我国上市公司股权再融资的聚集效应及其成因研究

通过设计聚集因子，并对我国上市公司股权再融资行为进行实证研究，检验了股权再融资的聚集效应的存在性，并对其成因进行了深刻的分析。发现我国上市公司的聚集效应体现为两个层次：一方面，我国上市公司股权再融资总体发行存在着聚集效应。另一方面，三种融资方式之间也存在着交替出现的选择性的聚集效应。在行为金融的视觉下分别从市场和公司两个角度来分析再融资聚集效应和再融资决策的成因，实证结果表明公司内部需求、市场时机和从众行为是聚集效应的重要因素，最后文章提出一些政策性建议。

A Study about Clustering Effect of Equity Refinancing in Chinese Listed Cornpanies and Its Determinants

Through contriving clustering factors, and demonstration research on the behavior of equity refinancing in Chinese listed companies, we test the existence of clustering effect of equity refinancing, and examine its causes deeply. Through this investigation, we demonstrate two levels of clustering effect of equity refinancing in Chinese listed companies： on the one hand, clustering effect takes effect in the overall equity refinancing in Chinese listed companies, on the other hand, selective clustering effect alternate among three kinds of equity refinancing. We try to demonstrate the causes of the clustering effect in refinancing and decision-making in refinancing from two aspects： market and companies, and the empirical results show that company＇s internal demand, market timing and herd behavior are the most important determinants .At last, we offer some policy-related proposals.