定向增发公告效应及长期市场反应研究  

The Research on the Announcement Effect and Long-term Market Reaction of Private Placement

作　　者：王莉婕[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《技术经济与管理研究》2015年第5期101-105,共5页Journal of Technical Economics & Management

基　　金：北京市教委市属高校创新能力提升计划项目(PXM2013_014213_000099);北京市教育委员会创新团队项目(IDHT20140503);北京工商大学国有资产管理协同创新中心项目(GZ20130801)

摘　　要：文章以2006-2012年A股成功实施定向增发的上市公司为研究样本,从定向增发认购者角度出发,充分比对预案公告日、增发公告日前后的短期公告效应以及长期市场反应。从长短期市场反应的分析中探究短期公告效应与长期市场反应的相关性,大股东、机构投资者在定向增发中的监督与合谋效应以及大股东参与定向增发对上市公司的支持与侵占作用。结果发现,短期公告效应尤其是预案公告日前的公告效应与长期收益相关性显著;机构投资者认购比例的提高增强了对大股东、管理层的监督效应,向市场传递了正向信息,短期公告效应较好;大股东认购比例与长期收益正相关,大股东参与定向增发起到了较好的支持作用。Based on A share listed company samples which successfully implemented the private placementduring 2006-2012, this paper compares the announcement effect and long-term market reaction from the perspective of the private placement subscriber and explores the correlation between short-term and long-term market reaction, the supervision and collusion effect, supporting and encroachment role of major shareholders and institutional investors in private placement. The results show that short-term announcement effect, particularly the effect of plans announcemen is significantly correlated with long-term gains. The higher proportion of institutional investors enhance the supervision of large shareholders and management and short-term effect is better. Big shareholders＇ subscription ratio positively is relate to the long-term returns and big shareholders＇ subscription plays an important supporting role.

关 键 词：定向增发 公告效应 市场反应 支持效应 

分 类 号：F832.51[经济管理—金融学]