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定向增发自2006年5月8日《上市公司证券发行管理办法》发布实施以来,便作为一种全新的融资方式不断发展壮大,其涉及的规模、行业日益广阔。早期投资理论信奉资本市场是完美的,影响投资效率的唯一因素是投资机会。但是在现实社会中,由于信息的不对称和委托代理问题的大量存在,产生监督成本,影响了企业投资效率。而各国学者直接分析定向增发对企业投资效率影响的文章非常少,现有成果主要是关于定向增发对企业财务绩效和股价影响的研究。
Private placement Since its release on May 8, 2006, the “Measures for the Administration of the Issuance of Securities by Listed Companies” has been continuously expanded and developed as a new financing method. Its scale and industry are becoming increasingly broader. Early investment theory believe in capital markets is perfect, the only factor affecting investment efficiency is investment opportunities. However, in the real world, due to the asymmetric information and the large number of principal-agent problems, supervision costs are incurred, which affects the efficiency of investment in enterprises. However, scholars from all countries directly analyze the impact of private placement on the efficiency of business investment. There are few reports about the effect of private placement on corporate financial performance and stock price.