基于异质信念的公司融资决策

Corporate Financial Decision Based on Heterogeneous Beliefs

股权和债券是公司融资的两种主要方式,本文从投资者异质信念的视角,分析公司融资选择股权还是债券的影响因素。首先基于Miller(1977)的投资者异质信念模型,从理论上得到预测:投资者信念异质程度越大,公司越倾向于股权融资;投资者情绪越高,公司越倾向于股权融资。最后利用中国上市公司再融资数据,采用二元Probit回归模型对理论预测进行实证检验,实证结论支持理论预测。

we analyze the effect of heterogeneity belief among outside investors on security issuance choices between equity and debt made by a firm.Firstly,based on Miller（1977） heterogeneity model,our theoretical analysis generates predictions that the greater the heterogeneity in outside belief,and the higher the level of optimism,the more likely the firm is to choose to issue equity rather than debt.Secondly,using a sample of debt and seasoned equity issues from Chinese listed firms we empirically analyze the above predictions.We find empirical results support for our predictions.