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本文采用分析师预测分歧和剔除市场因素、流动性需求的超额换手率的均值作为投资者异质信念的代理变量,同时以2007年9月至2016年4月一年期的成功定向增发的上市公司作为研究样本,运用回归模型检验了投资者异质信念对定向增发发行规模和发行对象的影响。研究表明,对于实施定向增发的上市公司而言,投资者异质信念越大,上市公司定向增发规模越小;投资者异质信念越大,上市公司越倾向于向机构投资者增发新股。
In this paper, we use the average value of excess turnover ratio of liquidity demand and analysts ’forecasts of disagreement and market exclusion as the proxy variables of investors’ heterogeneous beliefs. At the same time, with the successful private placement in September 2007 to April 2016 As a sample of the listed company, the regression model is used to test the impact of the heterogeneous beliefs of investors on the scale of private placement and issuance. The research shows that for the listed company implementing private placement, the larger the heterogeneous belief of the investors, the smaller the size of the private placement of the listed company; the greater the heterogeneous beliefs of investors, the more likely the listed company is to issue new shares to the institutional investors.