摘要
通过考察投资者-管理者异质信念与融资成本及管理者自由度(autonomy)的关系,分析投资者-管理者异质信念对公司股权债权融资选择的影响,以及这种影响下不同融资方式的股价效应;使用Probit回归方法和2005-2010年沪深A股再融资数据,对分析结论进行实证检验。结果表明:投资者-管理者异质信念较小时,公司倾向于发行股权,其股价效应显著为负,且股价效应与投资者-管理者异质信念正相关;投资者-管理者异质信念较大时,公司倾向于发行债权,其股价效应不显著。
On basis of investigating the relation between investor-manager heterogeneous belief and the corporate financing decision along with the manager autonomy, we conclude the impact of investor-manager heterogeneity belief on the financing choices made by a finn, and also the stock price effect under the impact. Using Probit regression method and a sample of debt and seasoned equity issues from Chinese listed firms between 2005 and 2010, we empirically analyze the above conclusion. The results demonstrate that the less investor-manager heterogeneity belief, the more likely the corporate will choose equity whose stock price effect is negative and positively correlated with the investor-manager heterogeneity belief. Otherwise the corporate will choose debt whose stock price effect is not significant.
出处
《管理评论》
CSSCI
北大核心
2012年第10期49-58,共10页
Management Review
基金
国家自然科学基金项目(70821061)
关键词
投资者-管理者
异质信念
融资决策
股价效应
investor-manager, heterogeneous beliefs, corporate financing decision, stock price effect
