关键词: 机构投资者增持, 定向增发, 长期市场表现, 限售期

Abstract: It is of great practical significance to study the economic consequences of institutional investors' increased-holdings under private placement background. Taking the Shanghai and Shenzhen A-listed companies that successfully conducted private placement from 2008 to 2017 as samples, this paper conducts an empirical analysis and robustness test on the economic consequences and mechanism of institutional investors' increased-holdings by means of OLS, POISSON, PSM and other methods. The results show that the increased-holdings of the whole institutional investors significantly improves the long-term market performance of listed companies with private placement. Considering the heterogeneity characteristics of the institutional investors, the Value-investors' increased-holdings promote the long-term market performance of listed companies with private placement, while the Price-followers' increased-holdings inhibit the long-term market. Furthermore, Value-investors improve the long-term value of listed companies after private placement by cultivating innovation, while Price-followers pursue short-term equity value fluctuation, which reduces innovation and fails to promote the long-term market performance. In addition, the lockups effectively curbing the “chasing the rise and killing the fall” behavior of Price-follower. This research provides a theoretical basis to cultivate medium and long-term value-oriented institutional investors and improve the allocation efficiency of private placement.

Key words: increased-holdings of institutional investors, private placement, long-term market performance, lockups