双重异质信念下中国上市公司融资决策研究

中国管理科学 ›› 2012, Vol. ›› Issue (2): 50-56.

双重异质信念下中国上市公司融资决策研究

马健^1,2, 刘志新¹, 张力健³

1. 北京航空航天大学经济管理学院, 北京 100191;
2. 北京航空航天大学数学与系统科学学院, 北京 100191;
3. 上海证券交易所产品开发部, 上海 200120

收稿日期:2010-11-01 修回日期:2011-10-30 出版日期:2012-04-29 发布日期:2012-04-25
基金资助:
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)

Financing Decision in Chinese Listed Companies: A Perspective of Dual Heterogeneous Beliefs

MA Jian^1,2, LIU Zhi-Xin¹, ZHANG Li-Jian³

1. School of Economic and Management, Beihang University, Beijing 100191, China;
2. School of Mathematics and Systems Science, Beihang University, Beijing 100191, China;
3. Derivatives Development Dept, Shanghai Stock Exchange, Shanghai 200120, China

Received:2010-11-01 Revised:2011-10-30 Online:2012-04-29 Published:2012-04-25

摘要/Abstract

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。

关键词: 双重异质信念, 上市公司, 融资决策

Abstract: 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.

Key words: dual heterogeneous beliefs, listed companies, financing decision

中图分类号:

F830

马健, 刘志新, 张力健. 双重异质信念下中国上市公司融资决策研究 [J]. 中国管理科学, 2012, (2): 50-56.

MA Jian, LIU Zhi-Xin, ZHANG Li-Jian. Financing Decision in Chinese Listed Companies: A Perspective of Dual Heterogeneous Beliefs[J]. Chinese Journal of Management Science, 2012, (2): 50-56.

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