财会月刊
     张燕    陈石清    
        摘要：文章以2006年6月到2013年9月在沪深两市进行定向增发的A股上市公司作为样本，使用SPSS软件进行描述性分析并建立多元回归模型，对定向增发上市公司股价的短、中及长期收益率进行研究，寻找出定向增发前后不同时间段内收益率的影响因素及其影响程度。研究发现我国定向增发本身的因素对于短期的收益率有一定影响，上市公司经营状况和盈利能力等对于中期与长期的影响较为明显，且随着时间的推移影响也越来越强。总体来说，定向增发的上市公司股票收益率在短、中与长期都有明显高于市场的收益率，其中在中期的收益率最高。

          关键词： 定向增发；股票收益率；财务状况；中小投资者

Impact on the Interests of Medium and Small Investors by the Equity Private Placement of listed companies in China
Zhangyan Chenshiqing

    Abstract: Taking the listed companies implementing Equity Private Placement (EPP) in our country’s A － share motherboard market as sample, using the financial data from year 2006 to 2013 in Shanghai and Shenzhen , applied descriptive statistic analysis, and linear regression through SPSS, research on short-, medium-and long-term earning ratio in equity private placement in listed companies, Looking for private placement within different time periods before and after effects of the yield factor and its effect. The results indicate that EPP has impacts on short-term earning ratio，but the management state of listed company and capabilities has more impacts on medium-and long-term earning ratio. The situation will influence from strength to strength as time goes by; At the same time, generally speaking, private placement of listed companies stock returns in the short, medium and long terms are clearly higher than the market rate of return, which in the medium-term yields the highest.