摘要
本文以 2 0 0 0— 2 0 0 2上半年公告拟进行增发和配股的A股上市公司为样本 ,研究了在增发方式市场化期间我国上市公司的融资决策。研究发现 ,上市公司的融资决策受到其股权结构、流通股比例和股票二级市场表现的影响 ,股权越集中、流通股比例越低和市值账面值比率越高的公司越倾向于选择增发 。
this paper study the offer choice between rights and seasned equity offerings for a sample of A share listed companies planning to issue equity from January,2000 to June,2002.According to my research,some factors,such as ownership concentration,the proportion of tradable shares and market to book ratio influence the strategy of financing equity.My analysis indicates that firms choosing seasoned equity offerings are larger firms with more concentrated ownership,lower proportion of tradable shares and higher market to book ratio.Moreover,leverage and the growth opportunities of core business have no significant influence on the financial strategy.
出处
《财经问题研究》
CSSCI
北大核心
2003年第11期55-60,共6页
Research On Financial and Economic Issues
关键词
增发
配股
股权集中度
流通股比例
seasoned equity offerings
rights offerings
ownership concentration
the proportion of tradable shares
