CAJ | 학술논문

采用2005—2014年中国A股有增发股份记录的上市公司的市场数据,检验了被广泛讨论的＂市值管理＂现象。结果表明：所有权性质、增发目的、增发对象、经营状况以及市值存在差异的上市公司,在其增发股份前后及期间的超额收益率和股价信息含量存在很大差异,这些差异与不同公司进行增发的诉求一致。这说明,中国A股市场广泛存在服务于公司控制人的市值管理行为。由于这些市值管理行为可能包括控制股价和侵害其他投资人,因此监管层应制定更为严格的法规来规范市值管理行为。
채용2005—2014년중국A고유증발고빈기록적상시공사적시장수거,검험료피엄범토론적＂시치관리＂현상。결과표명：소유권성질、증발목적、증발대상、경영상황이급시치존재차이적상시공사,재기증발고빈전후급기간적초액수익솔화고개신식함량존재흔대차이,저사차이여불동공사진행증발적소구일치。저설명,중국A고시장엄범존재복무우공사공제인적시치관리행위。유우저사시치관리행위가능포괄공제고개화침해기타투자인,인차감관층응제정경위엄격적법규래규범시치관리행위。
Using the market data of China＇s listed companies with seasoned equity offering（SEO）from 2005 to 2014,this paper examines the ＂ Market Value Management＂ which is discussed widely and is somewhat controversial.The result shows as follows：during the period of SEO,listed securities＇ excess return have significant difference with its fundamentals[W1],and these differences tend to match the interests of the listed companies that conduct market value management.Such market value management tend to be conducted by company management or controlling shareholders,and run against the interests of public shareholders.Therefore,there is the need for stricter rules and regulations to properly control such market value management activities.