高管证券背景对上市公司增发行为的影响

Effects of Executives' Stock Experience on Seasoned Equity Offerings of Chinese Listed Firms

本文以2006—2010年我国A股市场增发的上市公司为样本,采用多元回归和事件研究法,实证分析了上市公司高管的证券背景对公司增发行为的影响及具体路径。实证结果表明:高管的证券背景显著降低了企业增发中的折价率,有效降低了企业再融资成本。进一步,我们从分析师信息效应和融资择时效应两方面研究发现:高管的证券背景提高了企业与分析师间的信息沟通效率,强化了证券分析师对折价率的影响;而高管在资本市场的知识和经验优势则使其能更好地选择增发时机。

We show in this paper that the role of executives＇ stock experience in the process of Seasoned Eq- uity Offerings. By virtue of multiple regression and event study, we find that the stock experience of execu- tives could prominently reduce the underpricing rate of SEO, thus reducing the direct and indirect costs of raising capital. We then explore the channels of senior managers＇ Stock Experience attributing to SEO from two aspects： the information effect of analysts and equity marketing time. The results suggest that the social resources of executives with Stock Experience can reduce information asymmetry among investors by increas- ing the analyst coverage on the firm and improving the communication efficiency, thereby reducing the SEO underpricing as the compensation of information asymmetry; the knowledge gained from previous working ex- perience in the stock market could help the firm grasp a well- timed SEO oppommity and exploit the market to the interest of the ftrm by choosing the time of stock overvaluation.