Do Some Firms Grow Too Quickly? An Investigation of Common Factors in the Underperformance of IPOs, SEOs and Mergers

有些公司发展得太快了吗？

• 批准号: DP0556440
• 负责人: Prof Philip Brown
• 金额: $ 20.82万
• 依托单位: The University of New South Wales
• 依托单位国家: 澳大利亚
• 项目类别: Discovery Projects
• 财政年份: 2005
• 资助国家: 澳大利亚
• 起止时间: 2005-01-01 至 2011-12-31
• 项目状态: 已结题
• 来源: https://dataportal.arc.gov.au/RGS/Web/Grants/DP0556440
• 关键词: Do; Some; Firms; Grow; Too

Findings in line with our expectation, that equity financing transactions are followed by substantial share market losses, will greatly benefit managers of public companies, investment analysts and professional fund managers. Firms that overuse equity financing will be highlighted and can expect closer monitoring by the capital market. Analysts would review past equity raisings and build them into their investment recommendations. The added attention should trigger changes to managers' compensation contracts and companies' governance systems. Investment funds would be redirected away from companies that squander their equity capital and channelled into more worthwhile investment opportunities. Widespread community benefits will result.

调查结果符合我们的预期，即股权融资交易之后是股票市场的重大损失，这将大大有利于上市公司的经理，投资分析师和专业基金经理。过度使用股权融资的公司将被重点关注，并有望受到资本市场更密切的监督。分析师将审查过去的股权融资，并将其纳入投资建议。更多的关注应该会引发管理者薪酬合同和公司治理体系的变革。投资资金将从那些浪费股权资本的公司转移到更有价值的投资机会。将产生广泛的社区利益。