| 发行管制下政治关系对民企再融资择时行为的影响 |
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| 引用本文： | 吴水亭,徐扬.发行管制下政治关系对民企再融资择时行为的影响[J].系统工程,2010(2). |
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| 作者姓名： | 吴水亭 徐扬 |
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| 作者单位： | 西南交通大学经济管理学院;西南交通大学智能控制开发中心; |
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| 基金项目： | 国家自然科学基金资助项目(60875034);;高校博士点基金资助项目(20060613007) |
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| 摘 要： | 以我国1997～2008年符合条件的268家民营上市公司的再融资为样本,研究在面临发行管制的情况下,政治关系对上市公司再融资的择时行为、融资规模和发行定价的影响。结果证明,具有政治关系的公司会促进公司对融资时机的把握,面临发行管制的情况下,具有政治关系的公司再融资的规模更大、发行定价更高,以上结果均在一定程度上显著。
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| 关 键 词： | 政治关系 管制 再融资 时机 |
The Influence of Political Connections on Timing Behavior of Private Firms' Refinancing under Regulation |
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| WU Shui-ting,XU Yang.The Influence of Political Connections on Timing Behavior of Private Firms' Refinancing under Regulation[J].Systems Engineering,2010(2). |
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| Authors: | WU Shui-ting XU Yang |
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| Institution: | Southwest Jiaotong University;Chengdu 610031;China |
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| Abstract: | Using 268 samples of listed private firms' seasoned equity offerings (SEOs) from 1997 to 2008,we empirically investigate the impact of political connections on the timing behavior,financing scale and IPO Pricing of listed private firms' SEOs under financing regulation.Empirical results show that under regulation,the firms with political connections time their SEOs more easily than those without political connections,and that the former issue more and have a higher price on their issuance than the latter. |
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| Keywords: | Political Relations Regulation Refinancing Timing |
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