| Author: | 张武龙 Zhang, Wulong |
| Title: | 融资约束下国资入股民营上市公司的市场反应 |
| Other Title: | Financial constraints and market reaction to acquisition of listed private enterprises by SOE |
| Degree: | D.Mgt. |
| Year: | 2021 |
| Subject: | Consolidation and merger of corporations -- China Government business enterprises -- China Government trading -- China Hong Kong Polytechnic University -- Dissertations |
| Department: | Faculty of Business |
| Pages: | vi, 82 pages : color illustrations |
| Language: | Chinese |
| Abstract: | 近几年在经济下行压力和金融市场严格监管下，我国民营公司普遍面临融资约束、流动性风险、融资渠道多元化受限等问题，阻碍了企业的快速发展和技术创新。由于我国金融市场发展不完善，政府对市场的发展和监管仍然具有重要的作用，通过和政府建立联系来缓解企业的融资约束、提升市场价值，是解决企业发展瓶颈的重要途径之一。本文根据对以往历史文献的研究总结和理论分析，收集了 2015 至 2018 年我国 95 家民营上市公司公告引入国资背景股东前后的相关数据，利用事件研究法和计量经济分析模型对事件发生前后公司的股价波动及其影响因素、融资约束（投资-现金流敏感度）的变化、国资背景股东入股的驱动因素进行假设，并对进行实证分析和结果检验。结果发现（1）上市公司公告引入国资背景股东后短期内的市场反应为正;（2）民营上市公司的账面市值比、资产规模是时间窗口期的内累计超额收益值的显著影响因素；（3）民营上市公司在引入国资背景股东后的融资约束没有得到有效缓解；（4）国资背景股东更偏好于有形资产占总资产比例更高的上市民营企业。文章拓展了公司政治关联领域的研究角度，对进一步理解国资背景股东入股对民营上市公司的未来发展与二级市场研究具有重要的现实指导意义。 |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 6336.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.59 MB | Adobe PDF | View/Open |
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