Analiza emisji akcji z prawem poboru na Giełdzie Papierów Wartościowych w Warszawie

Abstract

Choice of capital financing sources is one of the most relevant element of companies strategies. So as to keep long term growth enterprises are either investing in technology, distribution channels and in production capacity or just purchasing their competitors and building vertical or horizontal-merged groups. Both ways of development require additional capital. In the first part of the article some ways of companies financing were presented. Primarily equity-related sources of financing were described, in particular issues with pre-emptive rights and option/warrant embedded instruments. In the second part debt-related and leasing instruments were analyzed. Author focused on each product separately, presenting its construction, types and the best ways of application in enterprise. In the empirical part of the paper author concentrated on influence of the issue with preemptive rights on company's stock price. The analysis was based on Polish Stock Exchange data for the period of 2000-2006 (i.e. value of the issue, parity of new shares to existing shares, issue price). In particular it was analyzed how the stock price changes in pre-emptive rights day in comparison with the closing price from the day before. It was also presented how stock rates fluctuates in the period between the shareholders decision on the issue and pre-emptive rights day in comparison with the changes of major stock index. Finally it was presented whether it is possible to reach extraordinary profits from investing in companies issuing with pre-emptive rights or not.