中国A股市场增发效应与投资者保护

国内学者对增发效应的研究主要集中在董事会拟增发公告效应上,对增发的中长期效应较少涉及,虽然对增发公告效应的研究也很有意义,但对于倡导理性的投资者而言,则其重要性不如增发的中长期效应。本文在一个比较长的时间窗口内考察了我国A股市场1998—2004年间获准增发上市公司增发的中长期效应和增发上市日效应,实证分析结果表明,在拟增发公告效应出现5%-10%负效应基础上,流通股股东增发的中长期效应继续出现显著的负效应,并且流通股股东的超额收益率与上市公司利润增长率和增发价格折扣率显著正相关,与其它因素不存在显著的相关关系。

Valuation Effects of Seasoned Equity Offerings and Investor Protection

Now many internal researchers fix attentions on the an- nouncement effects of SEO, and rarely analyze the long run perfor- mance of SEO. But for rational investors, to analyze the long-term effect is more important. This paper investigates the long run perfor- mance and the first business date effect of SEOs for firms conducting seasoned equity offerings in Chinese securities market during the period from 1998 to 2004. The empirical result indicates that on the basis of the negative announcement effect of SEO from 5% to 10%, for circulating share holders, the long run effect shows negative ef- fect continuously, and abnormal return has significantly positive cor- relation only with firms profit growth rate and discount rate of SEO. Finally the authors put forward the conclusions and suggestions.