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首页> 外文会议>2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会）论文集 >An Empirical Study on Equity Financing Preference of Listed Companies after Non-tradable Shares Reform
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An Empirical Study on Equity Financing Preference of Listed Companies after Non-tradable Shares Reform

机译：股权分置改革后上市公司股权融资偏好的实证研究

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摘要

Issues regarding equity financing of Chinese listed companies always receive much dispute and concern. With the accomplishment of the non-tradable shares reform, have the Chinese listed companies’ financing preferences changed? Using the PROBIT model, this article has tested the statistical relationship between the two indexes related to control benefits and other listed company variables and equity refinancing, through an empirical study on the listed companies who have issued seasoned equity offerings in year 2006 and 2007, during which period, equity refinancing was much concentrated after the reform. Cash flow rights under ultimate ownership passed the test, namely non-state-owned listed companies with higher cash flow rights tend to conduct equity refinance, while expropriation grade did not pass the test. This to some extent proves that the non-tradable shares reform has effect in restraining agents from obtaining private benefits of control through equity refinancing.
机译：关于中国上市公司的股权融资问题总是引起很多争议和关注。随着股权分置改革的完成，中国上市公司的融资偏好是否发生了变化？本文使用PROBIT模型，通过对在2006年和2007年发行了经验丰富的股票发行的上市公司的实证研究，检验了与控制权收益和其他上市公司变量以及股票再融资相关的两个指数之间的统计关系。改革后的哪个时期，股权再融资主要集中在什么地方。最终所有权下的现金流量权通过了测试，即现金流量权较高的非国有上市公司倾向于进行股权再融资，而征收等级没有通过测试。这在一定程度上证明了股权分置改革有效地抑制了代理人通过股权再融资获得控制权的私人利益。

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