异质信念视角的中国a股上市公司的融资决策分析-analysis of financing decisions of chinas a - share listed companies from the perspective of heterogeneous beliefs.docxVIP

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异质信念视角的中国a股上市公司的融资决策分析-analysis of financing decisions of chinas a - share listed companies from the perspective of heterogeneous beliefs.docx

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异质信念视角的中国a股上市公司的融资决策分析-analysis of financing decisions of chinas a - share listed companies from the perspective of heterogeneous beliefs

AbstractThecompanysfinancingdecisionsisalwaysanimportantresearchissueoffinancialmanagement.SinceApril2010,Chinesestockmarketlaunchedmargintradingbusinessandthemarkethasbeenchangedtoashortsalemarket.Givingthissituation,ThefinancingbehaviorofA-listedcompaniesbasedonheterogeneousbelieftheorywasstudied.Mostdomesticandforeignpaststudiesanalyzetheheterogeneousbeliefsunderstrictshortsale,andfurtherstudytherelationshipoftheheterogeneousbeliefsandstockmarketundertheshortsalemarket.Therefore,thefinancingdecisionofA-listedcompanieswasexaminedbasedonheterogeneousbeliefswithbothnon-shortsaleandshortsalemarketforcurrentChinesefinancialmarketenvironment.Thetotalof659sampleswaschosenfromChineseA-sharemarketlistedcompaniesrefinancingdatainvolvedShanghaiandShenzhenstockmarketbetweenJanuaryof2008andSeptemberof2011.Theadjustturnoverwaschosentomeasuretheinvestors’heterogeneousbeliefswiththerestrictionofmarketshortsaleasthedummyvariabletoexaminehowheterogeneousbeliefsaffectfinancingtoolsandscalesizeofthelistedcompanies.Theresultsshowthatthegreaterofinvestorsheterogeneousbeliefs,themoreprobabilityoflistedcompanieschoosetheequityfinancingtolls.Andthattheshort-salemarketplayedthenegativeadjustroleontherelationshipoftheheterogeneousbeliefandfinancingtools.SincetheChinesestockmarkethasbeenfullylaunchedthemargintradingbusiness,undertheshortsalemarket,theinvestors’heterogeneousbeliefslevelhasdecreased,andthelistedcompaniesalsoprefertheequityfinancingtoolbuttheprobabilitythattheychooseequityfinancingtoolissmallerthanthatunderthecompletelyrestrictedshortsalemarket.Inagivenfinancialtool,investors’heterogeneousbeliefswillalsoaffectthesizeoffinancing.Thegreaterofinvestors’heterogeneousbeliefs,thesmallersizeofitsequityfinancing,whilethereisnoeffectonthesizeofbondfinancing.Keywords:financingdecision,heterogeneousbelief,short-salemarket,probitregressionmodel目录摘要...............................................................................................................................IAbstract.......