上市公司权益与负债双重融资决策实证研究

Empirical study on China listed corporation dual issue decisions

立足于市场时机理论和传统的资本结构理论,针对同时发行权益和增加债务的公司,探讨投资者行为和心理以及公司的目标资本结构等因素对管理层融资决策的作用.文章首先利用OLS估计双重融资决策的影响因素和影响程度,然后通过Binary Logistic回归对双重融资和单独权益融资、单独债务融资决策进行两两比较,探讨公司管理层的不同融资决策选择的动因.为了检验结果的稳定性,还将融资定义中的5%提高到10%.研究发现市值账面比同时包含市场对公司的成长性理性预期和非理性估价所带来的市场时机.这两种信息混合作用于公司的融资选择.

On the basis of market timing theory and target capital structure in the trade-off theories, this paper emphasizes the dual issuers and discusses the effects of some factors, such as investors＇ behaviors and target capital structure etc. , on management financing decisions. First, the paper makes OLS regressions to find the determinants of dual issues and how they work. And then, it makes Binary Logistic regressions to compare dual issues with pure equity issues and pure debt issues, to discover the determinants of different financing decisions. In order to check the sensitivity of the results, it increases the limit of five percent to ten percent in the financing definitions. It concludes that market-to-book ratio implies investors＇ rational expectation on corporate growth and market timing resulted from irrational valuation, and the two kinds of information affects corporate financing selection jointly.