CAJ | 학술논문

基于信号发送理论，分析国有与民营控股上市企业定向增发认购方式和大股东认购比例差异对企业后续信贷融资能力变化的影响，并以中国A股市场2006—2011年实施定向增发上市企业数据为样本对其进行实证检验。研究发现：民营控股上市企业信贷融资能力随其定向增发融资率水平和大股东认购比例提高而明显增强。相比资产置换这种非现金方式而言，现金认购会显著降低民营控股企业后续信贷融资比例，但国有控股上市企业定向增发认购方式和大股东认购比例差异均不会对其信贷融资产生显著影响。
기우신호발송이론，분석국유여민영공고상시기업정향증발인구방식화대고동인구비례차이대기업후속신대융자능력변화적영향，병이중국A고시장2006—2011년실시정향증발상시기업수거위양본대기진행실증검험。연구발현：민영공고상시기업신대융자능력수기정향증발융자솔수평화대고동인구비례제고이명현증강。상비자산치환저충비현금방식이언，현금인구회현저강저민영공고기업후속신대융자비례，단국유공고상시기업정향증발인구방식화대고동인구비례차이균불회대기신대융자산생현저영향。
Based on information signaling and taking the data of China's A‐stock market from 2006 to 2011 as the sample ,this paper is aimed to investigate the different impact of state‐ow ned and private listed companies'private placement subscribing manner and stockholders'subscribing ratio on their following debt financing capability theoretically and empirically . As is found out , raising private companies'private placement financing ratio or their stockholders'subscribing ratio can both contribute to improving their debt financing ability significantly .Moreover ,cash subscribing can also help to enhance private companies'following debt financing ability compared with non‐cash one .However ,state‐owned listed companies'private placement can not do any good to improving their debt financing capability . Finally , pieces of advice were imposed based on the acquired results .