控股权性质、上市企业定向增发与银行信贷资金配置的关系  

Ownership,Listed Companies' Private Placement and Bank Credit Allocation

作　　者：刘斌斌[1] 丁俊峰[2] 黄吉辉 

机构地区：[1]南昌大学理学院,江西南昌330031 [2]广东金融学院中国金融转型与发展研究中心,广东广州510521 [3]上海财经大学人文学院,上海200433

出　　处：《统计与信息论坛》2015年第1期52-58,共7页Journal of Statistics and Information

基　　金：国家自然科学基金项目<基于时变融资约束视角下的企业资本结构动态调整研究>(71262010);江西省高校人文社会科学研究项目<定向增发对公司资金配置效率影响研究>(YY1330);江西省社会科学"十二五"规划项目<股市周期;房产泡沫与经济增长研究>(12YJ44);江西省社会科学规划项目<上市公司定向增发融资研究:控股权性质与资金配置效率>(13YJ29)

摘　　要：基于信号发送理论,分析国有与民营控股上市企业定向增发认购方式和大股东认购比例差异对企业后续信贷融资能力变化的影响,并以中国A股市场2006—2011年实施定向增发上市企业数据为样本对其进行实证检验。研究发现:民营控股上市企业信贷融资能力随其定向增发融资率水平和大股东认购比例提高而明显增强。相比资产置换这种非现金方式而言,现金认购会显著降低民营控股企业后续信贷融资比例,但国有控股上市企业定向增发认购方式和大股东认购比例差异均不会对其信贷融资产生显著影响。Based on information signaling and taking the data of China＇s A‐stock market from 2006 to 2011 as the sample ,this paper is aimed to investigate the different impact of state‐ow ned and private listed companies＇private placement subscribing manner and stockholders＇subscribing ratio on their following debt financing capability theoretically and empirically . As is found out , raising private companies＇private placement financing ratio or their stockholders＇subscribing ratio can both contribute to improving their debt financing ability significantly .Moreover ,cash subscribing can also help to enhance private companies＇following debt financing ability compared with non‐cash one .However ,state‐owned listed companies＇private placement can not do any good to improving their debt financing capability . Finally , pieces of advice were imposed based on the acquired results .

关 键 词：控股权性质 定向增发 信贷资金配置 

分 类 号：F830.9[经济管理—金融学]