摘要
文章基于2001-2013年我国A股市场上市公司的面板数据,研究发现:上市公司的股权融资行为基本符合以内源融资为首要渠道的"啄食顺序理论",盈利能力较高的企业优先选择留存收益作为主要的融资渠道,而盈利能力较差的企业则通过盈余管理获取增发资格。同时,研究结果还表明上市公司的股权融资偏好同其股权结构联系紧密,大股东为获得超额资本收益,通过盈余管理等手段实行高价增发榨取中小股东利益。文章揭示了上市公司股权融资偏好的真实动因,为研究与规范上市公司融资行为提供了实证基础。
Based on the panel data of A-share listed companies from 2001 to 2013, the paper, by making a study, finds that seasoned equity offerings （SEOs） of Chinese listed companies basically follow the ＇Pecking Order Theory＇ , which means that internal financing is the primary channel. The high profitable companies prefer to choose retained earnings as the main financing channel, whereas poor profitable companies use earnings management to obtain the qualifications to SEO. Moreover, the study results also indicate that the SEO preference of listed companies is highly correlated with the ownership structure. Large shareholders squeeze the interests of minority shareholders by using financial tunneling method in order to obtain the excess capital gains. This paper reveals the true incentives of the SEO preference and provides an empirical basis to study and regulate the financing behavior of listed companies.
出处
《华东经济管理》
CSSCI
北大核心
2015年第9期165-173,共9页
East China Economic Management
基金
国家自然科学基金项目(71001061)
上海市"浦江人才"计划项目(10PJC050)
上海市教委科研创新重点项目(13ZS063)
关键词
股权再融资
首次公开发行
股权结构
Cox比例危险模型
seasoned equity offerings
initial public offerings
ownership structure
Cox proportional hazard model
