上市公司定向增发市场时机选择行为研究  

Study on the Timing Behavior of Listed Companiesin the Targeted Additional Issuance Market

作　　者：卞平原 陆晓佳[2] BIAN Pingyuan;LU Xiaojia(Department of Economics and Management,Chizhou Vocational and Technical College,Chizhou 247000;School of Economics and Management,Anhui Agricultural University,Hefei 230036)

机构地区：[1]池州职业技术学院经济与管理系,安徽池州247000 [2]安徽农业大学经济管理学院,安徽合肥230036

出　　处：《常州工学院学报》2023年第5期41-49,共9页Journal of Changzhou Institute of Technology

基　　金：安徽省教育厅高校优秀青年人才支持计划项目(gxyq2021122)。

摘　　要：文章以A股市场定向增发事件为研究对象,以换手率和市场活跃度作为衡量指标,讨论中国上市公司定向增发市场时机选择行为的存在性,以及市场时机对上市公司定向增发活动和增发比例的影响。文章研究指出:我国上市公司定向增发中存在市场时机选择行为,企业会倾向于在市场环境较好、企业股票换手率较高时进行定向增发,并且当这种有利的市场时机消失时,企业很大概率会终止定向增发。此外,企业倾向于选择在市场活跃度较高,即再融资管制程度较松时进行定向增发,并且当管制程度变严格时,企业有很大概率会终止定向增发。中国上市公司定向增发的发行比例与市场时机有关,企业会选择在公司股票换手率较高时更多地增发,且在市场活跃度较高、再融资管制程度较松时更大比例增发。The targeted issuance events in the A-share market is taken as the research object,and turnover rate and market activity as measurement indicators to discuss the existence of timing behavior in the targeted issuance market of Chinese listed companies,as well as the impact of market timing on the proportion of targeted issuance by listed companies.Research has found that there is market timing behavior in Chinese listed companies’targeted issuance,and companies tend to conduct targeted issuance when the market environment is good and the turnover rate of the company’s stock is high.When this favorable market timing disappears,the company is highly likely to terminate the targeted issuance.In addition,companies tend to choose targeted issuances with higher market activity,which means that the degree of refinancing control is relatively loose,and when the degree of control becomes stricter,there is a high probability that companies will terminate targeted issuances.The proportion of targeted issuance by Chinese listed companies is related to market timing.Enterprises will choose to increase their issuance when the company’s stock turnover rate is high,and a larger proportion will be issued when the market activity is high and the degree of refinancing control is relatively loose.

关 键 词：市场时机 定向增发 定向增发比例 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]