發(fā)布時間：2020-11-14 18:18

　　 增發(fā)和配股是目前中國資本市場兩大再融資方式。在1998年之前,配股是主要的再融資方式,然而現(xiàn)在增發(fā)不論在發(fā)行數(shù)量還是在發(fā)行規(guī)模上都是最重要的再融資方式。在本研究中,我們考察了中國上市公司在兩種再融資方式下的公告效應,發(fā)現(xiàn)再融資公告擁有顯著的正面股價效應,并前發(fā)現(xiàn)增發(fā)的正面股價效應比配股的大。我們還進一步研究了公告效應與股東集中度、機構股東持股以及發(fā)行價折扣的關系。
【學位單位】：上海交通大學
【學位級別】：碩士
【學位年份】：2011
【中圖分類】：F832.51;F272;F224
【文章目錄】：
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

【參考文獻】

相關期刊論文 前3條

1 ;上市公司新股發(fā)行管理辦法[J];司法業(yè)務文選;2001年16期

2 ;上市公司證券發(fā)行管理辦法[J];中國財經(jīng)審計法規(guī)選編;2006年14期

3 ;關于上市公司增發(fā)新股有關條件的通知[J];中國證券監(jiān)督管理委員會公告;2002年07期

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