| 基于异质信念的股权发行方式及其股价效应 |
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| 引用本文： | 刘志新,马健.基于异质信念的股权发行方式及其股价效应[J].系统工程,2011(1):16-23. |
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| 作者姓名： | 刘志新 马健 |
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| 作者单位： | 北京航空航天大学经济管理学院; |
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| 基金项目： | 国家自然科学基金资助项目(70821061); 教育部新世纪优秀人才支持计划项目(NCET050184) |
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| 摘 要： | 股权发行主要有配股、公开增发和定向增发三种方式,本文基于Miller(1977)的异质信念分析,使用Order-Probit回归方法和2005～2010沪深A股再融资数据,实证研究异质信念对公司股权发行方式的影响,并通过考察不同发行方式的股价效应进一步确认这种影响.实证结论表明:随着投资者翼质信念的增大,公司股权发行依...
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| 关 键 词： | 异质信念 配股 公开增发 定向增发 股价效应 |
Equity Issue Method and Its Stock Price Effect Based on Heterogeneous Beliefs |
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| LIU Zhi-xin,MA Jian.Equity Issue Method and Its Stock Price Effect Based on Heterogeneous Beliefs[J].Systems Engineering,2011(1):16-23. |
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| Authors: | LIU Zhi-xin MA Jian |
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| Institution: | LIU Zhi-xin,MA Jian (School of Economic and Management,Beihang University,Beijing 100191,China) |
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| Abstract: | Share allotment,additional equity offer and directional add-issuance are the predominant methods of seasoned equity offering(SEO) in China.Using Order-Probit regression and a sample of SEOs from Chinese listed firms between 2005 and 2010,we empirically analyze the impact of heterogeneity belief among outside investors on the SEO choices made by a firm.In order to identify the impact we also investigate the stock price effect of each offer method.The results demonstrate that with the more heterogeneity belie... |
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| Keywords: | Heterogeneous Beliefs Share Allotment Additional Equity Offer Directional Add-issuance Stock Price Effect |
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