股票投机性与股权融资成本——基于中国A股市场的经验研究
发布时间：2018-07-25 06:08
【摘要】：中国企业热衷于股权融资可能是企业融资环境和公司内部决策机制共同作用的结果。本文从融资环境的角度出发,采用中国A股市场数据,考察了股票投机性对股权融资成本的影响。研究结果表明:股票的相对价格越高,公司的股权融资成本越低;股票价格的上涨速度和换手率与股权融资成本负相关,不考虑价格变动方向,变动速度的绝对值与融资成本不具有相关性;投机者更关注换手率而不是流动性,控制了换手率之后股票市场的流动性并不具有降低股权融资成本的作用。
[Abstract]:The interest of Chinese enterprises in equity financing may be the result of the joint effect of corporate financing environment and internal decision-making mechanism. From the point of view of financing environment, this paper investigates the influence of stock speculation on the cost of equity financing by using the data of A share market in China. The results show that: the higher the relative price of stock, the lower the cost of equity financing, and the negative correlation between the rising speed and turnover rate of stock price and the cost of equity financing, regardless of the direction of price change, There is no correlation between the absolute value of the speed of change and the financing cost. Speculators pay more attention to the turnover rate than the liquidity. After controlling the turnover rate, the liquidity of the stock market does not reduce the cost of equity financing.
【作者单位】： 东北财经大学金融学院;
【分类号】：F275;F832.51
[Abstract]:The interest of Chinese enterprises in equity financing may be the result of the joint effect of corporate financing environment and internal decision-making mechanism. From the point of view of financing environment, this paper investigates the influence of stock speculation on the cost of equity financing by using the data of A share market in China. The results show that: the higher the relative price of stock, the lower the cost of equity financing, and the negative correlation between the rising speed and turnover rate of stock price and the cost of equity financing, regardless of the direction of price change, There is no correlation between the absolute value of the speed of change and the financing cost. Speculators pay more attention to the turnover rate than the liquidity. After controlling the turnover rate, the liquidity of the stock market does not reduce the cost of equity financing.
【作者单位】： 东北财经大学金融学院;
【分类号】：F275;F832.51
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