{"rewrite":{"id":"r_2ba93b4685503325c9a569ff","clusterId":"c_7a7213466a2f72871d9da282","slug":"finx-surveys-819-listed-company-fundraisings-finds-sales-growth-separates-value-creators","model":"deepseek-v4-1-flash","headline":"FiNX Surveys 819 Listed-Company Fundraisings, Finds Sales Growth Separates Value Creators","summary":"FiNX surveyed 819 fundraisings by listed companies resolved between October 2023 and September 2026. Of the 472 cases with 12 months elapsed, 144 (31%) beat the index, and 60 posted excess returns above 50%. Disclosing that more than half of proceeds would fund growth investment barely moved the result (32% versus 30%). Companies that grew sales 30% or more in the first fiscal year after resolution outperformed at 40%, against 26% for those with declining sales.","whyItMatters":"The survey locates the dividing line after the capital raise rather than at the announcement, and singles out post-raise sales growth and alliance-partner allocations as where the outperformance concentrates.","webCardHtml":"\u003cp\u003eThe gap between companies that disclosed a growth-investment allocation above half of proceeds and those that did not is 2 points, 32% versus 30%. Among cases where funds went to capital and business alliance partners, 48% beat the index, 22 of 46, against 31% for all cases with an allotment recipient. FiNX compiled the data from TDnet and covers third-party allotments, share acquisition rights, convertible bonds, and public offerings, measuring excess return as share price return 12 months after resolution minus the index return over the same period. A free public edition of the report includes 10 company case studies.\u003c/p\u003e","blueskyPost":"Growth-investment disclosure barely shifted outcomes in the FiNX data: 32% versus 30%. Actual sales growth did. Whether proceeds get labeled for growth says less than whether revenue moved after the raise.","twitterPost":"FiNX found labeling proceeds for growth moved outcomes 32% to 30%. Sales growth did the work: 40% vs 26%.","threadsPost":"The FiNX finding worth sitting with: saying the money is for growth moved the outcome 32% versus 30%, basically noise. Growing sales 30% or more in year one outperformed at 40% against 26%. The label is cheap. The revenue is not.","newsletterBlurb":"FiNX surveyed 819 fundraisings by listed companies resolved between October 2023 and September 2026 and published a column on the findings. Of the 472 cases with 12 months elapsed, 144 outperformed the index. The survey reports that post-raise sales growth, not the disclosed use of funds, separated the winners.","attributionJson":"[{\"source\":\"ASCII.jp\",\"url\":\"https://ascii.jp/elem/000/004/440/4440837/?rss\",\"title\":\"What Set Apart Companies That Increased Corporate Value After a Capital Increase? FiNX Analyzes 819 Listed-Company Fundraisings and Releases Survey Report\"}]","lintFlagsJson":null,"lintHits":0,"costUsd":0,"inputTokens":4619,"outputTokens":645,"status":"published","repairAttempts":0,"nextRepairAt":null,"factsAttemptedAt":1791361325,"createdAt":"2026-10-07T08:16:45.000Z","publishedAt":"2026-10-07T08:21:06.000Z","updatedAt":"2026-10-07T08:21:06.000Z"},"cluster":{"id":"c_7a7213466a2f72871d9da282","canonicalTitle":"増資後に企業価値を高めた会社は何が違ったのか　上場企業の資金調達819件を分析　FiNXが調査レポートを公開","representativeArticleId":"a_0dd7cc366db3d1e6c4e3f30d","sourceCount":1,"writtenSourceCount":1,"writeAttempts":0,"isSolo":true,"entitiesJson":"{\"anime_titles\":[],\"manga_titles\":[],\"work_titles\":[],\"studios\":[],\"people\":[],\"type\":\"business\",\"domain\":\"industry\",\"is_roundup\":false}","contentType":"news","status":"published","firstSeenAt":"2026-10-07T04:43:58.000Z","lastSeenAt":"2026-10-07T04:43:58.000Z","updatedAt":"2026-10-07T08:21:06.000Z"},"attribution":[{"source":"ASCII.jp","url":"https://ascii.jp/elem/000/004/440/4440837/?rss","title":"増資後に企業価値を高めた会社は何が違ったのか　上場企業の資金調達819件を分析　FiNXが調査レポートを公開"}],"entities":{"anime_titles":[],"manga_titles":[],"work_titles":[],"studios":[],"people":[],"type":"business","domain":"industry","is_roundup":false},"keyFacts":null}