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从上市公司实施定向增发后的长期市场业绩表现出发,综合理性因素和非理性因素,考察影响公司定向增发后长期市场表现的主导原因。研究发现,公司发行前股票的错误定价程度与发行后的市场业绩表现负相关,而公司成长潜力与发行后市场业绩表现正相关,因此我国上市公司实施定向增发后长期市场表现不佳主要归结于非理性因素的影响。此外,本文进一步研究发现由于信息不对称的原因,上述两种因素对市场业绩的影响会因发行对象的不同而存在差异。本文的研究结论不仅丰富错误定价理论在股权再融资领域的研究,同时有助于理解我国上市公司施行定向增发的“前因”与“后果”。
From the long-term market performance of listed companies after the private placement, we can find the dominant reason that influences the long-term market performance after the company’s private placement with comprehensive rationality and irrationality. The study found that the mispricing degree of the stocks before the issue was negatively correlated with the market performance after the issuance, and the growth potential of the company was positively correlated with the market performance after the issuance. Therefore, the poor long-term performance of the listed companies in China after the private placement was mainly due to Irrational factors. In addition, this paper further studies found that because of the asymmetric information, the impact of the above two factors on market performance will be different due to different distribution targets. The conclusion of this paper not only enriches the research of the mispricing theory in the field of equity refinancing, but also helps to understand the “antecedents” and “consequences” of the private placement of listed companies in China.