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中国证监会通过设定基于业绩门槛的要求,严格控制市场的股权再融资规模。本文对1998至2010年间公开增发的上市公司在增发后的市场表现进行深入研究。结果发现,与匹配的基准相比,我国公开增发的上市公司并不存在成熟市场中较为普遍的增发后弱势表现。此外,本文还发现公开增发后的超额收益与公司增发之前的ROE之间存在显著的正相关关系,这意味着基于ROE的业绩门槛有助于识别增发公司质量。
China Securities Regulatory Commission (CSRC) strictly controls the size of the equity refinancing in the market by setting the performance-based threshold requirements. This article conducts an in-depth study on the market performance of publicly traded public companies issued between 1998 and 2010 after the issuance of new shares. The results show that, compared with the matching benchmark, public listed companies in China do not exist in mature markets more common after the issuance of weak performance. In addition, the paper also found that there is a significant positive correlation between the excess return after the public offering and ROE before the company’s issuance, which means ROE-based performance threshold helps to identify the quality of the issuers.