Why Chinese Listed Firms Change the Use of Proceeds from Rights Issues ?

摘要：

We examine whether the ownership structure accounts for the changes in the use of proceeds from rights issues based on a sample of 550 Chinese listed firms. We find that the changes in the use of proceeds from rights issues have nothing to do with the firms future profitability, suggesting that Chinese managers change the use of the raised capital on the ground of other factors rather than the shareholders value. We find that ownership structure matters for the changes in the use of proceeds from rights issues.

关键词： Proceeds from Rights issues the ownership structure China

作者: LI Xuelian. BO Hong HUANG hongnan

作者单位: Department of Finance, NanKai University, Tianjin, China, 300071 Department of Financial & Management Studies, SO AS, University of London, UK,London WC1H0XG

会议类型: 国际会议

会议名称: The 3rd (2011) International Conference on Financial Risk and Corporate Finance Management(第三届(2011)金融风险与公司金融国际研讨会FRCFM 2011)

会议地点: 大连

会议语种:英文

页码: 106-111

在线出版日期: 2011-06-30（万方平台首次上网日期，不代表论文的发表时间）