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我们研究发现流通股东配股认购比例与配股价格负相关,与当年市场平均收益率、配股期的配股公司数量及公司股权非流通性正相关,配股公司所在公用事业和房地产行业特征对配股认购有显著的负面影响,而配股认购比例与公司资产规模和融资规模的关系不显著。
Our study found that the proportion of shares subscribed for allotment of shares held by shareholders was negatively correlated with the price of the rights issue and was positively correlated with the market average yield, the number of allotment companies during the share allotment period and the non-liquidity of the Company’s shares. The characteristics of the public utilities and real estate industry where the shareholding companies were located Of the negative impact, while the proportion of shares placement with the company’s asset size and financing scale of the relationship is not significant.