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二元股权结构是中国股票市场的一大特色,由此引发了一系列问题,对中国股票市场的发展以及上市公司和投资者的行为都产生了重要影响。其中一个热点问题就是其对上市公司再融资行为及其后果的影响。非流通股股东似乎在这个问题上有一点矛盾,一方面,通过盈余管理等手段提高自己的经营业绩(陈小悦等,2000等一系列文章),尽可能达到再融资的要求,表现出了强烈的再融资偏好(李志文,宋衍蘅,2003);另一方面,又不惜以降低持股比例为代价
The dual ownership structure is a major feature of the Chinese stock market, which has triggered a series of problems that have an important impact on the development of China’s stock market and the behavior of listed companies and investors. One of the hot issues is its impact on the refinancing of listed companies and their consequences. Non-tradable shareholders seem to be somewhat contradictory to this issue. On the one hand, they have raised their operating performance through earnings management (Chen Xiaoyue et al., 2000 and a series of other articles) to meet the requirements of refinancing as much as possible and show a strong Refinancing preferences (Li Zhiwen, Song Yan 蘅, 2003); on the other hand, they did not hesitate to reduce the shareholding ratio for the price