@article{oai:doshisha.repo.nii.ac.jp:00022952,
 author = {新関, 三希代 and Niizeki, Mikiyo Kii and 兪, 杰 and Yu, Jie and 兪, 傑},
 issue = {2},
 journal = {經濟學論叢, Keizaigaku-Ronso (The Doshisha University economic review)},
 month = {Sep},
 note = {本論文では,2008年1月1日から2010年9月30日までの間,上海・深圳取引所A株株式市場,および新興市場で公表された160件の第三者割当増資のアナウンスメント効果を実証分析している.結果,第三者割当増資のアナウンスメント時に平均1.8%の正の有意な超過収益率が発生していることがわかった.また,このアナウンスメント時の超過収益率は,発行株式数が多く株式時価簿価比率が高いほど,また,割当先が大株主関連会社単独である場合に有意に大きくなることが実証された.これは,中国の第三者割当増資公表時にHertzel and Smith(1993)が指摘する情報の非対称性効果が働いていたことを示唆する.さらに,中国の場合,約6割が発行価格が市場価格以上となるプレミアム状態で増資を行っているという特徴があり,プレミアム状態で行われた増資ほど正のアナウンスメント効果が大きく,企業価値に対して長期的に正の影響を及ぼすことがわかった., Recently, many firms have issued new equities privately in the Chinese stock markets. This paper empirically examines the announcement effects of private equity placements in China. We obtained the following three results: First, private placements of equity are associated with positive abnormal returns. Moreover, there is a strong positive relationship between abnormal announcement returns and price when shares are placed, suggesting that the placement price conveys important information regarding firm quality and value. Second, when the value of firm equity depends largely on intangible assets, a more positive abnormal return is found when the firm's investment opportunities are large relative to assets in place. This suggests the use of private placements to signal undervaluation. We also found that the market reacts more favorably to issue to the corporation blockholders, singly. Third, private placements issued at a premium exhibit a permanent positive impact on firm value, in contrast to those issued at a discount., 論説(Article), application/pdf},
 pages = {405--452},
 title = {中国における第三者割当増資の実証分析},
 volume = {64},
 year = {2012},
 yomi = {ニイゼキ, ミキヨ and ユ, ケツ}
}