大股東股份“流動性”與公司股權融資決策.pdf

1、汕頭大學碩士研究生論文 大股東股份“流動性”與公司股權融資決策 I 大股東股份“流動性”與公司股權 大股東股份“流動性”與公司股權融資決策 融資決策 Liquidity of Large Shareholder’s Equity and Financing Decisions汕頭大學碩士研究生論文 大股東股份“流動性”與公司股權融資決策 II Abstract Many studies s

2、how that Chinese listed companies have strong equity financing requirements. Before the reform of the shareholder structure, many scholars believe that the root of Chinese listed companies keening on large-scale equity f

3、inancing is the reform of the shareholder structure in our country. In order to regulate the behavior of equity financing of the listed companies, China officially carried out the share reform in 2005, which has basicall

4、y completed by the end of 2006. As a result, the problem of non- tradable shares and tradable shares has no longer exist, but the control of large shareholder is just steering from controlled by the non-tradable shares t

5、o controlled by the outstanding shares and the shareholding structure is still unreasonable. Meanwhile, after the share reform equity finance preference is still strong, especially the issuance of equity financing prefer

6、ence. The scale of equity refinancing increased instead of decreasing. In this paper, we analyze the relationship between major shareholder equity and equity refinancing decisions of listed companies in China. The result

7、s show that although the share reform has been completed, the Full Circulation of shares held by major shareholders on the hands did not realize. Major shareholders divide the shares on the hands into two categories. One

8、 is to gain control over the proceeds and not ready to be traded, which are the poor mobility stake. The other can always be traded and valued at market price fluctuations with high liquidity. Although major shareholders

9、 prefer equity financing, for the existence of these two kinds of shares the trend of listed companies to refinancing presents to be inverted U -shaped curve with increase shares ratio of large shareholders. Meanwhile,

10、 nature of large shareholders is also a major factor significantly influencing the decision of refinancing. State-owned enterprises are more preferred to corporate equity refinancing than the non- state-owned. The result

11、s show that although the share reform is completed, some of the shares held by major shareholders have not been truly tradable share, which does not meet the expectation of with equal shares enjoying equal rights and pro