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本文以上市公司募集资金投向变更信息披露的市场敏感性作为研究对象,通过理论和实证分析来研究募集资金投向变更的相关问题。对影响我国上市公司募集资金投向变更的因素和募集资金投向变更这一消息对于市场敏感性进行了回归分析。分析发现上市公司是否为首次变更募集资金投向和是否存在关联交易与变更前后的累积超常收益率存在着显著的负相关,而公司的净资产收益率与变更前后的累积超常收益率存在着显著的正相关。接着使用Logit回归模型验证了上述结论。最后,本文根据上文中募集资金投向变更信息披露的敏感性反应的相关因素,提出了一系列建议。
In this paper, the listed companies to raise funds to change the disclosure of market sensitivity as a research object, through theoretical and empirical analysis to study the changes related to the issue of funds raised. On the impact of China’s listed companies to raise funds for change in the factors and investment funds to change the news of the market sensitivity of the regression analysis. It is found that there is a significant negative correlation between whether the listed company changes the investment orientation for the first time and the related transaction and the cumulative abnormal return before and after the change. However, the return on equity and the cumulative abnormal return before and after the change have significant Positive correlation. Then use Logit regression model to verify the above conclusion. Finally, this paper puts forward a series of suggestions based on the above factors related to the sensitivity of the funds raised to change the information disclosure.