增发资格、产权性质与财务特征

Study on Secondary Qualification,the Nature of Property Rights and Financial Characteristics

以1998-2007年符合增发条件的A股上市公司为研究对象进行实证分析,研究发现公司资产规模越大,资产负债率越低,净资产收益率越大,增发申请越容易获得证监会的批准,而产权性质与上市公司增发申请能否被证监会批准并无显著关系。

In this paper, the samples of empirical analysis are A - share listed companies from 1998 to 2007. After regression we have found that secondary qualification is related to the assets size, the debt ratio and ROE. The larger the assets size and ROE of the company, the lower the debt ratio, companies will achieve the secondary qualification easily. But the nature of property right of listed companies has no relation with secondary qualification.