CAJ | 학술논문

增发股票是上市公司再融资的主要形式之一。对全部有效样本的经验结果显示。A股市场增发存在显著的负向股价反应。但是将样本分组之后，股价反应为负的结论不再稳健。进一步的研究表明，在牛市和熊市不同市况下，增发的股价反应有显著差别的结论是稳健的，从投资者情绪的角度对此作出解释，可能具有较好的适用性。而不同的增发方式向市场传递了不同动机的信息，使得股价反应可能不同，其原因或许与A股市场发展状况和制度环境相关，有其特殊性。
증발고표시상시공사재융자적주요형식지일。대전부유효양본적경험결과현시。A고시장증발존재현저적부향고개반응。단시장양본분조지후，고개반응위부적결론불재은건。진일보적연구표명，재우시화웅시불동시황하，증발적고개반응유현저차별적결론시은건적，종투자자정서적각도대차작출해석，가능구유교호적괄용성。이불동적증발방식향시장전체료불동동궤적신식，사득고개반응가능불동，기원인혹허여A고시장발전상황화제도배경상관，유기특수성。
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