论文部分内容阅读
股市的主要功能是有效的配置资源,但我国的股市,尤其是上市公司有待成熟,“投资饥渴症”往往使它们不计后果地胃口大开。从目前来看,增发实际上已成为对业绩滑坡的落后企业的救济,根本谈不上鼓励先进,谈不上优化经济结构。研究一下增发的二级市场效应,我们发现,虽然不断有人鼓吹增发的利好因素,但似乎并未得到投资者的认同。增发消息的公布往往伴随着股价的大幅跳水,增发因而被人们戏称为“陷阱”或“地雷”。股民对增发也只好用脚投票了。
The main function of the stock market is to effectively allocate resources, but the stock market in our country, especially the listed companies, have yet to mature. “Investing in hunger and thirst” often makes them reckless in their appetite. For the time being, the issue of additional issuance has in fact become a relief to backward enterprises that have suffered a decline in performance. Rather than encouraging advanced economy, economic growth can not be achieved. To study the secondary market effect of additional issuance, we find that although there are some favorable factors that have been advocated for additional issuance, we do not seem to have been approved by investors. The issuance of additional news is often accompanied by a substantial dive in stock prices, additional issuance has been dubbed the “trap” or “mine.” Investors also had to vote with their feet.