关键词: 增发, 财务绩效, 持股绩效

Abstract: Issuing additional shares is one important channel for listed companies to raise fund,but the long-run performance of this practice has been controversial in both the academics and the business sector.From the empirical analysis on both the financial performance and stock performance of list companies,we found that after issuing additional shares,in the short run the companies have experienced worsening performance and falling returns,but in the long run both the financial performance and share-holding performance of the companies have exhibited positive changes. This indicates that issuing additional shares as a means of financing contributes to long run growth of listed companies, providing that regulation and monitoring are enhanced.

Key words: additional share insuring, financial performance, share-holding performance