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以沪深两市1998年至2002年间增发A股的上市公司为样本,并选取同行业且资产、业绩相近的公司为匹配公司,研究这些公司增发后的经营业绩表现。研究结果表明,除1998年实施增发的公司以外,其它年度增发的公司实施增发后的经营业绩从增发当年起就持续滑落。文章尝试使用国外学术界两个主流理论:信息不对称和自由现金流假说来解释这一现象。实证研究的结果支持信息不对称关于上市公司实施增发后经营业绩持续滑落的理论解释。
Taking the listed companies that issued A-shares in Shanghai and Shenzhen between 1998 and 2002 as samples, we select the companies with similar assets and performance in the same industry as the matching companies and study the performance of these companies after the additional issuance. The results of the study show that in addition to the issuance of additional companies in 1998, other annual additional issuance of the company’s operating results after the issuance of the year continued to decline. The article attempts to explain this phenomenon by using two mainstream theories in foreign academia: information asymmetry and free cash flow hypothesis. The results of empirical studies support the asymmetric information on the listed company to implement the theory of the continued decline in operating performance after the issuance of additional.