Study on Ownership Structure and Preference for Seasoned Equity Offerings of Listed Companies in China

摘要：

Listed companies in China have a strong preference for SEO (seasoned equity offerings), which is contrary to Peking Order Theory which is appropriate for the mature capital market in Western countries. After reviewing the literature, we found academic circles think it right generally that the preference for SEO of listed companies is due to the low cost of SEO. This paper argues that Chinas listed companies low SEO cost largely results from its the largest stock-holder of ownership structure. With the detailed analysis of the financing behavior under the control of the controlling shareholder, the paper comes to a conclusion that ownership structure of listed companies is the underlying reason for SEO preference. Finally, I give some advices for the governance on over SEO issues.

关键词： Ownership structure Seasoned equity offerings Financing behavior The largest stock-holder

作者: Yang Zhihua

作者单位: Industry and Commerce Administration Institute, South China University of Technology,Guangzhou, P.R.China, 510640

会议类型: 国际会议

会议名称: The 8th International Conference on Innovation and Management(第八届创新与管理国际会议 ICIM 2011)

会议地点: 日本福冈

会议语种:英文

页码: 1207-1210

在线出版日期: 2011-11-30（万方平台首次上网日期，不代表论文的发表时间）