论文部分内容阅读
本文以公告了公开增发预案的A股上市公司为样本,实证检验了政府干预行为的有效性。研究发现:在公告了公开增发预案的公司中,增发后3年,成功增发公司的经营业绩总体上显著高于未成功增发的公司,但股票的市场表现没有显著差异;但在证监会增发条件更严格的阶段,成功增发公司的经营业绩、股票市场表现均显著高于未成功增发公司。这表明,证监会对公司增发新股的干预,特别是实施更严格的增发条件要求,在一定程度上起到了筛选优质上市公司、促进资源有效配置和保护投资者的作用。
In this paper, public announcement of a public offering of A-share listed companies as a sample, the empirical test of the effectiveness of government intervention. The study found that: Among the companies that announced the public offering plan, the business performance of the successful issuers was generally significantly higher than that of the non-successful companies in the three years after the issuance, but there was no significant difference in the market performance of the stocks. However, Stricter stage, the successful issuance of the company’s operating performance, the stock market performance was significantly higher than the number of unsuccessful additional companies. This shows that the SFC’s intervention in the issuance of new shares of the company, especially the implementation of more stringent issuance requirements, to some extent played a screening of high-quality listed companies, and promote the effective allocation of resources and protect investors.