Changing in Use of Proceeds: Before and after Non Tradable Shares Reform

摘要：

This paper empirically studies the relation between non-tradable shares reform and the probability of changing the use of the proceeds from refinancing via Probit regression using the refinancing records ,data from January 15, 2002 to June 4, 2009. Then we adopt an alternative binarychoice model, the Logit model, to perform further robustness checks. After controlling the external factors including the firm size, liquidity ration and main businesss increasing rate of income, we find that, based on forming a mutual benefit foundation between large shareholders and outside minority shareholders regarding the share price and market value of the companies, the non-tradable shares reform does mitigate the motive of changing in use of the proceeds from refinancing. Our findings shed light on the importance and necessity of nontradable shares reform.

关键词： Non-tradable Shares Reform Changing in Use of Proceeds Refinancing

作者: Yajun Chai Bo Liu

作者单位: School of Management and Economics, University of Electronic Science and Technology of China, No.4, Section 2, North Jianshe Rd., Chengdu 610054, China

会议类型: 国际会议

会议名称: International Forum of Knowledge as a Service(2010知识服务国际论坛)

会议地点: 厦门

会议语种:英文

页码: 106-110

在线出版日期: 2010-04-12（万方平台首次上网日期，不代表论文的发表时间）