双重异质信念下中国上市公司融资决策研究

Abstract

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

CLC Number:

F830

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

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