定向增发收益率影响因素-分析——基于消极投资者

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1、定向增发收益率影响因素分析一基于消极投资者AbstractPriVatePlacementisoneofthemostpopularwayofrefinancingby1istedcompanies．Atthesametime，PrivateP1acementisanefficientover1istingmethod．MoreandmoreinvestorsareattractedbytherelativesteadyreturnofPriVatePlacement．Howevertherearea1soco

2、ntr01lingshareholdersinjuredtheinterestofprivates：ortheresultofthecompanyismuchlessimpressivethanexpected．Thepricebecamemuchhigherthanbefore，which10werthediscountratio．Aspassiveinvestors，theycan’texertappreciableimpactontheoperationofthe1istedcompanies．Al1of

3、theseproblemsdriveustochoosekeyreferences．Theresearchofthispaperisbasedontheprivateachievements，whichinV01Vecontr01lingshareh01derstunneling、factorsimpactingthediscountrateandsoon．Throughtheanalysisoftheimpactedfactorsofthereturn，theauthorfoundedthatthesizeo

4、fthelistedco皿Ipanies、theproceeds、theinsidertradingallhavenegativeinfluenceontheCARthefraction、debtratiobothhaVethepositiveinfluenceontheCAR．What’sm。re，thenegativefactorsshowgreaterinfluencethanthepositiVeones．Asforthepracticeofinvesting，themeaningistohelpthe

5、inVestorstofocusonthekeyratiostoavoidspecificriskandimprovethepossibilityofpositiveCAR．ThispaperisdiVidedintofiveparts：chapter1，thereistheintroductionofthebackground，andthereviewoftheachievementsfromabroadanddomestic：inchapter2，thereisthedescriptionofthechar

6、actersoftheSE0inChina：inchapter3theauthoranalyzedthefactorsthatimpactthereturn，anddesignedtheexplanatoryinvariables：inchapter4themaincontentiseⅡIpiricaltest．Itinvolvesdatasieving、thestatistics、correlationtest、109isticregressionanalysisandbacktest．Chapter5ist

7、heconclusionandthesupplement．KeyWords：PrivateP1acement；Return：Passive工nvestors．2定向增发收益率影响因素分析一基于消极投资者目录第一章绪论．．．．⋯⋯⋯⋯⋯．．⋯⋯⋯⋯⋯．．．．⋯．．5第一节选题背景⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯5第二节文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯6第二章中国上市公司定向增发新股特征分析⋯⋯⋯⋯⋯．．13第一节定向增发相关概念介绍⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

8、⋯⋯⋯⋯⋯．．14第二节中国上市公司定向增发新股的发展历程⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯一15第三节我国定向增发的特征⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯。17第三章模型建立⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．25第一节基本假设⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯26第二节变量的选择及定义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯28第四章实证检验⋯⋯⋯⋯⋯．⋯⋯⋯⋯⋯