关键词: 控股股东盈余管理 , 机会窗口 , 股权再融资 , 公司业绩 , 股权稀释

Abstract: In the case of highly concentrated ownership，there are internal links among earnings management of the controlling shareholder，the window of opportunity and the use efficiency of the raised funds，which all have joint effects on the corporate performance after SEOUsing the Ashare listed companies in Shanghai and Shenzhen stock markets refinancing in 2007—2011 as our sample，we investigate why the corporate performance declines after SEO from the perspective of earnings management，timing of financing and misuse of raised fund fromFurther research show that listed firms in the hot market would implement a greater magnitude of earnings management，causing larger mispricing of firms stockConsequently，the decrease of accounting and market performance is more significantWe also find the controlling shareholder is more inclined to implement earnings management and misuse the raised funds in the listed companies with serious agency problems，which will adversely affect the performance after SEO

Key words: earnings management of the controlling shareholder , window of opportunity , seasoned equity offerings , corporate performance , ownership dilution