The result proved that there is significant abnormal return in announcement day no matter what the right offer price is higher or lower and there is significant different reaction between the higher price and the lower price.

• 实证结果表明无论配股价格偏高或者偏低,配股公告均在公告的当天对股票价格产生了显著的负超额收益率,并且配股价格偏高和配股价格偏低时的公告效应存在显著差异。