张人骥,刘春江

• 1:上海国家会计学院教研部
• 2:上海财经大学会计学院 上海
• 3:201702
• 4:200083

摘要(Abstract)：

文章选取增发公司样本,利用多种方法对增发事件重要日期逐一考察,获得增发新股存在负价格效应的最终结论。根据证监会对增发政策的规定,文章选取增发数量、现金流量增长率和资产负债率三个变量,考察其与超额报酬的相关关系,研究发现现金流量增长率与超额报酬正相关,支持信息非对称假说。此外,文章对交易量进行检验,发现存在内幕交易的可能性。

关键词(KeyWords)： 增发新股;股市波动;政策监管

Abstract:

Keywords:

基金项目(Foundation):

作者(Author): 张人骥,刘春江

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参考文献(References)：

• ①上市日前后股本变化,对超额交易量的检验存在一定偏差,因此我们按照相同的换手率(成交量/股本)对上市日及上市日后的交易量进行了调整,以排除股本稀释的影响。
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