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本文通过对国外有关私募发行新股研究文献的梳理,从上市公司选择私募发行新股的原因、私募发行新股融资的宣告效应、私募发行新股公司的长期股票价格表现、私募发行新股时的折价率、投资者类别与私募发行的长、短期回报的关系等五个方面进行了分类综述,总结了私募发行新股研究的最新进展情况及其发展趋势,以期对我国定向增发新股融资研究提供新的视角。
This paper reviews the literature on the private placement of new shares abroad, the reasons for the listed companies to choose private placement of new shares, the announcement effect of private placement of new shares, the long-term stock price performance of private placement of new shares, the discount rate of private placement of new shares, Category and the relationship between the long-term and short-term returns of private placement, and summarizes the latest progress and development trend of the private placement of new shares research in order to provide a new perspective for the research on the financing of private placement.