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股权和债券是公司融资的两种主要方式,本文从投资者异质信念的视角,分析公司融资选择股权还是债券的影响因素。首先基于Miller(1977)的投资者异质信念模型,从理论上得到预测:投资者信念异质程度越大,公司越倾向于股权融资;投资者情绪越高,公司越倾向于股权融资。最后利用中国上市公司再融资数据,采用二元Probit回归模型对理论预测进行实证检验,实证结论支持理论预测。
Equity and bonds are the two main ways of corporate financing. This article analyzes the factors that affect corporate financing choice of equity or bond from the perspective of investors’ heterogeneous beliefs. First, based on Miller’s (1977) model of investor’s heterogeneous belief, the theoretical prediction is that the greater the degree of investor’s belief heterogeneity, the more the company tends to equity financing; the higher the investor’s sentiment, the more the company tends to equity financing. Finally, using the refinancing data of Chinese listed companies, we use the binary Probit regression model to test the theoretical prediction. The empirical conclusions support the theoretical prediction.