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从多次进行定向增发的公告效应角度分析了重复再融资公告背后的圈钱动机和市场反应,结果表明:市场对于后续再融资公告的态度是消极的,具体表现为公告效应随着公告次数增加而依次递减;多次定向增发公告前的信息不对称程度不仅没有降低,反而有增大的趋势;首次公告效应对于公司进行后续发行概率没有显著的反馈效应,而且后续发行预案公告前现金持有水平越高的公司实施多次发行的可能性(概率)越大;超额持有现金会显著减弱公司定向增发的公告效应。因此,圈钱动机可能是促使公司多次定向增发的重要因素,而市场可以在一定程度上识别这种动机并做出消极回应,导致多次实施定向增发的公告效应递减。
The motivation and market reaction behind the repeated refinancing announcements are analyzed from the perspective of the announcement effect of repeated private placement. The results show that: the market’s attitude towards the subsequent refinancing announcement is negative, as shown in the announcement effect as the number of announcements increases But in turn decreasing; the degree of asymmetric information before the announcement of multiple private placement not only did not decrease, but increased; the first announcement effect did not have significant feedback effect on the probability of subsequent issuance of the company, and the cash holding before the announcement of the follow- The higher the probability (probability) of a higher-level company in implementing multiple issuance, the greater the excess probability of holding cash will significantly reduce the announcement effect of the private placement of the company. Therefore, the motivation for loaning may be an important factor in the company’s private placement, and the market can recognize such motivation to a certain extent and make negative responses, resulting in the diminishing effect of the announcement of repeated issuance of private placement.