I use the method of Alti(2006), isolating timing attempts in a single major financing event, the initial public offering, by identifying market timers as firms that
Today, the stock market began to stabilize, and equity financing pledge again become an important way of corporate finance.
It gives a new perspective on studying value of irm. this paper studies the influence of irm quality on the cost of equity financing using chinese listed companies in shenzhen stock market and shanghai stock marker as research sample.
This paper studies the influence of IRM quality on the cost of equity financing using Chinese listed companies in Shenzhen stock market and Shanghai stock marker as research sample. The objective is to explore whether the quality of IRM has positive influence on the cost.
At the same time, this paper also selected a traditional manufacturing and emerging information technology industry to compare. The empirical result shows comparing with the manufacturing the relationship between disclosure quality and marginal cost equity capital is more remarkable in the information technology industry; comparing with the whole Shenzhen stock market, there is positive relationship between the earnings radical and marginal cost equity capita in the information and technology industry. These all indicate the investors pay more attention to the disclosure quality of information and technology industry.
This paper chooses residual income model to measure the cost of equity capital, and construct some index to represent the total disclosure quality and earnings disclosure quality of Chinese listed companies. Our analysis shows that for the whole sample of listed companies which conduct seasoned equity offerings in the stock market, controlling 6, company scale, B/M, leverage and asset turnover, there is positive relationship between the total disclosure quality and marginal cost equity capital; there is negative relationship between the earnings radical and marginal cost equity capita; there is no remarkable relationship between the earnings smoothness and marginal cost equity capital.
But corporations'preference to stock makes stock market experiences a rapid developing period comparing to bond market.
8. 研究理事会央行报告还显示，在2002年的房地产股权融资的上市公司占全部资金来源的房地产小于0.5 ％，房地产债券融资的房地产开发企业所占的份额资金来源的比例从1999年到百分之0.21 ，下降到2002年不到0.01 ％；近年来，房地产信托基金是一个更活跃，据不完全统计，2003年上半年推出的房地产资金信托计划只有两亿元，微乎其微。
Research Council of the central bank report also shows that in 2002 the real estate equity financing of listed companies accounted for all sources of funding for real estate less than 0.5%; real estate bond financing of real estate development enterprise share of the funds the proportion of sources from 1999 to 0.21 percent, down to 2002 less than 0.01%; In recent years, the real estate trust funds is a more active, according to incomplete statistics, the first half of 2003 to launch real estate funds trust schemes only two billion yuan, minimal.