中文摘要：

通过构造股权再融资价值创造关于其影响因素的函数关系式,对2000-2007年间我国A股上市公司以及2006年间我国香港上市公司的股权再融资,为全体股东创造价值的能力进行估算与比较.结果显示：1）样本期间内A股上市公司的股权再融资行为给股权价值带来了负面影响,每1单位股权再融资所增加的总股权现金流与其机会成本之差的均值在-1.17~0.95之间;2）香港样本公司的股权再融资行为也对股权价值造成了负面影响,但负影响程度比A股上市公司小,每1单位股权再融资所增加的总股权现金流与其机会成本之差的均值在-0.75~-0.67之间.

英文摘要：

By constructing a function relationship between value creation of SEO and its determinants,this paper tries to evaluate and compare value creation of SEO of A-share listed companies and value creation of SEO of Hong Kong listed companies.Results show that： 1） During 2000-2007,the value creation of SEO of A-share listed companies is very limited.To be more precise,it has negative impact on equitys＇ value,and the annual mean value of degree is between-1.17 and-0.95.2） Although the behavior of SEO of Hong Kong listed companies decreases equitys＇ value too,the annual mean value is between-0.75 and-0.67.