定向增发个股解禁前半年至解禁上市期间收益研究.docVIP

摘要 自股权分置改革以来，定向增发已成为国内上市公司再融资的重要手段之一，且因其相对其他融资方式更具有审核程序简单、发行成本低、信息披露要求低、发行人资格要求低的“一简三低”的特点越来越受到上市公司的青睐。而针对越来越多的定向增发个股，中小股民如何从中发掘一定的机会也变的越来越复杂，本文正是从寻找定向增发的投资机会出发，以2011年A股市场上定向增发解禁个股为研究对象，取解禁前半年至限售股份上市流通为研究时间段，对样本进行实证分析，从中发现定向增发规模、净资产回报率是影响定向增发个股解禁期前半年超额收益的主要因素。 关键词:定向增发 解禁 超额收益 [abstract]since the reform of non-tradbale shares, private offering has been one of the most important tools for the public companies to refinance from the market. To compare with other ways of refinancing, private offering has some advantages. Such as audit procedures simple, offering low cost, information disclosure requirement is low and so on. For the reason that more and more companies has choose it for refinancing. How could small shareholders find the right investment opportunities. This paper aimed at the companies which has private offering shares lifting of the ban in 2011 from A-share market. To study half year before lifting of the ban. I find that roe and ppr are the most important two factors which affect the excess return. [Key word] private offering Lifting of the ban Abnormal return  目录 一、引言 ························································1 （一）理论背景···············································1 （二）现实意义···············································1 （三）研究方法及思路·········································1 二、文献综述······················································2 （一）国外研究综述···········································2 （二）国内研究综述···········································3 三、我国上市公司定向增发现状分析··································3 （一）我国A股市场上各种再融资方式比较·······················4 （二）我国定向增发分类·······································4 四、论文基本假设··················································5 五、实证研究······················································6 （一）研究对象···············································6 （二）影响因素···············································7 （三）数据来源···············································8 （四）数据检验及回归分析··························