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国外针对新股增发的研究表明,新股增发后会出现显著的业绩走低,这可能是由于经理往往会抓住产业高峰的时机进行增发所导致。中国证券市场的增发审批制度与国外完全不同,我们有兴趣的是,类似现象在中国是否存在,制度的差异是否限制了经理对增发时机的把握。本文通过实证研究,发现我国上市公司增发后并没有出现显著的长期业绩走低现象,可以由此推断:上市公司增发股价并没有被明显高估,也不存在公司经理利用产业高峰时机窗口进行增发的可能性。
Foreign research on new shares issuance shows that there will be a notable performance decline after the new shares issuance, which may be due to managers tend to seize the peak of the industry when the additional issuance. China’s securities market issuance examination and approval system is completely different from abroad, we are interested in whether similar phenomena exist in China, whether the differences in the system limits the manager of the timing of additional issuance. This paper, through empirical research, finds that there is no significant long-term performance decline after the issuance of listed companies in our country. It can be inferred that the issuance price of listed companies has not been significantly overestimated, and there is no issuance of the company managers using the industry peak timing window possibility.