异质信念与公司融资工具选择——兼析中国市场股权融资偏好  

Heterogeneous Beliefs and Corporate Financing Instrument Selection——Analysis of Equity Financing Preference in Chinese Stock Market

作　　者：徐枫[1] 刘志新[1] 

机构地区：[1]北京航空航天大学经济管理学院,北京100190

出　　处：《管理评论》2011年第5期3-8,24,共7页Management Review

基　　金：国家自然科学基金创新研究群体项目(70821061)

摘　　要：本文选用沪深两市2006.1-2009.9发布融资公告的上市公司为研究对象,对投资者异质信念与公司融资工具选择的关系进行探讨。研究结果发现,当公司融资工具为股权或直接债券时,投资者异质信念越大,公司越倾向于股权融资。同时还发现,中国市场股权和直接债券融资公告发布前的投资者异质信念差异性显著高于美国市场,这可以由我国市场的投资者结构和卖空机制来解释。Based on the data of Chinese listed companies that issued financing announcements from January 2006 to September 2009, we study the relationship between heterogeneous beliefs and corporate financing instrument selection. The results indicate that the more heterogeneous belief investors hold, the more inclined a firm is to issue equity rather than debt. Furthermore, the difference of heterogeneous beliefs in previous announcement day between equity issuers and debt issuers in Chinese market is much larger than that in American market, which is attributed to the structure of investors and short sale constraints in Chinese market.

关 键 词：异质信念 分析师预测分歧 调整的换手率 超额收益波动率 融资工具选择 

分 类 号：F832.51[经济管理—金融学] F224