企业增长机会与股权再融资股价反应相关性分析

以2002—2004年间92家曾经进行股权再融资的中国上市公司为样本,检验了企业增长机会与融资公告股价反应的相关性。实证结果表明,总的说来市场对股权再融资有负面反应,但是市场区别对待了高增长企业和低增长企业的融资公告。平均来说,高增长企业在公告股权再融资时股票价格的反应明显好于低增长企业。实证结果表明股票价格对股权再融资公告的反应与企业的增长机会有关。

An Empirical Analysis of Relativity between Growth Opportunities and Stock Price Response to Second Equity Offering

Using 92 observations of Chinese listed firms which financed with second equity during 2002-2004, this paper examines the relationship between the growth opportunities and the stock price response to second equity issues. The empirical results show that the market had a generally negative response to second equity offering but with different responses to equity offering announcements of growth firms and mature firms. In average, the stock price decline for mature firms exceeds the growth firms significantly. Overall, the results support the conclusion that the stock price response to an equity offering is related with the growth opportunities of the offering firm.