上市公司增长机会、增发数量与股价反应

摘要

Based on the examples of the A-share listed companies that succeeded in seasoned equity offering from 2007 to 2009,the paper made an empirical analysis of the relationship between the scales of seasoned equity offering and the share price effects.The research results showed that the scale of seasoned equity offering depended on its growth opportunities,in other words,the greater the growth opportunities,the higher ratio of the number of seasoned equity offering to the total equity of the pre-offering.The paper also indicated that the stock market would make significant negative reaction to the over-issuing of listed companies,and only weak evidence proved that cautious re-offering would lead the stock price to drop.In addition,the paper also showed that public re-offering companies were more inclined to over-issue than the directed re-offering companies,and their stock prices tend to change radically.%以2007年至2009年成功增发的A股上市公司为样本,对我国上市公司增发数量与股价变动的相互关系进行研究,结果表明：上市公司的增发数量内生于其增长机会,增长机会越大的公司增发数量占发行前总股本的比率也越高;股市对上市公司的过度增发会做出显著的负面反应,但仅有微弱的证据表明谨慎增发会导致股价下跌;公开增发的上市公司较之于定向增发的上市公司具有更多的过度增发倾向,且股价反应也更剧烈。