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经理管理防御对上市公司非公开发行的影响研究

发表时间:2012-05-31  浏览量:1162  下载量:527
全部作者: 李秉祥,刘凤丽
作者单位: 西安理工大学经济与管理学院
摘 要: 选取2008年1月至2010年7月沪深两市A股市场上采取过非公开发行及公开发行融资方式的公司为样本,以经理管理防御为总假设,通过构建影响经理管理防御的指标来分析上市公司选择公开发行还是非公开发行时考虑的因素,运用Logistic回归模型预测在上述指标影响下公司选择非公开发行而不是公开发行的概率。最后对非公开发行的公司经理进行管理防御指数(managerial entrenchment index,MEI)统计,选取一定指数水平以上的公司,对发行对象进行分析,从而确定经理管理防御行为对非公开发行对象选择的影响。研究发现:经理管理防御程度高的上市公司偏好于非公开发行,且更愿意向机构投资者及大股东进行发行。
关 键 词: 企业管理;经理管理防御;非公开发行;公开发行
Title: Study on influence of MEI on non-public offering in listed companies
Author: LI Bingxiang, LIU Fengli
Organization: School of Economics and Management, Xi’an University of Technology
Abstract: This paper takes companies taking non-public offering and public offering financing in A-share markets of Shanghai and Shenzhen stock markets from January 2008 to July 2010 as samples, takes managerial entrenchment of manager as the main hypothesis, analyzes that the factors the companies should consider for choosing public or non-public offering by building indicators influencing the managerial entrenchment of manager, and forecasts the probability that the companies choose non-public offering under the influence of above indicators by using Logistic regression models. Finally, the paper makes statistics of managerial entrenchment index (MEI) towards the managers of the companies choosing non-public offering, selects the companies with indexes higher than a certain level, analyzes the offering objects, and determines the influences of managerial entrenchment of manager on selection of non-public offering objects. The research shows that listed companies with a high degree of managerial entrenchment of manager prefers to non-public offering, and are more willing to offer institutional investors and major shareholders.
Key words: business management; managerial entrenchment of manager;non-public offering;public offering
发表期数: 2012年5月第10期
引用格式: 李秉祥,刘凤丽. 经理管理防御对上市公司非公开发行的影响研究[J]. 中国科技论文在线精品论文,2012,5(10):949-958.
 
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