文献类型：期刊文献

中文题名：减持新规有效果吗?--基于定向增发市场反应的实证分析

英文题名：Whether the New Regulations about Reduction Work?——Evidence from the Market Response of Private Placements

作者：阮永平[1];吕可夫[1];郑凯[1]

机构：[1]华东理工大学商学院,上海200237

年份：2018

卷号：0

期号：10

起止页码：55

中文期刊名：金融发展研究

外文期刊名：Journal Of Financial Development Research

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；

语种：中文

中文关键词：减持新规;定向增发;市场反应

外文关键词：the new regulations about reduction;private placements;market response

摘要：2017年5月27日,证监会公布实施《上市公司股东、董监高减持股份的若干规定》。本文通过事件研究首次考察了减持新规期间的定向增发市场反应,实证结果表明:在政策颁布期间,定向增发市场整体为负,呈U形走势,其原因在于投资者预期减持新规导致了未来公司定向增发的不确定性提高,进而股价下行。进一步研究发现:减持新规的颁布能够提升投资者对于定向增发事项的认可程度。本文的研究不仅丰富已有定向增发市场反应研究文献,也对完善我国减持政策具有重要的借鉴意义。
On May 27th,2017,the China Securities Regulatory Commission promulgated and implemented"Certain Provisions on Holding Shares by Shareholders and Supervisors of Listed Companies"(CSRC Announcement[2017]No.9,hereinafter referred to as"the new regulations about reduction").The purpose of the regulation is to improve the trading rules to guide the listing of shareholders to reduce stock in an orderly manner,its ultimate goal is to stabilize the secondary market.Through the event study during issuance of the new regulations about reduction,the empirical results show that:in the promulgation of the regulation period,the private placement market has an U type trend,the reason is that investors expect the promulgation of the regulation led to future placement uncertainty,then the price of the stock fell.Further research has found that the promulgation of the new regulations can enhance the degree of investors'recognition of private placements.This study not only enriches the research literature on the market response of private placements,but also is of great significance for the improvement of our country's reduction regulation.