双重异质信念下中国上市公司融资决策研究  

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

作　　者：马健[1,2] 刘志新[1] 张力健[3] 

机构地区：[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

出　　处：《中国管理科学》2012年第2期50-56,共7页Chinese Journal of Management Science

基　　金：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)

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。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.

关 键 词：双重异质信念 上市公司 融资决策 

分 类 号：F830[经济管理—金融学]