Empirical analysis of equity financing in the Japanese market; comparison between private placement and secondary offering

为了了解股票市场欢迎的交易类型，我对日本市场的股权融资进行了实证分析。 首先，对定向增发和二次发行公告日前后的股价走势进行了事件研究。 其次，对股权融资后的长期股价表现和经营业绩进行了实证分析。 这些分析的主要结果如下。 股票市场喜欢那些收益用途不是偿还债务的交易。 特别是对于定向增发交易，发行人与承销股东的关系也非常重要。 当两个利益相关者之间存在战略协同时，短期股价反应和长期股价表现都很好。

I have done empirical analysis of equity financing in the Japanese market to understand the type of transactions that the stock market would welcome. First, I did event study of stock price movement of private placement and secondary offering around the announcement days. Second, I have done empirical analysis of long term stock price performance and operating performance after the equity financing. The major findings from these analysis are the followings. Stock market likes those transactions whose use of proceeds are other than debt repayment. Especially for private placement transactions, the relationship between the issuer and the underwriting shareholder is also very important. Both the short time stock price reaction and long term stock price performance are well off where there is a strategic synergy between those two stakeholders.