定向增发整体上市、机构投资者与短期市场反应  

Whole Listing with Private Placements,Institutional Investors and Short- term Market Reaction

作　　者：佟岩[1,2,3] 华晨 宋吉文[1,2,3] 

机构地区：[1]北京理工大学管理与经济学院,100081 [2]曼彻斯特大学商学院,M15 6PB [3]北京有色金属研究总院,100088

出　　处：《会计研究》2015年第10期74-81,共8页Accounting Research

基　　金：国家自然科学基金面上项目(71372015、71172171和71372016);财政部“全国会计领军(后备)人才(学术类)培养项目”的阶段性成果

摘　　要：整体上市的优越性早已引起关注,但关于机构投资者的参与对整体上市影响的研究仍较为缺乏。本文以2004—2013年通过定向增发实现整体上市的公司为研究样本,系统分析机构投资者的认购情况与短期市场反应之间的关系。研究发现:(1)定向增发整体上市的市场反应显著为正,且有机构投资者参与的公司市场反应更好;(2)券商、基金、投资公司等相对独立的机构投资者的认购比例与定向增发整体上市市场反应之间存在倒U形关系,信托、保险等公司与上市公司可能存在一定商业关系,其参与程度对市场反应不产生规律性影响。We examine the relationship between institutional investors and short- term market reaction in the sample of whole listing with private placements over 2004- 2013. We separate the institutional investors into six categories and explore their heterogeneity. Firstly,the empirical results indicate that the short- term market reaction brought by announcement of whole listing is significantly positive. In addition,the reaction in the subsample which institutional investors join in is stronger. Secondly,we find that the participation of trust,insurance and other companies which might have connections with the listed companies has no significant effects on cumulative abnormal return. Finally,our results reveal that there is a reverse U shape relationship between market reaction and the participation of securities,funds and investment companies which are relatively independent.

关 键 词：机构投资者 定向增发 整体上市 市场反应 

分 类 号：F832.51[经济管理—金融学]