上市公司股权再融资偏好的自由现金流量解释

An Explanation for the Listed Companies' SEO Preference: Free Cash Flow Approach

上市公司应避免采用股权再融资方式筹集资金,以减少对公司价值产生的负面影响。但国内外仍有不少上市公司采用股权再融资,我国则呈现强烈的股权再融资偏好,这说明上市公司采用股权再融资存在一定的理论依据。现实中上市公司管理者在公司股份中只占有很少的比例,因此上市公司管理者更注重非货币利益的获取。为了获取更多的非货币利益,他们更倾向于采用股权再融资。而我国不太合理的制度背景,使得我国上市公司管理者几乎不拥有公司股份,从而造成我国上市公司强烈的股权再融资偏好。

Many researches indicate that the listed companies should avoid using the seasoned equity offering （SEO） to raise fund because it may have negative effect on the corporate value. But in the real life, SEO is preferred by many companies, especially in China. This fact tells us that there must be some theoretical foundation. Since the managers of the listed companies only have a few shares, they have to pay more attention to those non-monetary benefits. In order to catch more such benefits, they adopt SEO to finance. In China, due to the illogical institutions, the managers almost have no share, which creates the strong predilection for SEO.