Financial Management, Volume 45, Issue 3, Pages 675–703, Fall 2016.

可信度和多次股权再融资：当企业重回资本市场时会发生什么？

作者：Mark D. Walker (North Carolina State University-Department of Business Management), Keven Yost (Auburn University-Department of Finance), Jing Zhao (North Carolina State University-Department of Business Management)

摘要：使用1995-2012年间进行多次股权再融资的企业样本数据，我们检验了企业是否可以通过遵循它们对前期股权再融资时所获得资金用途的声明，来为之后的股权再融资建立可信度。我们发现那些声明它们计划将资金投资于项目的企业和那些没有做出类似声明但是确实进行了投资的企业，在下次股权再融资公告发布后得到了相对更好的宣告日收益。我们的结果表明市场对于潜在的股权代理成本有清楚的认识和长期的记忆，并且就企业筹集资金的可能运用不断更新着对企业的信任。

关键词：股权再融资公告，代理成本，可信度

Credibility and Multiple SEOs: What Happens When Firms Return to the Capital Market?

Mark D. Walker (North Carolina State University-Department of Business Management), Keven Yost (Auburn University-Department of Finance), Jing Zhao (North Carolina State University-Department of Business Management)

ABSTRACT

Using a sample of firms that conducted multiple seasoned equity offerings (SEOs) from 1995 to 2012, we examine whether firms can build credibility for subsequent SEOs by following through on their stated use of the proceeds from earlier SEOs. We find that firms that state their intention to invest these funds in projects and those that make no such statements, but do invest have relatively more positive announcement returns around subsequent SEO announcements. Our results suggest that the markets are aware of the potential agency costs of equity, have a long memory, and update their beliefs as to the likely use of funds raised by firms.

Keywords: SEO announcements, agency costs, credibility

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12099/abstract

翻译：成祺炯