增發(fā)和配股是目前中國(guó)資本市場(chǎng)兩大再融資方式。在1998年之前,配股是主要的再融資方式,然而現(xiàn)在增發(fā)不論在發(fā)行數(shù)量還是在發(fā)行規(guī)模上都是最重要的再融資方式。在本研究中,我們考察了中國(guó)上市公司在兩種再融資方式下的公告效應(yīng),發(fā)現(xiàn)再融資公告擁有顯著的正面股價(jià)效應(yīng),并前發(fā)現(xiàn)增發(fā)的正面股價(jià)效應(yīng)比配股的大。我們還進(jìn)一步研究了公告效應(yīng)與股東集中度、機(jī)構(gòu)股東持股以及發(fā)行價(jià)折扣的關(guān)系。
【學(xué)位單位】：上海交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位年份】：2011
【中圖分類】：F832.51;F272;F224
【文章目錄】：
Abstract
摘要
1. Introduction
2. Alternative Refinancing Methods in China: Rights Offerings and Share Placing
    2.1 Rights Offerings
    2.2 Share Placing
    2.3 Comparison of Issuing Conditions of the Two Refinancing Methods
3. Theory and Past Empirical Result
    3.1 Models and Empirical Evidence about Announcement Effect
    3.2 Theory and Past Evidence about Choice of Refinancing Method
    3.3 Characteristics of the Issuance and Issuing Firm Affecting the Announcement Effects
4. Sample and Methodology
    4.1 Data Collection and Sample Analysis
    4.2 Analysis Methodology and Model
        4.2.1 Event Study
        4.2.2 Cross-sectional Regression
5. Empirical Results
    4.1 Market Reaction at Announcement of Resolutions by Board of Directors
    4.2 Share Price Effects of Placing
        4.2.1 Announcement Date of Resolutions by Board of Directors
        4.2.2 Announcement Date of Resolutions by General Meeting of Shareholders
        4.2.3 Announcement Date of Approval of Issuance Assessment Committee
        4.2.4 Announcement Date of Approval by China Securities Regulatory Commission..
    4.3 Cross-sectional regression Results for Share Placing
6. Conclusion
Bibliography
Acknowledgements

【參考文獻(xiàn)】

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