LARGE SHAREHOLDERS＇ BEHAVIOUR IN RIGHTS OFFERINGS AND SUBSEQUENT FIRM PERFORMANCE1

• 作者: HongqiYuan
• 来源期刊: 中国会计与财务研究
• 学科: 经济
• 关键词: 大股东 配股行为 经济后果 认购率 公司 会计业绩
• 年，卷（期）: 2004,（2）
• 页码范围: 27-49
• 页数: 23页
• 分类号: F276.6

摘要

This paper examines large shareholders' behaviour in rights offerings and its relation to firm performance following rights offerings. Large shareholders seem to take future profitability into account when they make their subscription decisions in rights offerings, and firms with higher subscription rates by large shareholders exhibit higher growth potential. In addition,share price revisions are positively related to subscription rates by large shareholders. Subsequent to rights offerings, firms with higher subscription rates by large shareholders report higher accounting performance measures. I also find that the market reacts more positively to subscriptions by cash than subscriptions by real assets.