我国上市公司配股行为的实证研究

中南民族大学硕士学位论文我国上市公司配股行为的实证研究姓名：魏云竹申请学位级别：硕士专业：企业管理指导教师：陈卫平20080526ISecondaryEquityoffering,SEOSecondaryequityofferingSmith(1977)therightsofferpuzzle,LoughranandRitter(1995)(thenewissuespuzzle)1220043511.16%-7.40%1.16%1.16%IIIIIAbstractSecondaryEquityofferingreferstofinaancingactivityafterJointstockcompanyistobelisted.Thereareseveralwaystoraisefundsforthelistedcompanies:SecondaryEquityoffering,issuenewstockordebt.InChinastockmarket,SEOalwaysholdsmajorposition,whichisamainrefinancingway.SEOprovidesfundstothecompanyforitsdeveloping.SEOplaysadecisveroleinChinacapitalmarket.ButtherearemanyunnormalbehaviorswhencompaniesissueSEO,sothemarketgenerallythinkitisQuanQianandharmfulforsmallstockholder.Soitisverysignificanttoresearchthefinancingbehaviorofthelistedcompanies.IntheUSA,ithasbeensoforquitesometimeabouttheresearchoftheSEO,Smithraisedtherightsofferpuzzlein1977,LoughranandRitterraisedthenewissuespuzzlein1995.Alargenumbersofarticleshavedonein-depthresearchabouttheprobleminJapan,Europeandothercapitalmarketsfromthedifferentpointofview.Thedomesticresearchismainlyaboutearningmanagement.InChina,theparticipantincludes:government,listedcompanies,bigstockhold,smallstockhold,intermediaryagent.Differentinterestcausesthedifferentbehavioroftheparticipant.Astheoriginalintentionofsettingupthecaptialmarketistosolvetheshortofthefundsandtoprovidefundsforthegovernmentownedcompany.Inthisbackground,ourlistedcompaniespresentdualisticownershipstructure.Thethesisanalyzestheinterestdistributionbetweentradableshareholdandnon-tradablesharehold,thebehavior,thechangesoftheachievement,theinvestor'sprofit.etc.Thecontentmailycontains:(1)Thechangesofthepolicyistheresultofthegamebewteenthegovernmentandthecompany.Thecompanyhasstrongmotivationthattooperatetheprofit.Inordertoacquireshares-rationingright,somelistedcompaniesmaytrytheirbesttomeettherequirementsofChina'sSecuritiesRegulatoryCommissionbyearningsmanagement.Thewealthshiftfromtradablestockholdtononon_tradablestockhold.(2)ThethesistakelistedcompaniesthatimplementSEOin2004forexample,useprimarybusinesstotalassetsyieldtomeasuretheachievementofthecompany.Atlast,wefindtheachievementisdeclined.(3)Thethesisusestheeventresearchwaytoanalyzetheinvestor'searningsundertheinfluenceoftheSEO.IVTheimportantaimofsupervisionistodeploytheresourcestotheefficientcompanies.Theprevenientpolicyismainaboutthepastperformanceandfuturesupervisionoftheinvestment.Astheyareeasyoperatedoruncertain,itisdifficulttosuperviseefficiently.Butitisalittlebiteasytosupervisethebehaviorofthebigstockhold,wecouldstandaridisethebehaviorofthebigstockhold.Fortheinvestors,theycouldhaveupperCAR.Thethesiethinkbecauseofthedualisticownershipstructure,causetheunnormalSEO.Keyword:SEO;Post;Earningmanagement;Achievement;Listedcompany1______21102007A155032.71GDP140%199319912007A17114.5262250.51.1AB2A()()A():IPO(%)199155555199220.7510.0094.0750.0050.00199395.7942.59375.47276.41194.8381.5821.72199491.2610.97326.7899.7849.6250.1615.35199531.605.32150.3285.5122.6862.8341.80199686.1138.29425.08294.34224.4568.8916.211997267.63105.651293.82825.92655.06170.8613.211998105.5686.30841.51778.02409.09334.9739.8130.461999122.9398.11944.56893.60497.88320.9733.9859.752000512.04145.682103.241527.03812.37519.4624.70166.702001148.4893.001252.341182.13534.29430.6334.39217.272002291.74134.20961.75779.75516.9656.615.89164.682003281.4383.641357.75819.56453.5174.795.51110.662004227.9254.881510.94835.71353.42104.546.92168.722005567.0513.801882.51338.1356.742.620.14278.7720062823.771715.0261304.5133.741.191302.0520078477.366608.614676.85237.852.813185.8325770.8317114.52610817.262250.55684.8931.11.21243,Smith(1977)90%EckboandMasulis(1992)EckboandMasulis(1992)CronqvistandNilsson(2002),LoughranandRitter(1995)5SpiessandAffleck-Graves(1995)Affleck-GraveandPage(1996)SoucikandAllen(1999)Pierre(2000)KangKimandStultz(1999)DuboisandPierre2000,Teohetal(1998)Sloan(1998)Duchameetal(2004)51.2.2.1199119921993123051994101030199630101998199996CPA200126620061224507020066ROE199620061996124---ROE10%10%19993199610%10%6%200131536%20061.2.2.2,(2001)1993-199649(2002)1999,,2002199962720031999-20012003200419991998-200220044372004(2005)20001993-199720002005Jones23200538123123459,1500IBMGE1240%50%3101984MyerstMajlufMyers(1995)2003200320042004111g0,g02p2,g01p1p2p1p,103010212010220001()0.3()×0.3ggppggppMgg+-+-=1201022101022020120001()0.3()0.3()×0.3ggppggppggppMgg+-+-+-=p2pp1M11,M00,20023.85%3.70%28.22%33.06%2---200022090200112236%147357.361.0920%40%10%313,,,,,,,,,,,,,,,,,,,,,,,,,,;,,,,,,,,,,,,,,;14330%30%:4HawQiWuZhang20002003152001ROE2000ROE16LoughranandRitter(1995)57%15%SipessandAffleckGraves(1995)SoucikandAllen(1999)KangKimandStultz(1999)DuboisandPierre(2000)Pierre(2000)317.18%4.43%AffleckGravesandPage(1996)LoughranandRitter(1997)Ritter(1991)BravGeczyandCompers(1995)LoughranandRitter(1997)SpiessandAffleckGraves(1995)20045200421173.120042ChenandYuan(2001)200418ROE=-------200043.120022003200420052006192120AsquithMulines(1986)MasulisKowar(1986)MikkelsonPartch(1986)LucasMacdonald(1990)2%-3%Smith(198