上市公司再融资行为特征分析

• 作 者: 宋素荣 李心丹 刘玉灿 王冀宁
• 机 构: 南京大学,南京理工大学,
• 出 处: 投资研究
• 发表日期: 2007年01期
• 关键词: 转债 股权再融资 再融资方式 配股 可转换债券 净资产收益率 行为特征分析 熊市 决策行为 可转换公司债券

一、上市公司再融资行为特征再融资包括股权再融资和债权再融资,前者包括配股和增发,后者包括发行可转换债券(简称可转债)。可转债兼具股权性和债权性,本文出于研究的需要,为了将可转债与配股和增发区分开来,故将其定义为广义上的债权再融资方式。回顾中国上市公司再融资的发展历程,发现其再融资决策行为具有

First, the refinancing behavior characteristics of listed companies, refinancing, including equity refinancing and refinancing of creditors, the former, including the placement and additional issuance, which includes the issuance of convertible bonds (referred to as convertible bonds). Convertible bonds both equity and debt, this article for the needs of the study, in order to convertible bonds and placement and issuance of separated, so it is defined as a generalized way of refinancing. Reviewing the history of refinancing of listed companies in China, we find that refinancing decision-making behavior has