制度变迁、股权再融资与股价崩盘风险  

System Changes、Equity Financing and Crash Risk

作　　者：谢雅璐[1] 

机构地区：[1]闽南师范大学商学院

出　　处：《投资研究》2015年第11期22-41,共20页Review of Investment Studies

基　　金：国家自然科学基金青年项目"网络舆论;公司治理与公司财务政策"(批准号:71402155);福建省教育厅社会科学研究A类一般项目"基于融资视角的股价行为研究"(批准号:JAS14200)的资助

摘　　要：选取上市公司A股数据为样本,考察了制度变迁、股权再融资方式与股价崩盘风险的关系。研究表明,公开增发的实施会增加股价崩盘风险,但是随着股权分置改革制度的实施,二者的正相关关系得到缓解。定向增发的实施可以降低股价崩盘风险,但针对机构投资者的定向增发对股价崩盘风险的影响不明显。这表明,谨慎选择融资方式,可以有效预防股价崩盘风险;进行金融制度改革,有效的规范证券市场,也是一种治理股价崩盘风险的有效途径。Based on China A-share companies as the sample data, this paper investigated the relationship among system chang- es, equity financing and stock price crash risk. The results show that the stock price crash risk would decrease after public offeting and the positive relationship can be restrained after reform of non-tradable shares. Then the results show that the stock price crash risk will decrease after private placement, but there is insignificant influence on aimed at institutional investors private placement. The results indicate, choosing the fight way of financing can prevent the stock price from crash risk and in order to standardize securities market, it is an effective method to make reform in stock market.

关 键 词：制度变迁 股权再融资 股价崩盘风险 

分 类 号：F832.51[经济管理—金融学]