首页> 外文会议>International Forum of Knowledge as a Service(2010知识服务国际论坛) >Changing in Use of Proceeds: Before and after Non Tradable Shares Reform
【24h】

Changing in Use of Proceeds: Before and after Non Tradable Shares Reform

机译:收益用途的变更:非流通股改革前后

获取原文
获取原文并翻译 | 示例

摘要

This paper empirically studies the relation between non-tradable shares reform and the probability of changing the use of the proceeds from refinancing via Probit regression using the refinancing records ,data from January 15, 2002 to June 4, 2009. Then we adopt an alternative binarychoice model, the Logit model, to perform further robustness checks. After controlling the external factors including the firm size, liquidity ration and main business's increasing rate of income, we find that, based on forming a mutual benefit foundation between large shareholders and outside minority shareholders regarding the share price and market value of the companies, the non-tradable shares reform does mitigate the motive of changing in use of the proceeds from refinancing. Our findings shed light on the importance and necessity of nontradable shares reform.
机译:本文对2002年1月15日至2009年6月4日的数据进行了实证研究,研究了非流通股改革与通过Probit回归通过Probit回归改变融资所得用途的可能性之间的关系。 Logit模型,以执行进一步的健壮性检查。在控制了公司规模,流动性比率和主营业务收入增长率等外部因素之后,我们发现,在大股东与外部少数股东之间就公司的股价和市值形成互利基础的基础上,股权分置改革确实减轻了再融资收益用途变化的动机。我们的发现揭示了股权分置改革的重要性和必要性。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号