上市公司定向增發(fā)公告效應(yīng)及其影響因素的實證研究.pdf

1、TableofContentSAbstraCt................................................................................................................……，..........................……3中文摘要..................……，............................

2、...................................................................................……500‘124666OJ224444558Jl月l月1jl月1月1月1月122233氣、一，j3，O1Introduction……”””””1.1BaekgroundinChineseMarket1.2DiscussinnlbPic...............……1.

3、3ResearchMotivation..........……1.4Tllesisoutline.................……2.PrivatePlaCementinChina.，.........................................……2.1RefatedPoliciesandRegulations...................................……2.2ComParisonb

4、e卜刀eenPublieOfl七ringandPrivatePlaeement2.3MotivarionsofPrivatePfacement...............................……3LiteratUreRevie、v..................................................……3.1AnnouneemeniEffeetofSeasonedEquityOfferings

5、.…3.2AnnoulleementEfl七ctinAllusiontoPrivatePlaeernent4DesignofResearch……4.1SampleSelection...……4.2KeyH即othesesandTheories.........……43ResearehHyPothesesandMethodology4.3.1EveniStudy.................................……4.3.

6、2RegressionAnalysis.....................……J土，上‘l，乙7002344444555tJ5EmPiricaIAnaIysis....................................................……5.1ResultfromEveniStUdy....................……5.1.1OverallShort一runStockPerfollnance

7、....................……5.1.2ComparisonbyDl月七rentCategories......……‘........……51.3SignifieanceofCumulativeAverageAbnormalRetun15.2ResultfromRegressionAnalysis.............................……5.2.1DescriPtivestatistics.......

8、....................................……5.2.2CorrelationTest...................................................……5.2.3RegressionAl1alysis..............................................……6C0nc皿Usi0n..........................

9、......……，.................................................................................................……577Bibli0graphy............................……‘..................................................................

10、............................……60ShortrunStockPricePerformanceFollowingPrivatePlaeementofSeasonedEquityOfferings一EvidenCeinChineseA一ShareMarketAbstraCtSineeyear2006，PrivatePlaeementofseasonedequityofferingshasgraduallygro

11、wnintothemainstreamwayofequityrefinaneingoflistedeomP麗esinChineseA一sharemarketbeeauseoflowissuaneethresholdandeonvenientoPeration.LotsofemPiriealstudieshavebeeneonduetedtoexPloreandexPlaintheannouncementeffeetofPrivatePl

12、acemeni.Amongthem，notonlythedireetionsignifieaneeofstoekPerfmaneehavebeenanalyZed，butalsodifferenthyPothesisbywestemscholarshavebeentested，andmoreover，somenewhyPothesisrelatedtotherealityinChinesemarkethavebeenProPosedto

13、exPlainthePhenomenon.ThisPaPera加5toinvestigatehowtheshort一runstockPrieePerfmsfollowingPrivatePlacementofseasonedequltyofferingsinChinesemarketineomParisonwithsomedeveloPedmarket.ThroughtheeventstUdyfasamPleof255PrivatePl

14、aeementsfthePeriodfromyear2006to2010inA一sharemarketinChina，theauthdoeumentsasignifieantlyPositiveCAARof12.015%ftheannouneemelltwindow[一10，10]ofboardofdireets’meeting，withdailyeumulativeaverageabnormalreturnatabout0.57%.T

15、heresultofPositiveaunouneementeffeet15therefeinaeeordancewiththemarketresPonseinothermaturefinancialmarketssuehastheUnitedStates.Andfurthermore，thePaperaimstoexPlorethemainfaetorsaffeetingtheshort一runstoekPrieePerformane

16、eoffirmseonduetingPrivatePlaeement，inwhiehtheauthorhoPeseanhelPfirmsandinvestorsbetterunderstandandtakeuseoftheuniquemeanofseasonedequityofferingsinChina.ResultsfromregressionanalysisshowthatPositiveeumulativeaverageabno

17、rmalretUmsattheatinouneementofPrivatePlaeementsareeloselyrelatedtovariablesasFraetionPlaeed，logaritlloloffirm’5bookvalueanddiseount，whichareProxiesfinfmationasylllmetryandfirmquality.50theauthoreoncludesthatamongthetradi

18、tionaltheoriesaddressingontheProblemofPositivearmouncementeffeetj川brmationas犯111lletryhyPothesisandfirmqualityh即othesisaremoreaPProPriatetobeapPliedtoexPlainandunderstandthePhenomenoninChineseA一sharemarketduringthereeent