摘要
本文以2006-2013年开展定向增发的上市公司为研究样本,通过构建中国投资者情绪指数,实证分析了投资者情绪对上市公司定向增发后长期市场表现的影响。实证结果证明:投资者情绪与上市公司定向增发后长期市场表现呈现出明显的负相关关系;当样本的财务状况较差、样本规模较小时,投资者情绪对上市公司定向增发后长期市场表现的影响更大。此外,研究还发现,投资者情绪对不同发行对象和不同认购方式的定增样本长期市场表现的影响不存在显著差异。
This paper selects the listed companies that implement private placement in Chinese capital market as research samples during 2006-2013. Through the construction of China investor sentiment index,we analyze the influence of investor sentiment on the long-term market performance of the listed companies in the private placement. The empirical results show that the inventor sentiment has a significant negative correlation with the long-term market performance after private placement.And when the firms have worse financial condition and the firm size is smaller,the inventor sentiment may have a greater influence on the long-term market performance after private placement. In addition,the study also indicates that there is no significant difference in the impact of investor sentiment on the long-term market performance of the samples that have different subscribers or different payment methods.
出处
《中国经济问题》
CSSCI
北大核心
2017年第6期98-109,共12页
China Economic Studies
关键词
投资者情绪
定向增发
长期市场表现
investor sentiment
private placement
long-term market performance
