南京审计学院学报
南京審計學院學報
남경심계학원학보
JOURNAL OF NANJING AUDIT UNIVERSITY
2012年
3期
27-37
,共11页
上市公司再融资%增发数量%增长机会%股价反应%过度增发%谨慎增发%公开增发%定向增发%优序融资理论
上市公司再融資%增髮數量%增長機會%股價反應%過度增髮%謹慎增髮%公開增髮%定嚮增髮%優序融資理論
상시공사재융자%증발수량%증장궤회%고개반응%과도증발%근신증발%공개증발%정향증발%우서융자이론
refinancing of listed companies%scales of seasoned equity offering%growth opportunities%share price effects%excessive re-offering%cautious re-offering%public re-offering%directed re-offering%pecking order theory
以2007年至2009年成功增发的A股上市公司为样本,对我国上市公司增发数量与股价变动的相互关系进行研究,结果表明：上市公司的增发数量内生于其增长机会,增长机会越大的公司增发数量占发行前总股本的比率也越高;股市对上市公司的过度增发会做出显著的负面反应,但仅有微弱的证据表明谨慎增发会导致股价下跌;公开增发的上市公司较之于定向增发的上市公司具有更多的过度增发倾向,且股价反应也更剧烈。
以2007年至2009年成功增髮的A股上市公司為樣本,對我國上市公司增髮數量與股價變動的相互關繫進行研究,結果錶明：上市公司的增髮數量內生于其增長機會,增長機會越大的公司增髮數量佔髮行前總股本的比率也越高;股市對上市公司的過度增髮會做齣顯著的負麵反應,但僅有微弱的證據錶明謹慎增髮會導緻股價下跌;公開增髮的上市公司較之于定嚮增髮的上市公司具有更多的過度增髮傾嚮,且股價反應也更劇烈。
이2007년지2009년성공증발적A고상시공사위양본,대아국상시공사증발수량여고개변동적상호관계진행연구,결과표명：상시공사적증발수량내생우기증장궤회,증장궤회월대적공사증발수량점발행전총고본적비솔야월고;고시대상시공사적과도증발회주출현저적부면반응,단부유미약적증거표명근신증발회도치고개하질;공개증발적상시공사교지우정향증발적상시공사구유경다적과도증발경향,차고개반응야경극렬。
Based on the examples of the A-share listed companies that succeeded in seasoned equity offering from 2007 to 2009,the paper made an empirical analysis of the relationship between the scales of seasoned equity offering and the share price effects.The research results showed that the scale of seasoned equity offering depended on its growth opportunities,in other words,the greater the growth opportunities,the higher ratio of the number of seasoned equity offering to the total equity of the pre-offering.The paper also indicated that the stock market would make significant negative reaction to the over-issuing of listed companies,and only weak evidence proved that cautious re-offering would lead the stock price to drop.In addition,the paper also showed that public re-offering companies were more inclined to over-issue than the directed re-offering companies,and their stock prices tend to change radically.
