财务柔性对上市公司股权再融资偏好的影响分析

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英文篇名：Analysis on the Influence of Financial Flexibility on Listed Companies' Preference for SEO 作者：庄胡蝶 ; 翟卫华 英文作者：ZHUANG Hu-die;ZHAI Wei-hua;School of Accounting, Anhui Business and Technology College; 关键词：财务柔性 ; 股权再融资偏好 ; 资本结构 ; 融资决策 英文关键词：financial flexibility;;preference for SEO(seasoned equity offering);;capital structure;;financing decision-making 中文刊名：AHSM 英文刊名：Journal of Anhui Business College 机构：安徽工商职业学院会计学院; 出版日期：2019-05-22 15:41 出版单位：安徽商贸职业技术学院学报(社会科学版) 年：2019 期：v.18;No.70 语种：中文; 页：AHSM201902009 页数：4 CN：02 ISSN：34-1242/Z 分类号：36-39

摘要

以2014—2018年沪深上市公司为样本,借助CSMAR、wind金融证券数据库资源和Stata11软件完成数据分析处理,对我国上市公司股权再融资偏好现象进行实证分析和研究。研究发现股权投资偏好并不是全体上市公司所为;具有控制权的大股东影响配股融资决策;财务柔性储备越多的企业越不偏好股权再融资;成长性越高的上市公司越偏爱股权再融资;企业收入波动性与企业股权再融资行为呈现负相关。
        Taking listed companies in Shanghai and Shenzhen from 2014 to 2018 as samples, this paper makes an empirical analysis and research on the listed companies' preference for SEO in China based on the data analysis and processing with the help of CSMAR, Wind DB and Stata11 software. It is found that not all listed companies have preference for SEO; big shareholders with voting rights have influence over the decision-making for SEO; the more financial flexibility a company has,the less preference it has for SEO; listed companies with higher growth potential have higher preference for SEO; and company income fluctuation is negatively related to the company's SEO.

引文

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