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題名:基於業績門檻監管下增發的長期表現:來自中國公開增發市場的證據
書刊名:會計研究
作者:陳欣杜威張天西
出版日期:2017
卷期:2017(6)
頁次:53-59+97
主題關鍵詞:公開增發長期表現業績門檻再融資增發後弱勢表現
原始連結:連回原系統網址new window
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中國證監會通過設定基于業績門檻的要求,嚴格控制市場的股權再融資規模。本文對1998至2010年間公開增發的上市公司在增發后的市場表現進行深入研究。結果發現,與匹配的基準相比,我國公開增發的上市公司并不存在成熟市場中較為普遍的增發后弱勢表現。此外,本文還發現公開增發后的超額收益與公司增發之前的ROE之間存在顯著的正相關關系,這意味著基于ROE的業績門檻有助于識別增發公司質量。
The Chinese government strictly regulated seasoned equity offerings(SEOs)by setting profitability thresholds and other administrative requirements.We examine the long-run performance of Chinese listed firms making public offerings from 1998 to 2010.Inconsistent with commonly observed patterns of underperformance in mature markets,we do not find any material evidence of post-SEO underperformance compared with matching benchmarks.In addition,we show that the post-SEO abnormal return has a strong positive association with the prior roe of SEO firms,implying that roe-thresholds based on return on equity can be sound tools to identify SEO firms of high quality.
期刊論文
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