股权再融资中机构投资者的表现是否优于市场%3a中国市场的实证的研究.pdf

发的质疑。而总的来说机构投资者在增发中显示出增持的趋势，与增发总体表现 相矛盾。分组后的统计结果表明，增发事件中机构投资者增持的一组股票在事后 半年内市场表现显著大于增发事件中被机构投资者减持的一组股票，即机构投资 者的投资与增发公司的事后市场表现显著正相关。这与Gibson等人2004年在美国 的实证研究结果相似。半年之后该现象不再显著。 最后，本文探讨了在增发事件中机构投资者增持的公司所有的特性，考虑了 股本回报率，每股收益率，市盈率，以及股价波动率等因素，发现增发事件中机构 显著偏好市盈率较低的公司，这也反应了投资者对增发融资目的的疑虑。 7 Abstract This the betweeninstitutional examines change paper relationship shareholding ofSEOissuersinChina aroundSEOsandthe market market，in post-issueperformance the extensionofGibson’S theUnitiesStates．Thereisevidencethat research 2004 in in aroundthe issuers the increaseinstitutional SEO experiencinggreatest shareholding offerdatehave better relativetothose the significantlyperformance experiencing two afterthe tobea offer．However,there decrease，withinquarters appears greatest reversalinthe term． price mid·long Inthis of attributesandinstitutional study,therelationshipspecificcompany institutional isalso theresultsshowthatChina’s shareholdingchange examined，and theSEOissueand meir tend stockswithlowerPEratioaround investorsto buy improve PEratio throughtrading． kinds This besomereferenceforother ofinvestors． may paper Words Key Seasoned characteristics shareholding；Company equityofferings；Institutional 5 Irables Tablel of returnafter oflisted in Comparisonlong-run refinancingcompanies variouscountries…………………………………．………………………………………………．．9 T曲le2 statisticsforthe ofseasoned 9 Key sample offering……………………。1 equity 1Ible3Institutional aroundSEOs……………………………………………．24 shareholdings in Table4 institutional Change holdings………………………………………………………．．25 Table5 ofthe for and 1 Overview comparable performancesample companies……．3 Table6 measurementinstitutionalinvestment………………．32 Performance regarding T拍le7SizeEfiectExamination…………………………………………………………………．．37 8 SEO TableInstitutionalinvestmentconditionalon Placement………………………．38 1’able9ROE conditionalonInstitutional analysis OwnershipChange………………40 10 conditionalonInstitutional TableEPS analysis Change．．…．．…．……40 Ownership Table11 PEra