CAJ | 학술논문

本文研究了在不同金融发展环境下，股权性质差异对公司股票上市后信贷融资能力的影响。本文研究发现，通过在相对统一的股票市场中发行股票，公司可以降低在相对分割的信贷市场中信息传递成本，增强其债务融资能力，这一信号作用在金融发展程度滞后的地区表现尤为突出。本文研究结果表明，在金融发展滞后的地区，公司IPO以后债务融资水平显著提高，而且非国有公司通过IPO以后可以获得更多的信贷资源。因此，在金融发展相对滞后的地区，IPO的严格管制可以降低资本市场的信息不对称，促进信贷资源的有效配置。
본문연구료재불동금융발전배경하，고권성질차이대공사고표상시후신대융자능력적영향。본문연구발현，통과재상대통일적고표시장중발행고표，공사가이강저재상대분할적신대시장중신식전체성본，증강기채무융자능력，저일신호작용재금융발전정도체후적지구표현우위돌출。본문연구결과표명，재금융발전체후적지구，공사IPO이후채무융자수평현저제고，이차비국유공사통과IPO이후가이획득경다적신대자원。인차，재금융발전상대체후적지구，IPO적엄격관제가이강저자본시장적신식불대칭，촉진신대자원적유효배치。
This paper investigates both the effect of regional financial development and the effect of controlling shareholder on the debt financing of listed firms after IPO in China. The research suggests that IPO becomes an important way for firms to reduce information asymmetry in the relative intersected credit market and signal its value to state controlled bank to get more loans, and the IPO signaling effect are more important in the under- developed region. It is found that listed firms, especially the private firms, in the under-developed region borrow more money after IPO. This research shows that IPO can signal the information of firm value, and can facilitate effective of credit resources, especially in under-development areas.