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ID:36376670
大小:5.37 MB
页数:116页
时间:2019-05-10
《我国上市公司股权融资绩效研究》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、电子科技大学博士学位论文我国上市公司股权融资绩效研究姓名:李金申请学位级别:博士专业:企业管理指导教师:李仕明20071101ABSTRACThldlina’lackoffundisaheavyproblemformanylistedcompanies·However,meeffectofusingmoneyisnotexpectative.Sowithaviewtolistedcompanies’丘nancingperformance,andconsideringtheconflictbetweenblockholdersandsmallstock
2、h01ders.thispaperanalyzestheproblemofpoorfinancingperformancefromaspectsof也epreferenceofstockfinancing,ownershipstructure,tunneling,andfinancingconstraints.Thispaperexploresandrenewsthedomesticstockfinancingtheoryinpracticeandintheory.Firstly,startingwiththemotivationofstockfin
3、ancing,thispaperanalyzestherelationshipbetweenissuedstockquantityandthecontrollingstockholder’Sinterests,andnetaSsetspershare,betweenthecontrollingproportionandthecontrollingstocliholdersinterests,andissuedstockquantity,respectively.Asaresult,thispapereXplainwhyChinalistedcompa
4、nieshavethepreferenceofstockfinancingandalsoconfimsmeborderlineofstockfinancingontheconditionthatcontrollingstockholdersgetbestbenefitswithoutlosingtheircontrolrights.Secondly,withdataofIPOfirmsthathaveraisemoneybyissuingstock,thispaperinvestigatestherelationshipamongownerships
5、truc眦,tunnelingbehaviorandcorporateperformance.Thispaperhasempiricallyprovedthatthereisanendogeneticrelationshipbetweentunnelingbehaviorandcorporateperformance,whichdevelops廿lemIlIlelingtheory.Atthesametime,relativetoprioropinionsthatthereisaU。shapeorreversedU.shapeorlinearrela
6、tionbetweenownershipstructureandcorporatep髓fcImance,thispaperexactlydisclosesthecubicrelationshipbetweenownerships咖d[ul-eandcorporateperformance.Furthermore,thispaperdisclosesthecubicrelationshipbetweenownershipstnJctureandtunnding.SothisPaperprovestunnelingisanimportantchannel
7、throughwhichownerships协Jctllrehaseffectoncorporateperformance.Tllirdlv’withthepracticeofthefinancingpolicyignoringliquidityoffirm,thispaperexaminestherelationshipbetweentheinvestment-cashflowsensitivityandthedegreeoffinancingconstraintsoflistedfirms,andtheresultindicatesthatthe
8、lIABSTRACTinvestment-cashflowsensitivityoflistedfirmsc
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