透過資本結(jié)構(gòu)研究A股市場再融資問題.pdf

1、對外經(jīng)濟(jì)貿(mào)易大學(xué)碩士學(xué)位論文透過資本結(jié)構(gòu)研究A股市場再融資問題姓名：甘訸申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：溫曉芳20090501AbstractChina’Scapitalmarkethasbeendevelopingfornomorethantwodecadesandtheimperfectmarketsystemandthelackofeducationininvertorshavebeentwomainproblemswhi

2、chdeterthedevelopmentofthecapitalmarketThereformofsplitsharestructuregivesnoactualhelptothemarketequalityListedcompaniesalwaystakeopportunitiestograbtheinterestofthemarketinvestors，amongwhichequityrefinancinghasbeenoneof

3、thehottopicsinthemarketTheequityrefinancingpreferenceofChina’Slistedcompaniesisoppositetowhatwesternclassicalcapitaltheoryhaspointedoutandmostdomesticscholarshavepointedoutthatnontradableshareholdershurttheinterestofmark

4、etinvertorsthroughthelowcostofrefinancingThisthesistendstoexplainequityrefinancingbehaviorofChinaslistedcompaniespositivelyespeciallythosewhenthestockpriceslumpedfrom2007to2008Thethesistriestoexplainthereasonofequityrefi

5、nancingextensivelythroughthestatisticaldescriptionandtheoreticanalysisThethesisalsotriestopointoutthatlackofcreditorsfunctionandthefinancingchannelnonstateownedtraparemainfactors幻influencetheequityrefinancingpreferenceTh

6、ethesispointoutthefinancialperformanceofrefinancingcompaniesisgoodintheshortrunThereasonwhymarketdoesn’trecognizeequityistheequilibriumofgamingamonglistedcompaniesandmarketinvestorsThethesisusesthetrade—offmatrixingameth

7、eorytoexplainthisAtlastthethesispointsoutthatthenormalizationofrefinancingbehaviorandtheeducationofinstitutionaIinvestorsaswellasdevelopmentofbondmarketandtransferablebondsisimportantinsolvingthenonstate—ownedtrapandexpa