摘要
股票市场通过上市公司的分红派现和股权再融资进行股权资金的再分配,上市公司市净率的离散度可以作为度量股权资金配置效率的指标。本文研究显示,在分红派现方面,市净率高于市场均值的公司支付较低水平的股利,而市净率低于市场均值的公司支付较高水平的股利;在股权再融资方面,市净率高于市场均值并且市净率相对较高的公司得到的股权再融资机会相对较多,都将有利于股权资金配置效率的提高。另外,提高股票市场信息效率以及改善上市公司的负债融资行为,也将有利于提高股权资金配置效率。
Stock market reallocates the equity capital though dividend paying and SEO, and the dispersion in MBR across firms can be used as a measure of the efficiency of equity capital. To raise the equity allocation efficiency, the firms whose MBR are greater than its market mean should pay less dividend and should get more SEO opportunities, otherwise, the firms whose MBR are below the market mean should pay more dividend and should get less SEO opportunities. Furthermore, the increasing of market＇ s information efficiency and the reformation of firm＇ s debt financing would also increase the equity allocation efficiency.
出处
《证券市场导报》
CSSCI
北大核心
2009年第5期68-77,共10页
Securities Market Herald
