| 股权再融资与长期业绩下滑——来自亚洲新兴市场的证据 |
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| 引用本文： | 马键,李捷瑜.股权再融资与长期业绩下滑——来自亚洲新兴市场的证据[J].广州大学学报(社会科学版),2014(11):76-82. |
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| 作者姓名： | 马键 李捷瑜 |
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| 作者单位： | 1. 广州大学经济与统计学院,广东广州,510006
2. 中山大学岭南学院,广东广州,510275 |
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| 基金项目： | 中山大学高校基本科研业务费专项资金资助(1209032)] |
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| 摘 要： | 选取2002至2009年亚洲新兴市场的2 195起股权再融资事件,通过市值配对、行业—市值配对等方法,分析再融资后的长期业绩。实证结果显示,亚洲新兴市场再融资后普遍存在业绩下滑现象,3年期购买持有超额收益约为-22.79%。业绩下滑现象约在再融资6个月后开始显现,并持续至30个月前后。不同市场的业绩存在一定差异,印度、新加坡、韩国、台湾与泰国在再融资后长期业绩显著下滑,中国大陆与马来西亚则较不显著。再融资方式对业绩无显著影响,公开发行与非公开发行后业绩下滑幅度相当。
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| 关 键 词： | 股权再融资 长期业绩 亚洲新兴市场 |
Seasoned Equity Offerings and Long-run Underperformance of Stock Return---Evidence from Asian Emerging Markets |
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| MA Jian,LI Jieyu.Seasoned Equity Offerings and Long-run Underperformance of Stock Return---Evidence from Asian Emerging Markets[J].Journal of Guangzhou University(Social Science Edition),2014(11):76-82. |
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| Authors: | MA Jian LI Jieyu |
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| Institution: | MA Jian, LI Jieyu ( 1. School of Economics and Statistics, Guangzhou University, Guangzhou, Guangdong 510006, China ; 2. Lingnan College, Sun Yat-sen University, Guangzhou , Guangdong 510275, China) |
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| Abstract: | This article investigates the long-run performance of 2195 seasoned equity offerings （ SEOs） in Asi-an emerging markets from 2002 to 2009 .The empirical result indicates there are significant underperformance after SEOs：the mean 3-year Buy-and-hold Abnormal Return （ BHAR） is -22.79%.The underperformance happened about 6th month after SEOs, and last to about 30th month.There are significant underperformance in India, Singa-pore, Korea, Taiwan and Thailand, but not in China Mainland and Malaysia.The long-run performance does not depend on the issue type of SEOs.Both public offerings and private offerings are followed by decline of stock per-formance. |
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| Keywords: | seasoned equity offering long-run underperformance Asian emerging markets |
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