中国企业股权融资成本地区差异根源探究——基于城市形象信号功能的视角

发布时间：2018-02-27 18:22

本文关键词： 城市形象融资成本信息不对称 IPO抑价　出处：《上海经济研究》2017年05期 　论文类型：期刊论文

【摘要】：资本市场空间本质上是异质的,除企业自身因素、行业因素和一般市场因素外,企业股权融资成本还受区域背景因素的影响。在信息不完全、不对称条件下,城市组织可利用自身声誉进行信息生产放大企业的市场信号,把更多私人信息转变为公共信息,从而抑制逆向选择,降低企业股权融资成本,提高资本市场效率。城市声誉水平的不同造成了企业股权融资成本的区域差异。该文以利用2010-2011年我国52个样本城市的544家上市企业数据,采用分层回归法,验证了作为区域背景因素之一的城市形象与反映资本市场效率的IPO抑价之间的关系,发现城市形象能在1%的水平上解释IPO抑价方差的3.7%。这一结论对企业微观区位决策和政府制定基于软资源的城市经营策略有一定的启示意义。
[Abstract]:The space of capital market is essentially heterogeneous. Besides the factors of enterprise itself, industry and general market, the cost of enterprise equity financing is also affected by regional background factors. Urban organizations can use their reputation for information production to amplify the market signals of enterprises and transform more private information into public information, thereby suppressing adverse selection and reducing the cost of equity financing. To improve the efficiency of capital market, different levels of urban reputation lead to regional differences in the cost of equity financing. This paper uses 544 listed enterprises from 52 sample cities in China in 2010-2011 to adopt hierarchical regression method. The relationship between the city image as one of the regional background factors and the IPO underpricing, which reflects the efficiency of the capital market, is verified. It is found that the city image can explain the variance of IPO underpricing at the level of 1%. This conclusion has some enlightenments for enterprises to make micro-location decisions and governments to formulate urban management strategies based on soft resources.
【作者单位】：上海师范大学商学院;
【基金】：上海师范大学城市经济学重点学科资助
【分类号】：F275;F832.51

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