二级市场信息风险对上市公司资本结构的影响研究  

The Impact of Secondary Market's Information Risk on Listed Companies' Capital Structure

作　　者：易建平[1] 焦阳[2] 

机构地区：[1]天津大学管理与经济学部,天津300072 [2]北京中冶京诚工程技术有限公司,北京100176

出　　处：《河北经贸大学学报》2013年第4期70-72,共3页Journal of Hebei University of Economics and Business

摘　　要：信息风险对投资者的行为有重要影响,与上市公司的融资成本密切相关。利用PIN作为信息风险的代理指标,研究二级市场信息风险对企业资本结构以及融资方式选择的影响,实证结果表明:即使考虑到其他因素,信息风险对资本结构的影响系数依旧显著;信息风险对上市公司资本结构有重要影响;信息风险高的企业在进行融资活动时,会较少选择股权融资,这进一步导致了公司杠杆变高。Information risk has an important impact on investor behavior, and it is closely related to the financing costs of the listed companies. We use PIN as the indicator of information risk to research the impact of secondary market＇s information risk on capital structure and financing choice. The empirical results show that, even taking into account other factors, information risk has a larger impact on capital structure of listed companies. When enterprises with high information risk is on the financing activities, they will choose equity financing less likely, which further lead to the company leverage heightening.

关 键 词：证券市场 信息风险 信息不对称 资本结构 杠杆比率 股权融资 逐序理论 分析师 

分 类 号：F830[经济管理—金融学]