股价效应和经营绩效对企业双重融资选择的影响--基于中国A股上市公司的经验证据

The Effects of the Market and Operating Performance on Dual Issues——Evidence from the A Listed Companies in China

以我国深沪两市A股上市公司1999-2006年期间有效数据为样本，本文利用Binary Logistic回归和OLS估计方法实证检验了股价效应和企业经营绩效对中国上市公司双重融资与其他融资方式选择的影响。研究结论显示，股价效应和企业经营绩效一方面通过权益融资的市场时机效应影响了双重融资与其他融资方式的选择，与资本结构呈负相关关系；另一方面以市值账面比表示的股价效应同时也包含企业增长的信息，与较低的目标资本结构相关，而企业经营绩效则通过影响资本结构的偏离而与杠杆率呈负相关关系，这与动态平衡资本结构理论假设一致。因此本文认为市场时机资本结构理论和动态平衡资本结构理论对中国上市公司融资决策行为具有较强的解释能力。

This paper examines whether market and operating performance affect corporate financing between dual issues and other issues using Binary Logistic and OLS by the data of Chinese A-shares listed companies between 1999 and 2006. The evidence shows that market and operating performance affect dual issues through equity issue timing, and negative relation to leverage. On the other hand, high market-to-book firms have low target debt ratios because of good growth opportunities ,and operating performance affects the deviation of observed leverage from the target and, therefore is negative relation to leverage, which is consistent with the dynamic trade-off hypothesis. The results of the paper imply that market timing and dynamic trade-off theory have the strongly explanation power to corporate financing behavior of Chinese listed companies.