| 上市公司股权再融资与业绩变化 |
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| 引用本文： | 刘忠生.上市公司股权再融资与业绩变化[J].管理科学,2009,22(3). |
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| 作者姓名： | 刘忠生 |
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| 作者单位： | 南京航空航天大学,经济与管理学院,南京,210016 |
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| 基金项目： | 江苏省社会科学基金项目 |
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| 摘 要： | 采用中国沪深股市1999年-2006年上市公司面板数据,运用分位回归方法,研究上市公司股权再融资后的业绩变化,探讨业绩处于不同分位点的上市公司股权再融资行为对业绩影响的差异性.研究结果显示,从1999年～2006年上市公司经营业绩的下滑是整体性的.通过在模型中引入股权再融资虚拟变量,基于分年度的OLS回归表明,在2000年实施股权再融资的上市公司与在研究期内没有股权再融资行为的上市公司相比,经营业绩的下滑更严重;处于高分住点的股权再融资样本公司不同于其他公司,它们的业绩变化与股权再融资并没有显著相关性,这表明股权再融资后公司的业绩变化存在内部差异性,同时在各个分位点上市公司的规模增加均对经营业绩具有促进作用,负债率对业绩改善存在负面影响.
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| 关 键 词： | 上市公司 股权再融资 分位回归 业绩变化 |
Seasoned Equity Offering and Performance Change of Listed Companies |
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| LIU Zhong-sbeng.Seasoned Equity Offering and Performance Change of Listed Companies[J].Management Sciences in China,2009,22(3). |
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| Authors: | LIU Zhong-sbeng |
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| Institution: | LIU Zhong-shengCollege of Economics , Management,Nanjing University of Aeronautics , Astronautics,Nanjing 210016,China |
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| Abstract: | With panel data of listed companies of Shanghai and Shenzhen stock exchange from 1999 to 2006,the paper analyzes change of operating performance of listed companies after they had carried out seasoned equity offering and discusses otherness of effect on performance connected with seasoned equity offering among listed companies at different quantile mainly by different quantile regression method.The data of operating performance shows that all of the listed companies were confronted with decline of operating... |
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| Keywords: | listed companies seasoned equity offering quantile regression performance change |
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