Extensive and profound research has been conducted into the relationship between events of change in capital structure,such as stock issuance,bond issuance and debt-equity swap,and corporate value in the West.
西方对发行股票、发行债券和债-股互换等资本结构变化事件与公司价值之间的关系进行了广泛而深入的研究,尽管对不同资本结构变化事件引起的股价反应有不尽相同的理论解释,但几乎都与公司负债率变化引起的税收效应、财富转移效应和信息效应有关。
We investigated initial public offerings(IPO)of list companies during the period1998-2000to determine if they manage earnings during a planned issue of initial public offerings.
通过对1998-2000年中国上市公司首次公开发行股票中的盈余管理进行了实证研究,发现在发行前一年、发行当年和发行后一年中国上市公司确实从事了盈余管理,刻画盈余管理程度的操控性应计利润显著大于0,而在发行后其它年度没有发现盈余管理的证据。
This paper studies abnormal return rate of initial public offerings between December 1999 to June 2001 in Chinese securities markets Abnormal return rate of initial public offerings is influenced by enterprise scale, quantity of initial public offerings, rate of circulating stocks, P/NI of initial public offerings and issuing price, but they are only provided weak explainable capacitie
本文研究了 1999年 12月 - 2 0 0 1年 6月在中国证券市场首次公开发行股票的新股超额收益率 ,发现我国首次公开发行股票中存在较高的超额收益率。