定向增发一级市场投资回报的影响因素研究
A Study on Determinants of Investment Return of Private Placements in the Primary Market
Abstract
近年来，我国定向增发发展势猛，不仅成为上市公司广泛采用的股权再融资方式，也成为广大投资者日益青睐的投资热点。而投资者除了可以利用公告效应在二级市场买卖股票进行套利之外，还可以直接在一级市场参与定向增发股份认购。但以往针对定向增发投资价值的研究主要是从二级市场投资者的角度出发，探讨定向增发的短期公告效应和长期股价反应，本文则站在一级市场投资者的视角，对定向增发解禁时的投资回报问题进行了探讨，试图为一级市场投资者的认购决策提供一定的意见，也为企业如何通过定向增发来实现股权价值最大化提供一定的思路。 本文利用2006~2013年之间进行定向增发并已解禁的上市公司为样本，从定向增发特点、发行公司特点... In recent years, the private placement has developed rapidly, which has become not only the most important refinancing way among listed companies but also a popular investment choice in capital market. While the previous studies on the investment value of private placement were mainly from the perspective of investors in secondary market to discuss the announcement effect and long-term stock price...