摘要
信息不对称是上市公司再融资选择问题分析的逻辑起点,但其可靠计量的缺失阻碍了信息风险与股权再融资选择之间关联关系的实证研究,现有研究也没有解释我国证券市场上大股东认购定向增发比例存在地区差异的现象。本文以地理位置衡量上市公司与投资者之间的软信息不对称,研究了民营上市公司大股东认购定向增发股份与公司地理区位之间的关系。研究发现,当上市公司地处或临近大都市时,大股东参与认购定向增发股份的可能性较低或比例较小。进一步研究发现,定向增发之前,地处大都市的上市公司的分析师追随数量要高于远离大都市的公司;而高铁开通弱化了由地理距离带来的"软信息"传输障碍,降低了大股东认购定向增发股份的比例。这表明地理位置是上市公司大股东和机构投资者参与认购定向增发股份的重要因素,它直接制约了机构投资者对上市公司"软信息"搜集和传输的成本,影响了机构投资者和分析师等专业人士的职业判断质量,影响到投资者投资之前的价值评估和之后的监督治理。
Information asymmetry is the logical beginning of analyzing listed companies’choices in Seasoned Equity Offering(SEO),but the lack of reliable measurement hinders the empirical research on the relationship between information risk and SEO choices.In addition,the existing research hasn’t answered why regional differences exist in the subscription ratio of private placement by controlling shareholders.Geographical distance is an important factor limiting the information exchange between companies and outside investors.The information of listed companies can be categorized into"soft information"and"hard information".Soft information is normally obtained by face-to-face communication only,which relies heavily on the subjective opinions of the information receivers,and is difficult to be encoded and verified,thus the information can be easily distorted or lost in the transmission.The advancement of modern information technology(especially the network-based communication technology)has improved the long-distance transmission efficiency of hard information,and brought about the innovative and more convenient network-based communication.However,compared with the face-to-face communication,the network-based way often lacks the sense of presence,attitudes,and emotional touch.Soft information obtained through the face-to-face communication between individuals is still subject to geographic distance.China is a vast country with huge differentiation of natural conditions and transportation infrastructure among regions.The geographical distance between companies and investors has impacted the efficiency of information exchange and resulted in higher degree of asymmetry in soft information.The article is mainly about the research on the private placement of private listed companies from 2007 to 2016.Listed financial corporations,listed companies in B-share market,and other companies releasing no information of stock prices and financial statements excluded,1842 valid samples were collected.The article aims to study the asym
作者
郭思永
GUO Siyong(School of Accounting,Shanghai Lixin University of Accounting and Finance,Shanghai 201620,China)
出处
《管理工程学报》
CSSCI
CSCD
北大核心
2021年第6期24-34,共11页
Journal of Industrial Engineering and Engineering Management
基金
国家自然科学基金资助项目(71602118)。
关键词
地理位置
软信息
定向增发
高铁开通
Geographic location
Soft information
Private placement
High-speed railway
