高管证券背景对上市公司增发行为的影响

发布时间：2018-04-24 07:52

本文选题：增发 + 高管　；参考：《财经科学》2013年05期

【摘要】：本文以2006—2010年我国A股市场增发的上市公司为样本,采用多元回归和事件研究法,实证分析了上市公司高管的证券背景对公司增发行为的影响及具体路径。实证结果表明:高管的证券背景显著降低了企业增发中的折价率,有效降低了企业再融资成本。进一步,我们从分析师信息效应和融资择时效应两方面研究发现:高管的证券背景提高了企业与分析师间的信息沟通效率,强化了证券分析师对折价率的影响;而高管在资本市场的知识和经验优势则使其能更好地选择增发时机。
[Abstract]:This paper takes the listed companies listed in China's A share market from 2006 to 2010 as a sample, adopts the method of multiple regression and event study, and empirically analyzes the influence of the securities background of the listed companies on the issuing behavior of the listed companies and its specific path. The empirical results show that the securities background of senior executives significantly reduces the discount rate and the refinancing cost. Further, we find that: the securities background of senior executives improves the efficiency of information communication between enterprises and analysts, and strengthens the impact of securities analysts on discount rate; Executives in the capital market knowledge and experience to enable them to better choose the timing of issuance.
【作者单位】：对外经济贸易大学金融学院;清华大学经济管理学院;
【基金】：国家自然科学基金青年项目(项目号:71202026) 对外经济贸易大学校级科研课题(项目号:10QD30) “资本市场研究学术创新团队”(项目号:CXTD1-03)
【分类号】：F832.51

【参考文献】