摘 要

从股权分置改革开始，我国证券市场中再融资的方式不断的发展丰富。定向增发作为一项特殊的融资政策，在中国的发展壮大，具有其特殊的历史原因。这是由于中国市场担负着国有企业股份制改革和融资的历史革命，早期上市的国有控股公司都普遍存在流通股和非流通股股权分置的情形。 我国多家上市公司利用公开增发和定向增发的方式进行股权再融资。审核程序简单、融资成本较低的定向增发获得了市场的青睐，实施定向增发的上市公司数量和募集资金规模都大幅上升。定向增发主要的参与对象有公司大股东、董事会、管理层以及机构投资者。在上市公司公开定向增发预案以后，二级市场的投资者会迅速根据预案相关信息做出买卖股票的反应，从而导致股票价格变动，产生定向增发的公告效应。国内外已有不少学者对定向增发引起的股票异常收益率即市场效应进行过研究，但是很少学者将市场效应分为内幕交易和公告效应两部分来分析市场效应影响因素。本文以国内外的市场效应为基础，试图通过理论和实证分析相结合的方法较全面地分析我国上市公司重大事项公告过程中的内幕交易行为和公告效应，以及定向增发对二者的影响。 本文不仅确定了我国证券市场上定向增发存在内幕交易行为和公告效应，并确定二者的存在区间，通过实证对比分析了公司特征对内幕交易和公告效应的影响，并结合相关理论对实证结果进行解释。最后对针对如何能够使上市公司通过定向增发实现资源优化配置以及消除定向增发过程中的内幕交易行为，提出三点建议：加强资本市场监管，提高资本市场有效性；完善上市公司定向增发的定价机制；规范投资者行为，理性对待定向增发。

关键词：市公司；定向增发；事件研究法；公告效应；分析；

Research on major issues listed company announcement effectABSTRACT

Starting from the equity division reform,China’s securities market in the way of refinancing constantly enrich and develop.As a special private placement financing policies,development and growth in China,with its special historical reasons.This is due to the Chinese market, the state-owned enterprise responsible for the history of the revolution and the financing of joint-stock reform, early listing of state-owned holding companies are common outstanding shares and non-tradable shares tradable situation. Our use of public issuance of a number of listed companies and private placement equity refinancing.Audit procedures are simple, low-cost private placement financing gained market's favor, all listed companies increased substantially the number and placement to raise funds.The main object placement participate large shareholders, board of directors, management and institutional investors.Listed companies to disclose Placements after secondary market investors will react quickly to buy and sell stocks based on plan-related information, leading to stock price changes, resulting in the announcement effect of private placement. Stock abnormal returns many scholars at home and abroad due to the private placement market effects that have been studied, but few scholars into insider trading and market effects announcement effect in two parts to analyze the factors affecting the market effect. In this paper, on the basis of domestic and foreign market effect, trying to combine theoretical and empirical analysis methods more comprehensive analysis of insider trading and the announcement effect of China's listed companies during the announcement of significant events, as well as the impact on both the private placement. This paper not only determine the placement of insider trading and the announcement effect exists on China's stock market, and identify the presence of the two intervals, through empirical comparative analysis of the impact of firm characteristics on insider trading and the announcement effect, combined with the theory of the empirical results explanation. Finally, how can we make the listed companies through private placement to achieve optimal allocation of resources and the elimination of the private placement process insider trading, put forward three proposals for: strengthening the capital market supervision and improve the effectiveness of the capital markets; private placement of listed companies to improve pricing mechanism ; regulate investor behavior, rational treatment of the private placement.Key words:Listed companies; placement; event study; the announcement effect; analysis; 目 录

TOC \o "1-3" \h \u HYPERLINK \l "_Toc414875373" 1 前言 PAGEREF _Toc414875373 \h 1 HYPERLINK \l "_Toc414875374" 1.1 研究背景 PAGEREF _Toc414875374 \h 1 HYPERLINK \l "_Toc414875375" 1.2 研究意义 PAGEREF _Toc414875375 \h 2 HYPERLINK \l "_Toc414875376" 1.3 研究目的 PAGEREF _Toc414875376 \h 3

HYPERLINK \l "_Toc414875377" 2 文献综述 PAGEREF _Toc414875377 \h 4

HYPERLINK \l "_Toc414875378" 2.1 国内研究 PAGEREF _Toc414875378 \h 4 HYPERLINK \l "_Toc414875379" 2.2 国外研究 PAGEREF _Toc414875379 \h 4 HYPERLINK \l "_Toc414875380" 3 我国上市公司重大事项公告披露的现状分析 PAGEREF _Toc414875380 \h 6 HYPERLINK \l "_Toc414875383" 3.1 上市公司信息披露的内容 PAGEREF _Toc414875383 \h 6 HYPERLINK \l "_Toc414875384" 3.2 上市公司信息披露的方式 PAGEREF _Toc414875384 \h 7

HYPERLINK \l "_Toc414875385" 4 我国上市公司重大事项公告披露的实证分析 PAGEREF _Toc414875385 \h 8

HYPERLINK \l "_Toc414875386" 4.1 样本选取及数据来源 PAGEREF _Toc414875386 \h 8 HYPERLINK \l "_Toc414875387" 4.2 研究方法设计 PAGEREF _Toc414875387 \h 9 HYPERLINK \l "_Toc414875389" 4.3 实证分析 PAGEREF _Toc414875389 \h 10 HYPERLINK \l "_Toc414875390" 4.4 实证总结 PAGEREF _Toc414875390 \h 12 HYPERLINK \l "_Toc414875391" 5 规范我国上市公司重大事项公告的对策研究 PAGEREF _Toc414875391 \h 13

HYPERLINK \l "_Toc414875392" 5.1 被动披露重大事件现象比较严重 13