个股情绪、定向增发与大股东利益输送——来自中国A股上市公司的经验证据

doi:10.16381/j.cnki.issn1003-207x.2020.1533

Abstract

Abstract: Private placement is the main way for listed companies to carry out equity refinancing after the equity split reform in China. However, empirical studies that directly to measure stock sentiment and analyze how it affects the private placement behavior of listed companies are scarce. The listed companies are selected that successfully implemented the private placement of project financing between Shanghai and Shenzhen from January 1, 2005 to December 31, 2018 as the research sample. Adopting the “overnight return method” in China for the first time to measure individual stock sentiment, and using Probit and OLS regression model to systematically investigate its impact on the process of private placement, it is aiming to reveal the micro-action mechanism of individual stock sentiment in the corporate financing process and the resulting economic consequences.

Key words: individual stock sentiment, private placement, market timing, financing scale, tunneling

CLC Number:

F224

WANG Jian, LI Ming-cao, GUO Wen-xuan, JIANG Zhong-zhong. Individual Stock Sentiment, Private Placement, and Tunneling: Empirical Evidence from Chinese A-Share Listed Companies[J]. Chinese Journal of Management Science, 2022, 30(9): 23-35.

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Individual Stock Sentiment, Private Placement, and Tunneling: Empirical Evidence from Chinese A-Share Listed Companies

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