关键词: 股价效应, 公开增发, 定向增发, 募资投向

Abstract: The share-price-effect of seasoned equity offering (SEO) has attracted wide attention. In this paper, by investigating the stock price of the 91 companies which issued SEO in recent years, we have compared the share-price-effect between public offering and private offering, and between private offerings with different distributions. The results indicate that there are both distinctive differences of share-price-effects between them, which will affect the market strategy. Meanwhile, we have also concluded some properties of domestic stock market at present.

Key words: Share-price-effect, Public offering, Private offering, Financing distribution