论文部分内容阅读
机构投资者是资本市场的重要参与者,国内外学术界对其投资能力一直存在争议。通过对定向增发后长期市场表现进行分析,是研究机构投资者的投资能力的一个准确而有效的方法。本文选取2006-2012年7年间我国资本市场实施定向增发的A股上市公司为研究样本,通过分组检验和回归分析,对机构投资者在定向增发领域的投资表现进行了实证研究。结果表明,我国上市公司定向增发后的长期市场表现与市场平均水平持平,但是机构增持股票的市场表现比减持股票差,说明机构投资者并不具有强于其他投资者的投资能力,甚至略逊于其他投资者。此外,研究还表明投资者情绪和大股东是否参与增发是影响机构投资者投资决策的重要因素。
Institutional investors are important participants in the capital market. There is always controversy among domestic and foreign scholars about their investment capabilities. Analyzing long-term market performance after private placement is an accurate and effective way to study the investment ability of institutional investors. This paper selects the A-share listed companies that have been private placement in China’s capital market for seven years from 2006 to 2012 as the research sample, and conducts empirical research on the institutional investors’ investment performance in the field of private placement through group test and regression analysis. The results show that the long-term market performance of listed companies in our country is equal to the market average after the private placement, but the market performance of the overweight stocks is worse than that of the holdings of stock, which shows that institutional investors do not have the ability to invest more than other investors. Slightly worse than other investors. In addition, the study also shows that investor sentiment and whether the major shareholder is involved in additional issuance is an important factor affecting institutional investors’ investment decisions.