关联股东认购、非现金资产认购与定向增发的长期股价效应  

The Private Placemen Long-term Stock Price Effect of Related Shareholders' Subscription, non Cash Assets Subscription

作　　者：曹小武 刘畅[3] 

机构地区：[1]华中农业大学经济管理学院,武汉430070 [2]湖北经济学院金融学院,武汉430205 [3]上海顺领资产管理中心有限合伙人,上海200422

出　　处：《湖北经济学院学报》2017年第6期29-36,共8页Journal of Hubei University of Economics

摘　　要：上市公司定向增发新股是一种重要的筹资模式,相较于配股和公开发行,选择定向增发的门槛更低,操作途径和方式也更简易,近年来成为上市公司再融资的首选。本文运用信息不对称、代理成本等理论对不同认购对象、不同认购方式对长期股价的影响进行假设推导,通过选取2013年1月至2014年1月间进行定向增发的100家上市公司,收集这些上市公司定向增发实施后12个月的平均超额收益率、累计平均超额收益率以及相关财务指标,并对建模所需的数据按照理论分析中得出的相关假设来进行数据分析,而后进行了相关性检验,得出定向增发新股对上市公司整体有正财富效应,但关联股东认购并没有增加财富作用的结论。Listed company directed issuance of new shares is a kind of important financing mode, compared with the rights and public offerings of the two forms of financing, lower the threshold to choose private placement, ways and modes of operation more simple, in recent years is to become the first choice for refinancing of the listed companies. The first part is the theoretical analysis, the information asymmetry and agency cost theory of hypotheses on the effects of different objects, different ways of subscription long-term stock price. The second part is the empirical testing and analysis, select the January 2013 to 2014 for placement of nearly 100 listed companies, collected these listed companies private placement to implement after 12 months of monthly excess rate of return, cumulative abnormal return and related financial targets, and the modeling of the data according to the theoretical analysis that the hypothesis for data analysis, and correlation analysis.

关 键 词：上市公司 定向增发 认购方式 认购对象 

分 类 号：F830.91[经济管理—金融学]