Empirical Research on Stock Price Effect of Rights Issuance
随着我国股市的发展 ,上市公司的融资方式也不断创新 ,配股融资作为股权融资的一种方式逐渐成为上市公司再融资的首选。配股融资虽然具有许多优点 ,但是我国上市公司没有充分发挥配股融资的长处 ,为了“圈钱”而“圈钱” ,并且资金配置效率低下 ,对股市的负面影响日渐突出。通过 2 0 0 0年实施配股的 4 3家样本公司配股公告日股价的变动 ,对配股融资的股价效应进行实证分析 ,并提出相应的政策建议。With the development of China stock market, the financing method of public companies is becoming creative. As a kind of method of financing, rights issuance is gradually becoming the first for public companies refinancing. Although rights issuance has many advantages, public companies in our country do not take full advantage of rights issuance, but for the sake of “collect money”for“collect money”. The distribution efficiency of the raised funds though rights issuance is low, and negative influence on stock market is gradually outstanding. This article tries to analyze the stock price effect of rights issuance by the empirical research methodology though the fluctuation of rights issuance announcing day's stock price of 43 sampled public companies which implemented rights issuance in 2000. Finally we put forward appropriate policy suggestions.