股权再融资过程异质信念对股票波动率的影响  

The influence of heterogeneous beliefs on stock volatility around seasoned equity offering

作　　者：汪锐怡 Wang Ruiyi(Nanjing University of Finance&Economics,Nanjing,Jiangsu,210023)

机构地区：[1]南京财经大学,江苏南京210023

出　　处：《市场周刊》2022年第2期105-108,共4页Market Weekly

摘　　要：从我国资本市场的现状来看,部分企业在上市之后更加偏好于股权再融资,而关于股权再融资的研究对于收益的二阶矩-收益波动率的探讨并不多;另一方面我国的资本市场还不够成熟,非理性投资者众多,导致A股市场的异质信念现象较为严重,影响着投资者的股票交易。文章基于股权再融资过程,将股票收益波动性与投资者异质信念联系起来,观察异质信念对于收益波动率的影响。According to the current situation of China capital market,some enterprises prefer seasoned equity offering(SEO)after listing,while the research on SEO has little discussion on the earnings volatility;on the other hand,China capital market is not mature enough,and there are many irrational investors,which results in the phenomenon of heterogeneous beliefs in A-share market is more serious,affecting investors’stock transactions.Therefore,based on the process of SEO,this papar links the volatility of stock returns and investors’heterogeneous beliefs,and observes the impact of heterogeneous beliefs on return volatility.

关 键 词：股权再融资 收益波动率 异质信念 

分 类 号：F830[经济管理—金融学]