上市公司增发新股股价效应及其影响因素研究-金融学专业论文.docxVIP

华 华 中 科 技 大 学 硕 士 学 位 论 文 II II Abstract Raising funds is one of the basic functions of security market. As the main body of the market, listed companies may want to raise money again after the initial public offerings(IPO), for the industrial development or caapital operation. Thus seasoned equity offering is the best choice. Seasoned equity offerings(SEO) is defined as the behavior of raising funds again on the basis of original capital stock. Since seasoned equity offering was adopted in 1998, it has been getting popular rapidly and become an important way of equity refinancing for Chinese listed companies. However，it has also brought some problem and negative effect to our stock market. Investigating the stock price effect of seasoned equity offerings is helpful in understanding and evaluating this financing method appropriately, meaningful in both realizing the short-term stock price impact of it and improving our capital market. By using the event study methodology and the linear regression model，this paper examines the impact of seasoned equity offering on shareholder wealth and ideniifies the relevant factors that explain the associated price reactions. At first, we review the foreign and domestic documents of seasoned equity offerings，and find some factors that influence the announcement effect. Regarding these factors as independent variable and abnormal retum(AR) in the announcement period as dependent variable，we establish a linear regression model. This paper documents significant negative announcement effects of seasoned equity offerings in China for the period 2004-2008.4.Then we examine the linear regression model. At last，we made suggestions to government regulatory institutions， managers of listed companies and investors，according to the research conclusions. Key Words: seasoned equity offerings，SEO announcement，stock price effect III III 目 录 摘 要 I Abstract II 1 绪 论 1.1 研究背景及意义 (1) 1.2 文献综述 (3) 1.3 研究框架 (6) 1.4 创新点 (6) 2 关于增发新股股价效应及其解释的相关