中国上市公司再融资方式选择与市场效应研究

论文摘要

增发和配股是目前中国资本市场两大再融资方式。在1998年之前,配股是主要的再融资方式,然而现在增发不论在发行数量还是在发行规模上都是最重要的再融资方式。在本研究中,我们考察了中国上市公司在两种再融资方式下的公告效应,发现再融资公告拥有显著的正面股价效应,并前发现增发的正面股价效应比配股的大。我们还进一步研究了公告效应与股东集中度、机构股东持股以及发行价折扣的关系。

论文目录

• Abstract
• 摘要
• 1. Introduction
• 2. Alternative Refinancing Methods in China: Rights Offerings and Share Placing
• 2.1 Rights Offerings
• 2.2 Share Placing
• 2.3 Comparison of Issuing Conditions of the Two Refinancing Methods
• 3. Theory and Past Empirical Result
• 3.1 Models and Empirical Evidence about Announcement Effect
• 3.2 Theory and Past Evidence about Choice of Refinancing Method
• 3.3 Characteristics of the Issuance and Issuing Firm Affecting the Announcement Effects
• 4. Sample and Methodology
• 4.1 Data Collection and Sample Analysis
• 4.2 Analysis Methodology and Model
• 4.2.1 Event Study
• 4.2.2 Cross-sectional Regression
• 5. Empirical Results
• 4.1 Market Reaction at Announcement of Resolutions by Board of Directors
• 4.2 Share Price Effects of Placing
• 4.2.1 Announcement Date of Resolutions by Board of Directors
• 4.2.2 Announcement Date of Resolutions by General Meeting of Shareholders
• 4.2.3 Announcement Date of Approval of Issuance Assessment Committee
• 4.2.4 Announcement Date of Approval by China Securities Regulatory Commission..
• 4.3 Cross-sectional regression Results for Share Placing
• 6. Conclusion
• Bibliography
• Acknowledgements