公开增发的股价效应——基于投资者关注程度的研究-金融学专业论文.docx

摘 要 新股增发是我国上市公司进行股权再融资的主要方式，2013 年，共有 278 家上市公司增发融资，募集资金 3547.32 亿元，占年度股权再融资总额的 88.29%， 我国已渐形成以定向增发为主，配股、公开增发、定向增发这三种方式并存的股 权再融资市场。我国的公开增发始于 1998 年，在之后一段时间曾是股权再融资 的主要方式，自 2006 年定向增发得到推广以来，公开增发的发展有所放缓，但 依旧是我国上市企业进行股权融资的重要手段之一。 增发新股会对流通市场的股价产生影响，称之为增发的股价效应。本文基于 传统的信息不对称理论，从信息传播的角度出发，于相关信息与投资者情绪之间 选取投资者关注程度这一重要的中间环节，并以此为出发点，分析了其对公开增 发股价效应的影响。 本文采用规范与实证相结合的方法，首先，回顾了我国上市公司股权再融资 方式的发展历程，描述了公开增发的现状。之后结合前人研究成果，总结、提炼 出了影响公开增发股价效应的四类因素，分别为：发行企业因素、增发行为相关 因素、市场因素以及投资者因素。在此基础之上，提出了相关假说。本文选取股 权分置改革完成后的增发数据，以 2008 年至 2013 年间我国 A 股市场进行公开 增发的上市公司为研究对象，以网络搜索量测度投资者关注程度这一变量，并结 合其他相关控制变量，对假说进行了实证检验，分析了投资者关注程度这一因素 与公开增发股价效应的关系。 关键词： 公开增发，股价效应，投资者关注程度 Abstract Seasoned Equity Offering (SEO) is the main way of equity financing of listed companies in China. In 2013, 278 listed companies raised 354.732 billion yuan by SEO, accounting for 88.29% of total annual equity refinancing. Additional oriental issue has become the major mean for refinancing of listed companies. In China public offering began in 1998. After a period of time, public offering became the main form of equity refinancing. Additional oriental issue appeared in 2006, and the new mean of equity refinancing attract the attention of listed companies. More and more listed companies refinance in the mean of additional oriental issue. The development of public issuance became slow. However, it is still one of the important means of Chinas listed companies equity financing. Announcement effect of SEO means the impact of SEO on the stock price. Based on the traditional asymmetric information theory, starting from the point of view of information dissemination, we take the level of concern of investors from the dissemination process between relevant information and investor sentiment. We select the degree of attention and use it as the starting point in our study, to analyze the announcement effect of SEO. In this article, we conduct our study in a combination of normative and empirical method. Firstly, we introduce the development co