海外IPO择时对资本结构的影响研究

【作者】 潘一相；

【导师】 刘义鹃；

【作者基本信息】 南京理工大学 ， 会计学， 2008， 硕士

【摘要】 在日趋激烈的市场竞争环境下,企业管理越发由“财务管理模式”向“价值管理模式”进行转变,这实质上体现了企业价值最大化对企业目标的影响。而如何通过融资行为使负债和股东权益保持合理比例,形成最优资本结构,进而最大化企业价值,这不仅是企业股东和债权人的共同目标,也是长久以来公司财务研究中最为引人关注的问题之一。2002年Baker和Wurgler提出市场择时理论这一新兴的资本结构理论,该理论明确指出企业的资本结构选择与企业市场价值相关,市场价值高时融资的公司杠杆低、市场价值低时融资的公司杠杆高,其核心在于:市场择时通过净股票融资长期影响资本结构,资本结构是历史股票市场择时的累积结果。围绕这一理论,国内外学者基于不同的资本市场进行了实证检验,大都对择时模式的存在性基本肯定,而对择时指标的选择以及择时效应的持久性存在分歧。近年来,中国企业海外上市的步伐加快,而香港资本市场以其多元化的投资结构及成熟的监管机制吸引了不少企业来此上市。香港创业板(GEM)市场设立至今已近八年,已有40家内地企业在此上市融资。本文在分析现有关于创业板H股企业研究现状的基础上,以1999年11月至2007年12月间香港创业板上市的35家H股公司为样本,试图第一次较为全面的检验市场择时理论在创业板H股公司的适用性。实证结果表明:与许多成熟资本市场不同,市场择时行为在创业板H股公司中不存在,亦不对资本结构产生持久效应。在此基础上,笔者结合香港创业板的自身特性以及监管制度来解释出现该现象的原因,认为由于创业板上市标准相对比较宽松及有些时候对某些概念股的追捧,内地企业上市时机的选择不是依据企业价值的高低,而有可能在资本市场政策面比较有利时或企业成长性较高时发行股票。这样一来,传统的资本结构理论仍是香港创业板H公司资本结构的主要解释因素。更多还原

【Abstract】 The whole world competition is increasingly fierce day by day, so the mode of enterprise management is changing from "financial management" to "VBM". This reflects the focus of the management is transferring into value creation. And how the financing of debt and equity to maintain a reasonable proportion to form the optimal capital structure, thereby maximizing the value of enterprises, this is not only corporate shareholders and creditors share a common goal, but also has long been the company’s financial study of the issue of most concern one.Professor Baker and Wurgler clearly proposed market timing theory on 2002, this theory clearly pointed out that corporate capital structure choice is closely related with the market value of enterprises. "Market timing" refers to the practice of issuing shares at high prices and repurchasing at low prices. They concluded that capital structure was the cumulative outcome of attempts to enter the equity market and the impact of market timing on capital structure would last at least 10 years. Concerning on this theory, domestic and foreign scholars based on different capital markets to do lots of studies, mostly agreed the existence of market timing, but there exists some disputes on the market-to-book ratio as the market timing variable and the lasting influence of market timing behavior on the capital structure.In recent years, the overseas listing of Chinese enterprises to speed up the pace, while Hong Kong capital market with its diversified investment structure and mature regulatory mechanism to attract lots of companies to list here. Hong Kong GEM market has been established for almost eight years, with 40 mainland enterprises listed here. This paper first analyzes the current research about the H-shares on the GEM, and then examined the effectiveness of market timing theory using the data of the H-shares on the GEM from November 1999 to December 2007. Positive results showed that unlike the mature capital market, market timing does not exist in the GEM H-share companies, nor has lasting influence on the capital structure. This paper then analyze the reason from the own characteristics of the GEM, because of its relatively lax listing standards and sometimes welcome the concept shares, the mainland enterprises chose the listing time not based on the market value but on the time when the policies were more favorable or with high growth prospect. As a result, the traditional theory of capital structure is still the main factors to explain the forming of Hong Kong GEM H-share company’s capital structure.更多还原