本文针对股权分置改革以后,我国资本市场出现的定向增发式资产注入现象,按照上市公司大股东国有或民营的背景分类,比较两类资产注入事件的累计超额收益率。得出结论认为定向增发式资产注入对于国有控股上市公司的短期股东财富和市场业绩的推动作用不及对于民营控股上市公司明显。根据结论,本文提出政策建议:进一步完善市场环境和法律规范,对于资产注入事件中大股东加强监管,进一步严格对定向增发股价的规定。 In this paper, after the non-tradable share reform, the capital injection into private placement in our country’s capital market, according to the state-owned or private listed companies major shareholder background classification, the two types of asset injection events accumulated excess rate of return. It concludes that the effect of injection of the private placement of listed assets on the short-term shareholder wealth and market performance of state-controlled listed companies is less than that of privately controlled listed companies. According to the conclusion, this article puts forward the policy suggestion: further consummates the market environment and the law norm, strengthens the supervision to the big shareholder in the asset injection incident, further tightens the rule of the private placement of stock price.