上市公司股权再融资择机行为研究——定价择机、需求量择机与政策择机

Equity Refinancing Timing Behavior of Listed Companies: Pricing Timing, Demand Timing and Policy Timing

上市公司在融资决策中是否存在择机行为以及究竟存在怎样的择机行为,这是个备受关注的话题。本文研究发现:(1)上市公司表现出三种择机行为:市场定价择机、市场需求量择机以及融资政策择机。(2)增发和配股的政策择机行为相似,但市场择机条件却不尽相同,增发是在高市价、高市场需求量的时候进行,而配股则是在高市价、低市场需求量的时候进行。(3)上市公司所体现出来的择机行为中包含了部分监管机构的择机行为。

Whether listed companies have timing behavior and the type of timing behavior they have are very hot topics. We empirically examine these questions and have the following findings. First, listed companies show three timing behaviors： pricing timing behavior, demand timing behavior and policy timing behavior. Second, share allotment and additional equity offer have similar policy timing behaviors but different market timing conditions. Additional equity offer happens when both pricing and demand are high while share allotment happens when pricing is high and demand is low. Third, the timing behavior shown by listed companies also contains some timing behavior of regulatory agencies.