Timing Consequences of Seasoned Equity Offerings to Financial Disclosure Quality: Quasi‐Experimental Evidence
利用中国A股非金融上市公司2002-2023年季度数据，发现有利估值驱动的增发时机导致增发前应计项目披露质量下降6.25%，但对增发当期及未来影响不显著。
ABSTRACT This study examines how the timing of seasoned equity offerings (SEOs) at favourable valuations affects managerial concerns about accruals‐based earnings manipulation. This study is based on quarterly panel data of Chinese A‐share non‐financially listed firms from 2002Q1 to 2023Q1. Employing the fuzzy regression discontinuity design based on ‘ price ratio ’ as a valuation benchmark for the SEO timing, we provide causal estimates at different event times. We find that SEO timing induced by favourable market valuation (when the share price reaches or crosses the recent offering price) is economically associated with a 6.25% significant decline in accruals‐based disclosure quality before SEO. However, this impact is insignificant for SEOs and their forward‐looking periods. We empirically illuminate the theoretical channels that make this influence more pronounced. The specific reference point for SEO timing highlights its consequences for financing decisions by providing a timely warning and quantifying the implications for regulatory bodies regarding financial transparency.