控制权收益的股权再融资信号探析

经济理论与经济管理 ›› 2006, Vol. ›› Issue (8): 24-29.

控制权收益的股权再融资信号探析

徐浩萍¹, 王立彦²

1. 复旦大学管理学院, 上海, 200433;
2. 北京大学光华管理学院, 北京, 100871

收稿日期:2006-04-14 出版日期:2006-08-16 发布日期:2012-03-01

ON EQUITY RE-FINANCING SIGNAL OF YIELD OF CONTROL RIGHTS

XU Hao-ping¹, WANG Li-yan²

1. School of Management, Fudan University, Shanghai 200433, China;
2. Guanghua School of Management, Peking University, Beijing 100871, China

Received:2006-04-14 Online:2006-08-16 Published:2012-03-01

摘要/Abstract

摘要： 通过探讨西方融资信号理论在中国特殊制度背景下的适用性,以及与控制权收益之间的互动关系,可以证明,尽管我国股权再融资传递投资机会和现有资产价值信号的功能被削弱了,但它可以向投资者传递较高控制权收益的信号。

关键词: 股权再融资, 控制权收益, 投资机会, 现有资产

Abstract: Based on analyzing the applicability of western theory of financing signal in China and the relationship with yield of control rights,this paper shows that equity re-financing can be a signal of high yield of control rights in China,even though it is a weaker one of investment opportunity and current assets price.

Key words: equity re-financing, yield of control rights, investment opportunity, current assets

中图分类号:

F830.91

徐浩萍, 王立彦. 控制权收益的股权再融资信号探析[J]. 经济理论与经济管理, 2006, (8): 24-29.

XU Hao-ping, WANG Li-yan. ON EQUITY RE-FINANCING SIGNAL OF YIELD OF CONTROL RIGHTS[J]. Economic Theory and Business Management, 2006, (8): 24-29.