shareholders and the long - term performance ; institutional investors＇ participation in the subscription positively associate with long - term performance, indicating that institutional investors play an important role in the supervision function.

关 键 词：定向增发 长期业绩 净资产报酬率 支持效应 

分 类 号：F830.91[经济管理—金融学]