我国上市公司增发的市场反应及其影响因素分析——以金融行业为例.doc

PAGE PAGE 34 我国上市公司增发的市场反应及其影响因素分析 ——以金融行业为例 摘要： 增发作为上市公司股权再融资的主要方式，增发有利于提升公司价值，帮助企业持续发展。其中定向增发因其发行优势为我国多数金融企业所青睐。本文采用事件研究法，通过对超额累计回报的研究，分析金融行业定向增发公告产生了正向市场反应，且时机选择与大盘涨跌无显著关系。再利用进行最小二乘回归，研究得出市场反应与增发规模、增发价格/市场价格、股本结构、净资产收益率呈正向相关关系，而与市场价值/账面价值、资产负债率负向相关，并分析其原因。最后综合以上分析，本文提出了完善我国资本市场、加强金融企业经营风险控制等建议。 关键词：金融行业；定向增发；市场反应；累计超额回报；影响因素 Analysis of the Effect of Seasoned Equity Offerings and Its Factors above Chinese Listed Companies ——In the Case of Financial Industry Abstract: In Chinese listed companies, Seasoned Equity Offerings () plays an import- ant role in the equity refinancing, which can help the companies to raise the value and have a long-term development. In addition, the private placements occupy the largest proportion of financial firms because of its strength in publishing. Using Event Study method and basing on the research of the cumulative abnormal returns (), the paper analyze the positive signaling effect of traditional private placement announcements with no significant relationship with the market price. Through the Lease Square Regression () applying, we consider that the issue scale (), additional issue price/secondary market price (), the equity structure (), and the Rate of Return on Common Stockholders’ Equity () have positive relationship with the market reaction while the asset-liability ratio () negatively relate to and the Market Value/Book Value () has no significant correlation. Additionally, the reason will be explained. At last, based on the above analysis, this paper put forward some suggestions to perfect our country capital market and strengthen financial risk control of enterprise management. Keywords: Listed Financial Enterprise; Private Placement; Market reaction; ; Affecting Factors 一、引言 （一）选题背景及研究意义 1.定向增发在再融资市场占主要地位 增发是国内外证券市场上市公司最主要的再融资方式，而运用在我国证券市场始于1998年。股票增发是已经上市的公司企业通过定向（指定的投资者:如大股东或者机构投资者）或者非定向即公开(全部投资者以外发行股份)募集资金的融资方式，发行价格一般按照发行前某一阶段均价的一定比例。 增发有利于企业引进投资，平衡股东利益关系，增加企业财富等，充分利用金融市场连接实体经济。因此，研究我国上市公司股价在增发前后的波动变化及其原因的分析非常重要。