文献类型：期刊文献

中文题名：多次定向增发与长期市场反应关系研究——来自中国证券市场的经验证据

英文题名：Research on the Association between Repeated Private Placements and Long-term Market Reaction:Empirical Evidence from Chinese Securities Market

作者：叶陈刚[1];王莉婕[1];崔婧[2]

第一作者：叶陈刚

机构：[1]对外经济贸易大学国际商学院,北京100029;[2]北京联合大学管理学院,北京100101

第一机构：对外经济贸易大学国际商学院,北京100029

年份：2021

期号：8

起止页码：56-63

中文期刊名：经济问题

外文期刊名：On Economic Problems

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；CSSCI:【CSSCI2021_2022】；

基金：国家社会科学基金重点项目“国家治理、国家审计制度与预防惩治腐败体系创新研究”(15AZD002D);国家社会科学基金项目“国家审计化解系统性金融风险的机制与路径研究”(20BGL079);北京市社会科学基金青年项目“北京市创业投资引导基金的投资机制与配置效应研究”(18GLC049)。

语种：中文

中文关键词：多次定向增发;长期市场反应;固定长度窗口;可变长度窗口

外文关键词：repeated private placements;long-term market reaction;fixed-length windows;variable-length windows

摘要：以往的单一种类外部融资研究认为外部融资后常伴随着负的长期市场反应,然而包括定向增发在内的多数外部融资研究都很少考虑其他外部融资及同一种类多次融资的交叉影响。与着眼于单次定向增发长期市场反应研究不同,以2006—2019年成功实施定向增发的A股上市公司为研究样本,将多数相关研究所剔除的多次定向增发样本作为主要研究对象,并控制了定向增发的频次及其他外部融资的种类,把频繁发行者的影响分离出来,重点关注了多次定向增发的长期市场反应。研究结果表明:多次定向增发后的长期市场反应为负是多次定向增发及多种外部融资叠加效应的体现,低绩效更多的是外部融资的多样性和定向增发发行频次共同作用的结果。
Previous studies on single type of external finance conclude that external finance is often accompanied by negative long-term market reaction.However,most studies on external finance,including private placements,seldom consider the cross effects of other external finance and repeated finance of same type.Rather than concentrating on long-term market reaction of single private placement,this paper uses the A-share listed companies that have successfully implemented private placement from 2006 to 2019 as the research sample,takes repeated private placements samples as the main research object,which are eliminated by major relevant studies.To isolate the effect of these frequent issuers,this paper controls for both the issuing frequency of private placements and the number of claim types issued,and focuses on the long-term market reaction of repeated private placements.The results suggest that the long-term market reaction after repeated private placements is negative,which is the reflection of cumulative effects of repeated private placements and external finance.Underperformance is more a result of the variety of external finance and frequency of private placements.