发行管制条件下的股权再融资市场时机行为及其对资本结构的影响

本文基于A股市场再融资管制环境,检验了A股上市公司股权再融资行为中的市场时机特征及其对资本结构的影响.研究发现,再融资中的市场时机行为显著,表现为两方面:(1)市场高涨时,会有更多的公司申请再融资;(2)申请再融资成功的公司,市场时机适合时融资规模更大.进一步分析发现,无论是申请再融资公司的数量还是再融资规模,市场时机都包括了两部分:一部分是基于股价的时机,另一部分是基于再融资管制政策的时机,后者在配股中约占36%.基于市场时机的更大融资规模导致再融资当年杠杆率下降更多,但由于存在发行价格和规模限制,市场时机对资本结构的 影响短暂.

Market Timing in Seasoned Equity Offerings with Security Issue Regulation and Its Impact on Capital Structure

The seasoned equity offering (SEO) is strictly regulated by SEC for the Chinese A-share listed firms. In this paper, we examine the market timing effect on SEO with regulation and its impact on the capital structure of Chinese A-share listed firms. We found two empirical facts showing that the market timing effect is significantly important in SEO. The first empirical fact is that more companies apply for SEO when the market goes up. The second one is that the companies that are permitted to issue new shares tend to obtain more proceeds when the market goes up. Based on further analysis on the evolvement of regulation policies, market timing has two meanings for Chinese listed firms, which is one of the main contributions of this paper. On the one hand, firms take advantage of the market price timing, and this effect is found in other capital market such as the capital market in US. On the other hand, firms also make use of the regulation policies, which is special for China capital market. The latter accounts for 36% in rights offerings. As another contribution, we found that SEOs with larger proceeds due to market timing decrease the firm's leverage ratio by larger amount, but this impact was temporary and disappeared within one year.