文章研究了定向增发购买资产事件首次公告中包含的三种效应,证实了来自信息和股权结构两个方面的影响:定向增发实施资产注入事件的市场反应显著为正,影响因素主要来自信息效应和股权结构效应,市场反应与代表公司价值被低估可能性的变量以及股权集中度增加的代理变量显著相关;没有证据支持并购与整体上市效应;注入资产类型以及资产注入目的是否为了整体上市对市场反应亦无显著影响。 This paper studies the three effects contained in the first public announcement of private placement and confirms the impact from two aspects of information and ownership structure: the market response to the implementation of private placement is significantly positive, the impact factors mainly come from the information effect and The effect of ownership structure, the market response is significantly correlated with the variables that underpay the company’s value undervaluation and the proxy variables with increasing ownership concentration. There is no evidence to support mergers and acquisitions and the overall market effect. Whether the asset injection and the purpose of asset injection respond to the market as a whole Nor significant effect.