上市公司股權(quán)再融資動(dòng)機(jī)的實(shí)證分析——市場(chǎng)擇機(jī)抑或基本面變化.pdf

1、廈門大學(xué)碩士學(xué)位論文上市公司股權(quán)再融資動(dòng)機(jī)的實(shí)證分析——市場(chǎng)擇機(jī)抑或基本面變化姓名：郭仕余申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：投資學(xué)指導(dǎo)教師：陳善昂20090401AbstractAccordingtotheShanghaiStockExchangeAshareswithin19992008SEOs(thesampleperiodchangesalittleastherequiredofadvancingandlagging)，thispaperu

2、seslogitmodelstomakeastudyofmarkettimingtheoryabouta11thelistedcompanies，whichstronglysupportedbyempiricalstudiesThisPaperalsomakesmodel’Ssensitivityanalysisandfoundthatevenifthevariableschangegreatly，theprobabilityofthe

3、SEOsisstillverysmallandtrivialThisPaperfindsthatevenwithomtheapprovalroleoftheregulatoryagencythemarkettimingbehaviorinChinaShanghaiA—sharesmar!ketisnotobviousInordertofindtherealmotivationofSEOs，thispaperfromtheperspect

4、iveoflistedcompanies’SEOsmaybeduetofundamentalschanges(such弱internalprofitrestructuringdiversificationreducingoutsideinvestment，etc)whichresultedinincreaseddemandforcashcolletingSubsamplesalllistedcompaniesintofourgroups

5、accordingtototalassetsandM／B，afteranalyzingSEOscompanies’ratioofcash／totalasset，findingthatmanySEOscompaniestheseratiosarelowerthanthesametypeofcompanieswhichnon—SEOsThengraduallyanalysisofSEOsinflowstotheimpactofchanges

6、incapitalexpenditure，liabilitiesandotherfactors，findingoutthatcapitalexpenditurehasnotincreasedsignificantlyandevendeclinedbysomecompanies，themajorityofcorporatedebtfinancingcomparedwithasubstantialincreaseintheformerTot

7、estthehypothesisrebalancingcapitalstructurefoundthathypothesisCan’tholdinoursampleThroughtheaboveanalysis，thepapersmainconclusionsare“Withinmostofthesampleperiodofthelistedcompanies，themostimportantmotiveforSEOsistomeett

8、heneedsofcashwhicharisingfromrecentchangesinthefundamentalsSomeearlyrelatedliteramresonlystudiedtheimplementationofSEOscompanies，neglectingthelistedcompanieswhichcouldmarkettimingbutdidn’t啦spaperalsotakesintoaccountthein

9、fluenceofregulatoryinstitutional，whichcouldinfluencetheresultsofanalysisItisveryhardtodistinguishthemstrictlySOearlyliterature’SmodelswithinthisareaarenotcredibleKeywords：Seasonedequityofferings；Markettiming；Fundamentalc