中文摘要：

从多次进行定向增发的公告效应角度分析了重复再融资公告背后的圈钱动机和市场反应,结果表明：市场对于后续再融资公告的态度是消极的,具体表现为公告效应随着公告次数增加而依次递减;多次定向增发公告前的信息不对称程度不仅没有降低,反而有增大的趋势;首次公告效应对于公司进行后续发行概率没有显著的反馈效应,而且后续发行预案公告前现金持有水平越高的公司实施多次发行的可能性（概率）越大;超额持有现金会显著减弱公司定向增发的公告效应。因此,圈钱动机可能是促使公司多次定向增发的重要因素,而市场可以在一定程度上识别这种动机并做出消极回应,导致多次实施定向增发的公告效应递减。

英文摘要：

This paper investigates the expropriation through SEO and the market reaction to the announcements of repeated private placements. The empirical results show that, firstly, the market reactions decrease with the sequence of announcements; secondly, the market may view sequential private placements with greater skepticism due to the expectation of cash expropriation; thirdly, the market reaction of first announcement has no feedback effect on the probability of sequential private placements. Higher level of cash holdings is associated larger likelihood of repeated private placements; fourthly, the market lowers its reactions to private placement firms with excessive cash holdings. In short, expropriation motivation might drive the repeated private placements. The market can identify the motivation and react negatively to these announcements, which results in decreasing market reactions.