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Indexed by:会议论文

Date of Publication:2016-01-01

Included Journals:CPCI-SSH

Page Number:345-352

Key Words:listed companies; seasoned equity offering; efficiency of seasoned offering; overinvestment

Abstract:With the data of 274 listed companies of Shanghai and Shenzhen Stock Exchanges from 1999 to 2006, this paper studies the efficiency of seasoned equity offering from the perspective of overinvestment. we use ROA, ROE and ROAEBIT to measure the efficiency of seasoned equity offering. The empirical results are as follows: the Seasoned Equity Offering has the significantly positive impact on overinvestment, and the overinvestment will significantly lead to a decline in the performance after the Seasoned Equity Offering, which show that the efficiency of seasoned Equity Offering is low. This paper will offer meaningful conclusions which can help the shareholders of listed companies to supervise.