THE JOURNAL OF CORPORATE FINANCE ·Volume 36, February 2016, Pages 1–14

法人股东和SEO择时

作者：Bernadette A. Minton，Catherine Schrand

摘要：优序融资理论和市场择时理论假设公司在进行融资决策时，会以现有股东的利益为出发点。文章发现：就平均而言，机构投资者会在公司SEO时显著的增持股票，即使当时公司的股票被高估，如发行前收益率和市值账面价值比过高。文章进一步发现，先前被越多机构投资者持股的公司，出现SEO择时的情况越少。总体来说，本文的研究结果提出以下质疑：进行SEO的公司是否会利用股票择时牺牲SEO时买入投资者的利益，从而使现有的股东获益。

关键词：SEO择时，股票发行择时，市场择时，机构投资者持股

Institutional shareholders and SEO market timing

Bernadette A. Minton，Catherine Schrand

ABSTRACT

Pecking order and market timing theories assume that corporate financing decisions are made in the interests of existing shareholders. We find that existing institutional investors, on average, significantly increase their share ownership at the time of the SEO, including SEOs that would be classified as overpriced based on ex-ante measures of mispricing, such as pre-issue returns and market-to-book ratios. We further find that higher pre-existing institutional shareholdings lead to less SEO timing. Overall, the results question whether firms engage in equity timing to benefit existing shareholders at the expense of investors buying shares in the SEOs.

Keywords: SEO timing, Equity issue timing, Market timing, Institutional ownership

原文链接：http://ac.els-cdn.com/S0929119915001212/1-s2.0-S0929119915001212-main.pdf?_tid=ae430b9c-4507-11e6-bcdc-00000aab0f6b&acdnat=1467981177_6ba1f1bf33d1774b70f13ae392824a23

翻译：田佳琪