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定向增发伴随的财富效应已被学界与投资实务界广泛关注。使用PSM匹配的沪深两市定向增发样本研究发现:上市公司定向增发当年和增发股解锁年通过盈余操控掩盖了其实际业绩与对照公司的差异;向机构增发公司的增发决策存在市场择时,而大股东参与增发公司的增发决策不存在择时;公司定向增发当年均存在正向股价反应,但向机构增发的公司增发后第二年起股票回报率显著反转,而大股东参与增发的公司增发后三年内股票回报率与对照组无显著差异。
The accompanying fortune effect of private placement has drawn wide attention from academia and investment practitioners. The research on the private placement of PSM matching in Shanghai and Shenzhen stock market shows that the difference between the actual performance and the control company is covered by the earnings manipulation in the year of private placement and the issuance of additional shares in the listed company. There is a market timing for the private placement of the company, However, there was no timing for major shareholders to participate in the issue of additional issuance of the company. In the same year, there was a positive stock price response in the private placement of the company. However, the return of stock returns was significantly reversed in the second year after the issuance of the company to the institution, The return of stock within three years after the issuance of the Company was not significantly different from that of the control group.