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股权发行主要有配股、公开增发和定向增发三种方式,本文基于Miller(1977)的异质信念分析,使用Order-Probit回归方法和2005~2010沪深A股再融资数据,实证研究异质信念对公司股权发行方式的影响,并通过考察不同发行方式的股价效应进一步确认这种影响。实证结论表明:随着投资者翼质信念的增大,公司股权发行依次选择配股、公开增发和定向增发,而其股价效应依次减小。
Based on the analysis of heterogeneous beliefs by Miller (1977), using the method of Order-Probit regression and the refinancing of A-shares in Shanghai and Shenzhen from 2005 to 2010, this dissertation empirically studies the heterogeneous beliefs The impact of the company’s equity offering method, and to further confirm this effect by examining the stock price effect of different distribution methods. The empirical results show that with the increase of investors’ confidence in the wing, the company’s equity issuance in turn select shares placement, public offering and private placement, and its share price effect in turn decreases.