大股东股份“流动性”和公司股权融资决策.pdfVIP

汕头大学硕士研究生论文 大股东股份“流动性”与公司股权融资决策 Abstract Many studies show that Chinese listed companies have strong equity financing requirements. Before the reform of the shareholder structure, many scholars believe that the root of Chinese listed companies keening on large-scale equity financing is the reform of the shareholder structure in our country. In order to regulate the behavior of equity financing of the listed companies, China officially carried out the share reform in 2005, which has basically completed by the end of 2006. As a result, the problem of non- tradable shares and tradable shares has no longer exist, but the control of large shareholder is just steering from controlled by the non-tradable shares to controlled by the outstanding shares and the shareholding structure is still unreasonable. Meanwhile, after the share reform equity finance preference is still strong, especially the issuance of equity financing preference. The scale of equity refinancing increased instead of decreasing. In this paper, we analyze the relationship between major shareholder equity and equity refinancing decisions of listed companies in China. The results show that although the share reform has been completed, the Full Circulation of shares held by major shareholders on the hands did not realize. Major shareholders divide the shares on the hands into two categories. One is to gain control over the proceeds and not ready to be traded, which are the poor mobility stake. The other can always be traded and valued at market price fluctuati