【帖子标题】：Post-Dilution Performance 【帖子标题】：稀释后的表现
【帖子正文】： 【帖子正文】：
This was the natural close to a series of articles that I’ve written about dilution. I went in with the intuition that dilution isn’t an automatic drag on stock performance, but the practitioner in me constantly saw companies announce dilution which was followed by an immediate drop in share price. 这是我关于股权稀释所写系列文章的自然收尾。我最初凭直觉认为，稀释并不必然拖累股价表现，但作为从业者，我又不断看到公司在宣布稀释后股价随即下跌。
So I decided to actually look into it and pulled the data for all dilution events for the past ten years (2016-present). 因此，我决定深入探究一番，并提取了过去十年（2016年至今）所有股权稀释事件的数据。
The findings were that dilution doesn’t have much of a short term impact on share price…especially as you go up in market size. 研究结果表明，稀释对股价的短期影响并不大……尤其是随着公司市值规模的增大，这种影响更是微乎其微。
Micro-cap diluters pretty much always trailed their benchmark, but I suspect that has more to do with business quality. 进行稀释的微市值公司几乎总是跑输基准，但我怀疑这更多与公司本身的业务质量有关。
When inspecting a single company, I think the question to ask is 在审视单一公司时，我认为应该问的问题是：
will the capital raised earn the cost of capital for the business? 所筹集的资金能否赚回企业的资本成本？
If it’s a business expansion move or already baked into your analysis ( 如果这是出于业务扩张的举措，或者早已纳入你的分析考量（
i.e., pre-cash flow company that was expecting to raise capital to move the business along 即尚未产生正现金流的公司预期通过融资来推动业务发展
), then I think it’ll have less of a negative impact on share price. ），那么我认为它对股价的负面影响就会较小。
Conversely, if it’s a business that’s just trying to stay afloat, I imagine that’s when share price really drags down. 反之，如果公司融资只是为了勉强维持生存，我想那才是股价真正被拖累的时候。
These are speculation on my part, though. I didn’t do any work to explore causal factors. 不过，这些只是我的推测。我并没有做任何探究因果关系的研究。