国有企业再融资得到了政策倾斜——基于间隔期模型的实证分析

Has the Government Policy Done in Favor of State-Owned Enterprises?——Evidence from Seasoned Equity Offerings in China

采用间隔期模型对中国上市公司首次公开发行与上市后的第一次再融资的融资间隔期进行了实证分析。研究表明,国有股比例越高,则首发后融资间隔期越短,而且这一结论在考察了公司的特征属性后是稳健的。更进一步的研究发现,国有股比例高的公司往往更达不到发行主管机构制定的关于再融资的净资产收益率标准。这2点发现表明:在股票发行核准制度框架下,国有企业再融资得到了政策倾斜。

In this paper, we undertake a duration analysis on the time intervals between firms＇s I- POS and their first SEOS in china. It suggests that the firms with larger amount of outstanding stateowned shares are more likely to make SEOS immediately after IPOS. And the result is robust after controlling for the firm characteristics. Further research indicates that the firms with larger amount of outstanding state-owned shares are are less likely to qualify for the ROA requirements. This gives strong evidence to the conjecture that government policy has done in favor of state-owned enterprises in the approvals of SEOS.