公开增发

然后分析了我国上市公司公开增发与定向增发的发展现状。

Secondly , we analyze the development status of public offering and private placement in China .

在上涨行情和调整行情中，公开增发股东大会决议公告有显著的负公告效应。

The effect is significantly negative on the public offering announcement date of the Shareholders ' Board Meeting when the stock market is in rising situation or adjustment situation .

之后，对增发新股的方式和特点作了简要介绍。特别是对于公开增发、定向增发和配股这三种再融资方式作了比较研究，分析了定向增发的特点和优势。

This paper also analyzes the advantages of directional add-issuance after comparing three refinancing methods .

本章还对我国上市公司定向增发与公开增发新股融资的政策、融资对象、融资行业及规模进行了比较。

This chapter also compared financing policy , finance industry and size between private placement and public issuance .

实证结果表明，上市公司公开增发新股前存在正的盈余管理。

The empirical results indicate that there is a positive earnings management in the public issuance of new shares of listed companies .

第二部分为文献回顾，包括公开增发和定向增发的国内国外研究文献综述。

The second part is the literature review , including domestic and foreign research literature review both on private placement and public issuance .

在股权分置改革前，公开增发和配股是我国股权再融资的主要方式。

Before the shareholder structure reform , Public re-issuing new shares and Rights offering are the two main types of listed companies refinancing equity method .

上市公司股权再融资的主要手段是配股和增发，而增发又分为公开增发和定向增发两种方式。

The primary means of Listed Companies refinancing is the allotment and issuance , and issuance is divided into the public issuance and private placement in two ways .

根据国内外学者研究成果，与公开增发伴随的负的公告效应相反的是，定向增发消息的公布往往伴随着正的公告效应。

According to research scholars , be opposite to the negative effects of announcement of the public offerings , private placement announcement often generates positive stock price effect .

第三部分是我国上市公司公开增发新股、定向增发新股前盈余管理的理论基础，即本文的理论分析部分。

The third part is the theoretical analysis section of earnings management of listed companies in China before their public issuance of new shares and private placement of new shares .

对样本的异常收益率分类比较后发现中国上市公司在股权再融资方式选择时，首选定向增发新股融资，其次公开增发新股，最后才是配股。

Abnormal returns . Samples and found that Chinese listed companies in the equity refinancing options , the preferred orientation issuance of new shares financing , followed by the public issuance of new shares , and finally placement .

这表明定向增发这一利好信息在预案公告日之前就已经提前泄露。（4）在不同的市场行情中，公开增发董事会预案公告均没有显著的公告效应。

It indicates that the information of private placement has been leaked before disclosure . ( 4 ) In different market situations , there is no significant announcement effect on public offering announcement date of the Directors ' Board Meeting .

文章首先对盈余管理的概念、特征、方式及其一般动机分别进行了阐述，接着从上市公司公开增发新股及定向增发新股前盈余管理的动机及方式两个方面进行了理论分析，并提出相关假设。

This thesis firstly describes the concept , characteristics and means of earnings management , then analyzes the motivation , manner and size of earnings management in listed companies which publicly and directed issuing new shares , and makes relevant assumptions .

我国增发再融资方式包括公开发行和定向增发，二者面向的增发对象不同，公开发行面向的是200人以上的广大公众投资者，而定向增发则是不超过10名的特定投资者。

In China , the refinancing mode includes public offering and private placement , and they are different in offering objects .

国外通常采用首次公开发行预留、增发新股、股份回购三种方式来解决行权所需之股票，但这三种股票来源渠道在我国均存在着一定的法律障碍。

In foreign countries , there are usually three channels to get stock for exercising but in our country there exist legal obstacles .