市場擇時效應對中國企業股權再融資之影響

Abstract

本文通過2003年至2014年間，進行股權再融資的1101家中國上市公司 ，研究市場擇時效應對股權再融資的影響。研究發現，中國上市公司進行股權再融資時會受到市場擇時效應的影響，但權衡理論與成長投資理論的影響並不顯著，大股東通過股權再融資侵佔小股東的利益未得到驗證支持。此外，本文還針對不同的股權再融資方式進行研究，發現市場擇時效應對於增發有顯著影響，但是對於配股的影響並不顯著。

This study explores market timing for seasoned equity offerings of Chinese firms using 1101 listed companies with Second Equity Offerings(SEOs) in China from 2003 to 2014. I find timing the market have a significant impact on Chinese SEOs while both the tradeoff and the finance for growth and investment theories receives weak empirical support. I do not obtain any evidence supporting the notion that controlling shareholders conduct SEOs to exploit minority shareholders. In addition, this study explores market timing for different types of SEOs. The result is that effect of market timing for public offering is significant, while effect of market timing for right issue is insignificant.