股权分置条件下中国上市公司股权再融资行为与绩效研究.pdf

小于10%的水平上显著 文章还对配股和增发新股的长期财务绩效进行了比较研 究 研究结果显示 和增发新股相比较 配股后一年 两年和三年内的每股净资 产收益率均好于同时期的增发新股 而且再融资后第二年在1%的水平上显著 关键词 配股 增发新股 可转债 融资偏好 融资绩效 股权分置 III Abstract There are two abnormities on the refinancing of China’s listed companies: first, the firms do not follow the classical pecking order theory, but have prejudice on the equity refinancing; second, the equity refinancing efficiency of the firms is low. The abnormalities have been the focus of the theory and practice. For the existing of split share structure, the classical theories developed in the West can not give a rational interpretation for the abnormalities. The scholars in China do a lot of researches on the equity refinancing during the past ten years, but only a minority of the scholars consider the factor of the split share structure. And the researches do not give concrete theoretic and empirical studies on the direct relationship between the refinancing efficiencies and the split share structure. The paper will give a systematic research on the equity refinancing behavior and efficiency with the split share structure. The paper uses methods of theoretic analysis and statistical analysis to verify the equity refinancing prejudice of China’s listed companies. We construct a model on the equity refinancing. The model shows that there exists wealth transfer of tradable shareholders to non-tradable shareholders during rights issue and seasoned equity offering in China, therefore the non-tradable shareholders can acquire riskless high abnormal returns quickly (the book value per share increases). In addition, the managers can obtain positive utility through rights issue and seasoned