中文摘要：

研究发现,无论是采用购买持有超额收益方法还是使用日历时间组合方法都可验证中国上市公司实施定向增发后2年内总体上表现强势特征,这与美国股市私募发行后公司长期业绩表现不佳的结论相反。并且对于全部定向增发样本,上市公司定向增发前后5年的经营业绩都要显著好于与配比公司,验证了在中国资本市场上投资者对上市公司定向增发宣告信息反应不足。此外,没有发现直接证据支持大股东将定向增发作为＂掏空＂上市公司进而实现利益输送的工具。

英文摘要：

The empirical tests of the long-run market performance show that the companies which conducted private equity placement will have a two-year stronger performance after the announcement,no matter the buy-hold abnormal return model or the calendar-time portfolio method is used.These findings are in contrast with the weak stock performance evidence from USA capital market.The companies which conducted private equity placement have significant stronger performance than their matching companies before or after private placement.On Chinese capital market,investor underreaction to information conveyed by the announcement.Moreover,we don＇t find direct evidence that large shareholder taking the private equity placement as a tool for tunneling.