中国上市公司股权再融资时机选择行为研究

Timing of Seasoned Equity Offering of China's Listed Companies

以建立在市场非有效假设上的市场时机选择理论作为理论基础,选取在中国证券市场进行股权再融资的上市公司作为研究样本,检验中国上市公司的股权再融资是否存在着市场时机选择行为。研究发现:中国上市公司存在融资时机选择行为,这种融资时机选择现象的存在说明我国证券市场存在着非理性的交易行为以及上市公司存在"圈钱"的动机。

In China,listed companies tend to issue new equity to raise fund.Some scholars have researched this kind of phenomena and brought forward some explaining models,however,none of these models have full explanation.Using the timing theory from the theory of market ineffectiveness,timing issue of the seasoned equity offering has been researched in the paper.The result show that those listed companies practice the timing strategy,which implies that there are unreason trading behaviors and misappropriating intention in the securities market.