时变信息不对称与我国上市公司股权融资行为  

Study on Effects of Time-Varying Asymmetric Information on Listed Companies' Equity Financing Decision in China

作　　者：冯玉梅[1] 王春峰[2] 房振明[2] 

机构地区：[1]山东财政学院金融学院,济南250014 [2]天津大学金融工程研究中心,天津300072

出　　处：《运筹与管理》2009年第4期118-124,共7页Operations Research and Management Science

基　　金：国家杰出青年科学基金项目(70225002)

摘　　要：本文从动态角度检验了时变信息不对称与公司股权融资行为之间的关系。基于Wilcoxon秩和检验、方差比检验以及Fama-MacBeth回归方法的实证结果表明:我国上市公司倾向于在信息披露之后公告新股发行;我国上市公司发行公告前后两个定期报告皆具有信息含量,但发行公告之前的定期报告没有向市场传递更好的信息。This paper studies the relationship between time-varying asymmetric information and Chinese listed companies＇ equity financing. Based on Wileoxon rank sum test, variance ratio test and Fama-MaeBeth regression method, this study finds that Chinese listed companies tend to issue new equity after information disclosure. The two regular corporate financial reports around its issuing announcement are all informative, but the one before the issuing announcement does not transfer better information to the market.

关 键 词：金融学 股权融资 Wilcoxon秩和检验 方差比检验 信息披露 

分 类 号：F830.91[经济管理—金融学]