An Empirical Study on the Option of Seasoned Equity Offering Ways in Listed Real Estate Companies
With the implementation of a series of policies for real estate market regulation in China, e.g. “Sales Order, as well as the credit policies keeping tightened to control inflation, the financial pressure for real estate companies will be gradually growing. Hence, it is imperative to diversify financing channels. Among these financing channels, SEO (Seasoned Equity Offering) has increasingly been an important source of funds. How to select the way of SEO, rights offering or new issuance, which is a major concern nowadays, has been a focus of research at home and abroad. Based on the 254 samples of listed real estate companies in Shanghai and Shenzhen stock markets, this paper studies the effects of equity characteristics and financial performance on the option of the ways of SEO with Logistic regression analysis method. Thus, it is concluded that the companies with the higher proportion of tradable shares tend to choose new issuance, while rights offering is preferred if the solvency is stronger. References are given to real estate industry for implementation and supervision.
listed real estate companies SEO rights offering new issuance.
Ying LI Lei YANG
Department of Accounting, School ofManagement, Harbin Institute of Technology, Harbin, China 150001 Department of Accounting, School of Management, Harbin Institute of Technology, Harbin, China 150001
国际会议
2011 International Conference on Construction & Real Estate Management(2011建设与房地产管理国际会议)
广州
英文
530-534
2011-11-19（万方平台首次上网日期，不代表论文的发表时间）