管理学报
管理學報
관이학보
Chinese JOurnal of Management
2009年
9期
1209~1214
,共null页
再融资 间隔期模型 国有企业
再融資 間隔期模型 國有企業
재융자 간격기모형 국유기업
seasoned equity offering; duration model; state-owned enterprises
采用间隔期模型对中国上市公司首次公开发行与上市后的第一次再融资的融资间隔期进行了实证分析。研究表明，国有股比例越高，则首发后融资间隔期越短，而且这一结论在考察了公司的特征属性后是稳健的。更进一步的研究发现，国有股比例高的公司往往更达不到发行主管机构制定的关于再融资的净资产收益率标准。这2点发现表明：在股票发行核准制度框架下，国有企业再融资得到了政策倾斜。
採用間隔期模型對中國上市公司首次公開髮行與上市後的第一次再融資的融資間隔期進行瞭實證分析。研究錶明，國有股比例越高，則首髮後融資間隔期越短，而且這一結論在攷察瞭公司的特徵屬性後是穩健的。更進一步的研究髮現，國有股比例高的公司往往更達不到髮行主管機構製定的關于再融資的淨資產收益率標準。這2點髮現錶明：在股票髮行覈準製度框架下，國有企業再融資得到瞭政策傾斜。
채용간격기모형대중국상시공사수차공개발행여상시후적제일차재융자적융자간격기진행료실증분석。연구표명，국유고비례월고，칙수발후융자간격기월단，이차저일결론재고찰료공사적특정속성후시은건적。경진일보적연구발현，국유고비례고적공사왕왕경체불도발행주관궤구제정적관우재융자적정자산수익솔표준。저2점발현표명：재고표발행핵준제도광가하，국유기업재융자득도료정책경사。
In this paper, we undertake a duration analysis on the time intervals between firms＇s I- POS and their first SEOS in china. It suggests that the firms with larger amount of outstanding stateowned shares are more likely to make SEOS immediately after IPOS. And the result is robust after controlling for the firm characteristics. Further research indicates that the firms with larger amount of outstanding state-owned shares are are less likely to qualify for the ROA requirements. This gives strong evidence to the conjecture that government policy has done in favor of state-owned enterprises in the approvals of SEOS.
