CAJ | 학술논문

本文以20062012年在中国资本市场实施定向增发再融资的A股上市公司为研究对象，从投资者异质信念视角下考察了对定向增发折扣率的影响。理论分析和实证结果均已验证：当上市公司实施定向增发时，如果向机构投资者增发新股，投资者异质信念与定向增发的市场折扣率负相关；如果发行对象为公司大股东，则投资者异质信念与定向增发的市场折扣率正相关。进一步检验投资者异质信念与定向增发宣告效应，同样支持上述结论。本文的研究结论扩展了行为金融理论对中国资本市场“金融异象”解释的研究范畴。
본문이20062012년재중국자본시장실시정향증발재융자적A고상시공사위연구대상，종투자자이질신념시각하고찰료대정향증발절구솔적영향。이론분석화실증결과균이험증：당상시공사실시정향증발시，여과향궤구투자자증발신고，투자자이질신념여정향증발적시장절구솔부상관；여과발행대상위공사대고동，칙투자자이질신념여정향증발적시장절구솔정상관。진일보검험투자자이질신념여정향증발선고효응，동양지지상술결론。본문적연구결론확전료행위금융이론대중국자본시장“금융이상”해석적연구범주。
This paper theoretically analyses and empirically examines how investor heterogeneous beliefs affect private placements of equity discounts in the full circulation era by employing the sample of A-share listed firms with private placements from 2006 to 2012. The results show that investor heterogeneous beliefs affect p discounts of pr rivate placement discounts. If the issuance targets are institutional investors, the market ivate placements are more negative as the dispersion in outsider beliefs is greater. But when the issuance targets are large shareholders, the situation is just the opposite. Moreover, the same conclusion is in accordance with cumulative abnormal return.