基于低碳改革的元力股份定向增发公告效应研究——“再融资新规”视角

Study on the Effect of the Announcement of the Private Placement of Yuanli Shares Based on Low-Carbon Reform—The Perspective of “New Regulations on Refinancing”

摘要: 2020年“再融资新规”的发布，在多方面对定向增发制度进行松绑，使得定向增发市场再次成为全市场的焦点。本文根据事件研究法，研究了元力股份在“再融资新规”发布前后定向增发的公告效应。研究发现：1) 元力股份定向增发资金用于低碳改革，定向增发首次公告短期公告效应为正，但并未持续；2) 再融资规则收紧阶段，定向增发修订公告短期公告效应不明显；3) “再融资新规”发布后，元力股份定向增发二次公告修订短期公告效应有持续的正向影响。研究发现，不同于既有的定向增发“利益输送论”，本次定向增发不存在利益输送，而是对于“资本市场”“公司治理”和“企业低碳发展”有积极作用，具有理论意义的新突破。本文建议合理规划定向增发资金用途以及时机选择。本研究对于促进化工行业再融资进行低碳改革具有重要的现实意义。

Abstract: The release of the “New Refinancing Regulations” in 2020 has unbundled the private placement system in many ways, making the private placement market the focus of the whole market again. In this paper, we studied the announcement effect of Yuanli’s private placement before and after the release of the “New Refinancing Regulations” based on the event study method. It is found that: 1) The private placement funds of Yuanli stock are used for low-carbon reform, and the short-term announcement effect of the first private placement announcement is positive, but not sustainable; 2) The short-term announcement effect of the revised announcement of the directed issue was not obvious during the stage of tightening the refinancing rules; 3) After the release of the “New Refinancing Regulations”, the second private placement announcement of Yuanli stock has a sustained positive effect on the short-term announcement effect of the revised private placement announcement. The study finds that, different from the existing private placement “benefit transmission theory”, there is no benefit transmission in this private placement, but it has a positive effect on the “capital market”, “corporate governance” and “low-carbon development of enterprises”, which has a new breakthrough of theoretical significance. This paper suggests a reasonable planning of the use and timing of the private placement funds. This study has important practical significance for promoting the refinancing of the chemical industry to carry out low-carbon reform.