上市公司权益再融资的股价效应和中长期市场绩效

针对中国上市公司的权益再融资行为进行事后效果评价，从实证的角度探寻在市场有限理性条件下，中国上市公司再融资决策的动因和机理。研究发现，公司的权益再融资公告具有显著为负的价格效应，不同的权益发行方式具有不同股价效应．不同的市场态势中逆向选择成本的大小也不同；另外权益融资公司的长期市场回报呈下滑趋势，主要与权益发行前市场投资者的估价心理等因素有关。当公司的股票处于高估状态时，公司愿意通过权益进行融资，并且如果短期的信息成本（宣告效应）不占主导优势．那么可能出现伴随股价高估而来的投资过甚或募集资金滥用，这样长期的投资回报与高估水平呈现明显的反向变动。在牛市这种联动关系尤为明显。

The Effects of China Corporations' Seasoned Equity Issues and Long-term Market Performance

This paper emphasizes on the aftereffects of china corporations' season equity issues,and surveys the reasons and the mechanism of China corporations' SEI in an irrational market.It concludes that the negative announcement effects(exist,) and they are quite different in different kinds of issues and in different markets(hot and cold).And it also finds that the long-term market performances become worse due to the investors' evaluations before issuing and other factors.When the stock is over-valued,equity issue is preferred.If information cost doesn't dominate,it is possible that the corporate will over-invest or abuse capital after issues,and therefore,the long-term returns move oppositely to evaluations.This relationship is more significant in hot market.