CAJ | 학술논문

本文以A股新股增发为研究对象，对新股增发的效应进行实证分析。研究发现，全流通状态下新股增发对所有老股东都有财富有负效应，在流通股与非流通股分裂的二元结构下，非流通股股东和新增发股东获得较高的超额收益率，流通股股东收益则受到较大损失，而且流通股股东的超额收益率与利润增长率和折扣率显著正相关。从增发的时间效应看，流通股股东在增发公告出现显著短期负效应的基础上，中长期内仍然出现较强的负效应。
본문이A고신고증발위연구대상，대신고증발적효응진행실증분석。연구발현，전류통상태하신고증발대소유로고동도유재부유부효응，재류통고여비류통고분렬적이원결구하，비류통고고동화신증발고동획득교고적초액수익솔，류통고고동수익칙수도교대손실，이차류통고고동적초액수익솔여리윤증장솔화절구솔현저정상관。종증발적시간효응간，류통고고동재증발공고출현현저단기부효응적기출상，중장기내잉연출현교강적부효응。
Setting the seasoned equity offerings of A shares as the research object, the paper makes an empirical analysis on the effect of the seasoned equity offerings. The research finds that the issuance of new shares has a negative effect on the wealth of all old shareholders under the situation of the full share circulation. In a dual structure of tradable shares and non-tradable shares, the non-tradable shareholders and the new shareholders get higher excess returns, while shareholders of tradable shares are subject to in-come loss. Moreover, the excess returns of shareholders of tradable shares are positively correlated with profit growth rate and the dis-count rate. Form the time effect of seasoned equity offerings, on the basis of significant short-term negative effects of issuance an-nouncement, the announcement effect on tradable shareholders is strong negative effect in a longer term.