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本文选取2006年和2007年期间实施定向增发的样本数据,通过选择反映公司盈利能力、偿债能力、营运能力、发展能力、现金流量能力五个方面的14项指标,构建因子分析模型,通过综合绩效得分来比较定向增发前后长期经营绩效的变化。通过对不同类型投资者,以及不同折价水平企业绩效变化进行分类研究,发现机构投资者参与定向增发有助于改善企业绩效,而大股东参与定向增发的上市公司长期经营绩效则发生下降。同时,高折价发行的上市公司定向增发后,企业绩效明显变差;低折价发行的上市公司定向增发后,企业绩效得到提升,低折价发行以及中间折价发行的公司绩效改善程度明显优于高折价发行的上市公司,进一步说明了投资者对企业质量具有较强的判断能力。
This paper chooses the sample data of the private placement in 2006 and 2007, and selects 14 indexes that reflect the company’s profitability, solvency, operation ability, development ability and cash flow ability, and builds the factor analysis model, Performance scores to compare the long-term business performance of private placement before and after the change. By classifying the different types of investors and the performance changes of enterprises with different discount levels, it is found that the institutional investors’ participation in private placement can help to improve the corporate performance, while the long-term operating performance of listed companies that major shareholders participate in private placement decreases. At the same time, the listed companies with high discount issued private placement significantly worsened their performance. After the private placement of listed companies with low discount issued private placement, the performance of the listed companies improved. The improvement of the performance of the company with low discounted issuance and intermediate discounted issuance was significantly better than the high discount The issue of listed companies, further illustrates that investors have a strong ability to judge the quality of the enterprise.