【作者】 顾乃康； 陈辉；

【Author】 Gu Naikang;Chen Hui;School of Business, Sun Yat-Sen University;

【机构】 中山大学管理学院；

【摘要】 本文使用中国上市公司A股中增发或配股公告日在2001年到2004年间的数据为样本,考察了增发、配股费用的影响因素。研究结果表明,发行规模越大、现有股票流动性越强,费用越低,且这两个因素在所有模型设定中均稳健。现有股票的风险越大、发行价格越低、成长机会越差、杠杆值越高、市场越低迷,费用越高,但这些因素的显著性水平随模型设定的不同而有所差异。而承销商特征和其他一些企业特征并没有显著影响到增发、配股费用。更多还原

【Abstract】 Using the sample of share placement & additional issue from Chinese listed companies that have issued A stock and the bulletin day was between 2001 and 2004, we study the factors that affect the fee of share placement & additional issue. The conclution is that the larger the princple of the issue or the higher the liquidty of the existing stock, the lower the fee and these relationships are robust in every model specifications. The higher the risk of the firm’s stock or the higher the issue price or the lower the growth opportunity or the higher the leverage or the colder of the market, the higher the fee, but these relationships vary between different model specifications. The charactristics of the investment bank and other firm charactristics do not show the effect on the fee.更多还原