基于政策监管下的新股增发与股市波动研究Seasoned Equity Offerings and Fluctuation in Stock Market: An Empirieal Study based on Policy Regulation
张人骥,刘春江
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
基金项目(Foundation):
作者(Author): 张人骥,刘春江
Email:
DOI: 10.16538/j.cnki.jfe.2005.06.012
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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