谁在择机IPO:上市公司控股股东视角的实证分析
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财经研究 2012 年 第 38 卷第 09 期, 页码：70 - 81
摘要
参考文献
摘要
文章基于控股股东的视角,以市场层面的投资者情绪作为IPO择机窗口,实证研究发现,高代理成本控股股东更倾向择机IPO,相比国有控股股东,代理成本特征差异对非国有控股股东IPO择机倾向的影响较弱。这表明代理成本高低对控股股东IPO择机倾向的影响受到制度层面的国有性质因素的制约。2005年IPO询价制度的实施的政策影响研究表明,询价制度的实施弱化了代理成本特征差异对控股股东IPO择机倾向的影响,为监管政策变更影响公司融资行为提供了新兴加转轨市场独特的经验证据。
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[3]罗琦,胡志强.控股股东道德风险与公司现金策略[J].经济研究,2011,(2):125-137.
[4]蒋玉梅,王明照.投资者情绪与股票收益:总体效应与横截面效应的实证研究[J].南开管理评论,2010a,(3):150-160.
[5]蒋玉梅,王明照.投资者情绪、盈余公告与市场反应[J].管理科学,2010b,(6):70-78.
[6]邵新建,巫和懋,覃家琦,等.中国IPO市场周期:基于投资者情绪与政府择时发行的分析[J].金融研究,2010,(11):123-143.
[7]王正位,朱武祥,赵冬青.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[J].南开管理评论,2007,(6):40-46.
[8]A Alti.How persistent is the impact of market timing on capital structure?[J].Journalof Finance,2006,61(4):1681-1710.
[9]Baker Malcolm,Jeffrey Wurgler.Market timing and capital structure[J].Journal ofFinance,2002,57:1-32.
[10]Baker Malcolm,Jeffrey Wurgler.Investor sentiment and the cross-section of stockreturns[J].Journal of Finance,2006,61:1645-1680.
[11]Bharat A Jaina,Omesh Kinib.Industry clustering of initial public offerings[J].Mana-gerial and Decision Economics.2006,27:1-20.
[12]Frank P D’Souza,Surya Chelikan.The impact of insider ownership level on equitymarket timing decisions[R].Working Paper,2011.
[13]Helwege Jean,Nellie Liang.Initial public offering in hot and cold market[J].Journal ofFinancial and Quantitative Analysis,2004,39:541-569...
[14]LaPorta Rafael,Florencio Lopes-De-Silanes,Andrei Shleifer.Corporate ownershiparound the world[J].Journal of Finance,1999,54:471-517.
[15]Lowry M.Why does IPO volume fluctuate so much?[J].Journal of Financial Econo-mics,2003,67:3-40.
[16]Saurabh Ghosh.Boom and slump periods in the Indian IPO market[J].Reserve Bank ofIndia Occasional Papers,2004,25:39-56.
[17]Sergey Chernenko,C Fritz Foley,Robin Greenwood.Agency costs,mispricing and own-ership structure[R].Working Paper,2011.
[18]Stein Jeremy C.Rational capital budgeting in an irrational world[J].Journal of Busi-ness,1996,69:429-455.
引用本文
刘志远, 王勇, 靳光辉. 谁在择机IPO:上市公司控股股东视角的实证分析[J]. 财经研究, 2012, 38(9): 70–81.
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