我国证券市场增发公告效应的行为金融分析

我国证券市场增发公告效应的行为金融分析

摘要：增发新股是海外证券市场上通行的再融资方式之1，该方式在我国实践以来，引起极大争论。上市公司纷纷热衷于增发新股，而投资者对其却越来越反感，增发消息的公布往往伴随着股价的下跌，公告效应10分明显。本文从行为金融学的`基本理论出发，分别研究了上市公司、投资者和市场的非理性行为，分析了股权融资偏好、羊群效应、自我归因偏差和反应不足等现象及其与公告效应的关系，从新的角度对增发的公告效应的原因进行了有益的探讨。针对我国证券市场，本文最后提出了对上市公司和机构投资者的引导和监管的政策建议。
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关键词: 增发新股  公告效应  行为金融理论

Approaching on the Announcement Effect of Seasoned Equity Offering in Chinese Securities Market in Behavioral Finance Perspective
 
Abstract: The Seasoned Equity Offering is one of the common ways of re-financing in the foreign securities market. The practice of this way in China has caused a lot of controversy. A large number of listed companies are fond of the Seasoned Equity Offering, while the investors are disgusted with it more and more. The news of The Seasoned Equity Offering is often followed by the decline of the stock price. Certainly, the Announcement Effect is obvious. This thesis, based on the basic theory of Behavioral Finance, discusses and studies the irrational activities of the listed companied, investors and the market, and analyses the phenomena of the Greater-fool-Game, the self-serving bias attribution and the Under-reaction, and their relations with the Announcement Effect, whose causes are discussed well in a new angle. With regard to Chinese securities market, at last the thesis suggests to guide and supervise the listed companies and institutional investors.

Keywords: Seasoned Equity Offering ，The Announcement Effect ，Behavioral Finance.