| 上市公司权益融资选择的影响因素分析 |
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| 引用本文： | 王霞,薛爽.上市公司权益融资选择的影响因素分析[J].财经问题研究,2003(11):55-60. |
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| 作者姓名： | 王霞 薛爽 |
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| 作者单位： | 1. 清华大学,经济管理学院,北京,100084
2. 上海财经大学,会计学院,上海,200433 |
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| 摘 要： | 本文以 2 0 0 0— 2 0 0 2上半年公告拟进行增发和配股的A股上市公司为样本 ,研究了在增发方式市场化期间我国上市公司的融资决策。研究发现 ,上市公司的融资决策受到其股权结构、流通股比例和股票二级市场表现的影响 ,股权越集中、流通股比例越低和市值账面值比率越高的公司越倾向于选择增发 ,而财务杠杆和公司的主营业务发展状况对公司的权益融资决策没有显著影响
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| 关 键 词： | 增发 配股 股权集中度 流通股比例 |
| 文章编号： | 1000-176X(2003)11-0055-06 |
| 修稿时间： | 2003年6月23日 |
An empirical study on the strategy of financing equity of China' s listed company |
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| WANG Xia ,XUE shuang.An empirical study on the strategy of financing equity of China'' s listed company[J].Research On Financial and Economic Issues,2003(11):55-60. |
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| Authors: | WANG Xia XUE shuang |
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| Institution: | WANG Xia 1,XUE shuang 2 |
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| Abstract: | this paper study the offer choice between rights and seasned equity offerings for a sample of A share listed companies planning to issue equity from January,2000 to June,2002.According to my research,some factors,such as ownership concentration,the proportion of tradable shares and market to book ratio influence the strategy of financing equity.My analysis indicates that firms choosing seasoned equity offerings are larger firms with more concentrated ownership,lower proportion of tradable shares and higher market to book ratio.Moreover,leverage and the growth opportunities of core business have no significant influence on the financial strategy. |
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| Keywords: | seasoned equity offerings rights offerings ownership concentration the proportion of tradable shares |
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