摘要
投资者异质信念与投资者-管理者异质信念是我国资本市场的重要特征。本文在双重异质信念假设下,基于我国上市公司融资环境,建立融资决策模型,分析双重异质信念对我国上市公司股权债权融资选择的影响,得到结论:(1)卖空限制下,投资者异质信念越大,公司越倾向于股权融资;(2)投资者-管理者异质信念越小,公司越倾向于股权融资。以2005-2009年沪深A股再融资公司为样本,采用单变量分析和Probit多元回归方法,对模型结论进行实证检验,实证结果支持模型结论,并从双重异质信念的视角对我国资本市场融资异象进行解释。
Investor heterogeneous beliefs and Investor-manager heterogeneous beliefs are important characters in Chinese capital market. This paper analyzes the effect of dual heterogeneous beliefs on security issuance choices between equity and debt made by a firm. Firstly, the theoretical analysis generates predictions that the greater the investor heterogeneous among outside investors, and the less the investor-manager heterogeneous beliefs between outside investors and manager, the more likely the firm is to choose to issue equity rather than debt. Secondly, using a sample of debt and seasoned equity issues from ShangHai ＆ ShenZhen A-stock listed companies, this paper empirically analyzes the above predictions. The empirical results support for the above predictions and explain some anomalies in China financing market.
出处
《中国管理科学》
CSSCI
北大核心
2012年第2期50-56,共7页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(70821061)
教育部新世纪优秀人才计划(NCET050184)
关键词
双重异质信念
上市公司
融资决策
dual heterogeneous beliefs
listed companies
financing decision
