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本文将配股与增发纳入同一研究框架,采用logistic模型检验公司再融资方式选择行为的影响因素。研究表明中国上市公司采用配股或增发进行再融资,在公司特性上具有显著差异。具体来说,前五大股东持股比例之和、流通股比例、资产负债率、预计股权再融资净额越大,公司资产总额、第一大股东持股比例越小,公司越倾向于采用增发融资方式;反之,则倾向配股融资方式。实证检验发现反映发行时机的市盈率、过去三年平均主营业务增长率、净资产收益率对上市公司的股权再融资方式选择没有显著性影响,不能成为公司股权再融资方式选择决策的主要依据。本文的研究结论可以为上市公司如何选择再融资方式提供经验数据支持。
In this paper, the allotment and issuance are included in the same research framework, and the logistic model is used to test the influencing factors of the company’s choice of refinancing method. The research shows that Chinese listed companies refinancing by rights issue or additional issuance have significant differences in company characteristics. Specifically, the sum of the shareholding of the top five shareholders, the proportion of tradable shares, the ratio of assets and liabilities, the larger the net amount of equity refinancing expected, the smaller the total assets of the company and the largest shareholder, the more inclined the company is to adopt the issuance Financing methods; the other hand, the tendency of allotment financing. The empirical test finds that the P / E ratio, which reflects the issuance opportunity, the average growth rate of main business in the past three years and the return on net assets have no significant effect on the choice of refinancing of listed companies and can not be the main basis for decision-making of the company’s equity refinancing. The conclusion of this article can provide empirical data support for how listed companies choose to refinance.