摘
要
摘要
股权再融资聚集社会中的闲散资金，服务国家经济建设，推动着国家的经济发
展。伴随着 2006年股权分置改革的基本完成，股票的流动性极大的增强，这为我
国的股权再融资创造了有利条件。同年伴随《上市公司证券发行管理办法》的颁布，
定向增发再融资方式走上规范化道路，定向增发的推出进一步推动股权再融资市
场的蓬勃发展。近年来上市公司青睐股权再融资背后有哪些影响因素，股权再融资
对企业的业绩又会有怎样的影响，这些问题都值得探究。
本文搜集 2006年后进行定向增发和公开增发的上市公司样本，以增发时间点
同一年、同产业的平均资产规模的前 1年和后 2年未曾实施增发的企业为对照样
本，构造了两组样本在增发时间点前 3年和后 3年的业绩和财务指标的面板数据，
选择企业的年 ROA和年股票收益率作为业绩指标。使用双重差分 (Difference-in-
Difference, DID)的面板数据模型，评估股票增发这一事件对实施组企业业绩的影
响。研究结果显示：实施增发企业的 ROA和股票收益率在增发当年和前三年显著
的好于匹配组企业的业绩，而在增发后三年 ROA和股票收益率有一个相对下降的
趋势，总体显著的低于无任何形式股权融资的企业。
考虑到存在内生性问题，双重差分方法可能无法正确反应股权融资对企业业
绩的作用，继续使用 Heckman (1979)二阶段回归方法处理业绩分析中可能存在的
更多遗漏变量的问题，本文首先考察企业的自选择效应，即具有什么样经济特征的
企业会选择增发股票。然后考察增发这一事件对企业的业绩带来的影响。研究结果
表明：增发这一事件对企业下一年的 ROA有显著的负向影响，对增发后企业接下
来一年的股票收益率和接下来五年的超额收益率的影响显著为负或者不显著。总
体来看，增发事件发生后企业的业绩表现并不乐观。
关键词：定向增发，公开增发，影响因素，公司业绩
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ABSTRACT
ABSTRACT
Equity refinancing gathers the idle capital in the society, serves the national
economic construction and promotes the national economic development. Along with the
basic completion of the shareholding reform in 2006, the liquidity of stocks has been
greatly enhanced, which has created favorable conditions for equity refinancing in China.
In the same year, along with the promulgation of the "Measures for the Administration of
Securities Issuance by Listed Companies", the directional refinancing method was put on
the standardized road, and the launch of the directional refinancing further promoted the
vigorous development of the equity refinancing market. What are the influencing factors
behind the equity refinancing favored by listed companies in recent years, and what
impact will the equity refinancing have on the performance of enterprises? These
questions are worth exploring.
In this paper, we collect samples of listed companies that have carried out targeted
and public issuance after 2006, and take enterprises that have not carried out issuance in
the first one year and the second two years of the same industry with the average asset
size at the time of issuance as the control sample, and construct panel data of performance
and financial indicators of the two groups of samples in the first three years and the second
three years at the time of issuance, and select annual ROA and annual stock return as
performance indicators. Adouble-difference-in-difference (DID) panel data model is used
to assess the impact of the stock issue event on the performance of the implementing
firms. The results show that the ROA and stock returns of firms implementing the
issuance significantly outperform the performance of the matched group firms in the year
of issuance and the first three years, while there is a relative decline in ROA and stock
returns in the three years after the issuance, and overall they are significantly lower than
those of firms without any form of equity financing.
Considering that there is an endogeneity problem and the double difference approach
may not correctly reflect the role of equity financing on firm performance, the Heckman
(1979) two-stage regression approach is continued to deal with the problem of more
possible omitted variables in the performance analysis by first examining the self-
selection effect of firms, i.e., what economic characteristics firms with which would
choose to issue additional shares, and then examining what effect the event of issuing
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