标题: 资本结构调整、权益销售机制与核心代理问题
作者: 王元章
陈孔麒
Institute of Business and Management
经营管理研究所
关键字: 资本结构;权益销售;私募;折价幅度;核心代理问题Capital Structure;Equity-Selling;Private Equity Offering;Discount;Core Agency Problem
公开日期: 2015
摘要: 本研究在探讨公司藉由私募或现金增资调整资本结构时,资本结构调整对调整成本以及核心代理问题的关联性。实证结果发现私募与现金增资公司皆具有较高的负债偏离程度,且愈高的负债偏离会增加公司选择私募或现金增资以调整资本结构的可能性,此外,资本结构的调整规模会影响私募的折价幅度,而资本结构偏离程度则会影响现金增资的折价幅度。最后,实证发现当公司选择向特定少数人私募资金时,私募会显着增加公司的核心代理问题。
This paper examines the effects of adjustment cost and core agency problem on company adjusting its capital structure through private equity offering (PE) or seasoned equity offering (SEO). Evidences indicate that both PE company and SEO company have higher leverage deviations and the likelihood of raising equity privately or publicly increased as its leverage deviation goes high. In addition, the leverage deviation usually affects SEO's discount but the leverage adjustment scale affects PE's discount. Finally, PE may increase its core agency problem, which is possibly caused by the specific minority investors of PE.
URI: http://hdl.handle.net/11536/132403
期刊: 管理与系统
Journal of Management and Systems
Volume: 22
Issue: 4
起始页: 407
结束页: 429
显示于类别:Journal of Management and System


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