CAJ | 학술논문

股权分置改革后,定向增发成为上市公司再融资的主要形式,投资者也越来越关注定向增发股票的投资机会。检验上市公司定向增发融资方式与高送转的相关性,采用事件研究法分析实施高送转的短期股票的收益率。研究结果显示,上市公司定向增发的融资方式与高送转股利政策有相关性,实施高送转存在短期收益,能够为投资者带来投资机会。
고권분치개혁후,정향증발성위상시공사재융자적주요형식,투자자야월래월관주정향증발고표적투자궤회。검험상시공사정향증발융자방식여고송전적상관성,채용사건연구법분석실시고송전적단기고표적수익솔。연구결과현시,상시공사정향증발적융자방식여고송전고리정책유상관성,실시고송전존재단기수익,능구위투자자대래투자궤회。
After the reform of shareholder distribution, private investment has been the main way of refinancing of listed company, and investors are increasingly concerned on the investment opportunities of private placement stock. The correlation between private investment and high stock dividend is tested, and the stock yield of dividend announcement is analyzed by event-study method The result shows that the private investment of listed company is correlated with high stock dividend policy, the high stock dividend will bring short-term profit, which can bring investment opportunity for investors.