财务柔性对上市公司股权再融资偏好的影响分析  

Analysis on the Influence of Financial Flexibility on Listed Companies’ Preference for SEO

作　　者：庄胡蝶[1] 翟卫华[1] ZHUANG Hu-die;ZHAI Wei-hua(School of Accounting, Anhui Business and Technology College, Hefei 231131, China)

机构地区：[1]安徽工商职业学院会计学院

出　　处：《安徽商贸职业技术学院学报》2019年第2期30-33,共4页Journal of Anhui Business College

摘　　要：以2014—2018年沪深上市公司为样本,借助CSMAR、wind金融证券数据库资源和Stata11软件完成数据分析处理,对我国上市公司股权再融资偏好现象进行实证分析和研究。研究发现股权投资偏好并不是全体上市公司所为;具有控制权的大股东影响配股融资决策;财务柔性储备越多的企业越不偏好股权再融资;成长性越高的上市公司越偏爱股权再融资;企业收入波动性与企业股权再融资行为呈现负相关。Taking listed companies in Shanghai and Shenzhen from 2014 to 2018 as samples, this paper makes an empirical analysis and research on the listed companies’ preference for SEO in China based on the data analysis and processing with the help of CSMAR, WindDB and Stata11 software. It is found that not all listed companies have preference for SEO;big shareholders with voting rights have influence over the decision-making for SEO;the more financial flexibility a company has, the less preference it has for SEO;listed companies with higher growth potential have higher preference for SEO;and company income fluctuation is negatively related to the company’s SEO.

关 键 词：财务柔性 股权再融资偏好 资本结构 融资决策 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]