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论文类型：会议论文

发表时间：2016-01-01

收录刊物：CPCI-SSH

页面范围：345-352

关键字：listed companies; seasoned equity offering; efficiency of seasoned offering; overinvestment

摘要：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.