上市公司非公开发行的深层动因实证研究

Empirical Analysis of the Determines of the Private Equity Placements in Chinese Listed Companies

通过对比2006～2008年非公开发行和公开发行上市公司的特征,发现盈利能力是影响上市公司选择再融资方式的重要因素之一,不满足公开发行条件的盈利较差的上市公司会选择非公开发行,说明我国上市公司的融资方式受政策规定的影响最大,存在"融资饥渴症"和股权融资偏好。资产信息的不对称和资金需求的紧迫性,也是影响企业选择增发方式的重要因素。另外,股东控制权会在一定程度上影响上市公司的融资方式选择,第一大股东持股比例较高的公司倾向于非公开发行,尤其是向机构投资者非公开发行,而第一大股东持股比例较低的公司倾向于向大股东增发,以加强大股东对公司的控制。

Using the sample of SEO companies,empirical findings suggest that profitability is one of the most important factors influencing the choices of SEO.Companies that cannot make enough profits without qualifications for public offering are more likely to choose private equity placements.This evidence indicates that the choice of SEO in China is most influenced by relevant regulations and that listed companies have equity financing preference.The impact of information asymmetry and the pressure of demand for fund are also important factors.Small companies tend to reduce the risk of issue failure;Companies with high debt ratio tend to meet the demands for fund.Control right is another factor influencing the ways of SEO.