摘要
随着指数化投资的兴起,ETF资产规模增长迅速,已成为上市公司的重要机构投资者之一。本文研究了ETF持股对中国A股上市公司定向增发择时及其经济后果的影响。实证结果表明:ETF持股比例的上升显著增加了上市公司进行定向增发的倾向,与流动性市场择时假说相符;在股价信息含量更低和公司治理水平更高的企业中,这种影响更为显著;ETF持股比例上升还显著降低了定向增发折价率以及宣告后的短期股价波动,但对于长期买入并持有收益无显著影响。据此建议:支持ETF市场多元化发展,完善产品结构与监管机制,提升市场效率与稳定性;鼓励企业优化信息披露与治理结构,促进股权融资质量提升。
With the rise of index investment,ETF assets have grown rapidly and become one of the important institutional investors of listed companies.This paper studies the impact of ETF shareholding on the timing of private placements and their economic consequences in China's A-share market.The empirical results show that the increase of ETF shareholding proportion significantly increases the tendency of listed companies to conduct private placement,which is consistent with the liquidity market timing hypothesis.The effect is more pronounced in companies with less information about share prices and higher levels of corporate governance.The increase in the shareholding of ETFs has also significantly reduced the discount rate of private placements and the short-term stock price fluctuations after the announcement,but it has no significant impact on the long-term returns from buying and holding.Based on the findings,it is recommended to promote the diversified development of the ETF market by optimizing product structures and regulatory frameworks to enhance market efficiency and stability.Enterprises should improve information disclosure and governance structure to enhance the effectiveness of equity financing.
作者
宋福铁
沈雪晨
Song Futie;Shen Xuechen
出处
《企业经济》
北大核心
2025年第12期5-15,共11页
Enterprise Economy
基金
上海市哲学社会科学规划项目“公司债信用违约风险传染研究”(项目编号:2021BJB002)。
关键词
ETF
定向增发
流动性
公司治理
增发折价
ETF
private placement
liquidity
corporate governance
private placement discount
