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以我国1997～2008年符合条件的268家民营上市公司的再融资为样本,研究在面临发行管制的情况下,政治关系对上市公司再融资的择时行为、融资规模和发行定价的影响。结果证明,具有政治关系的公司会促进公司对融资时机的把握,面临发行管制的情况下,具有政治关系的公司再融资的规模更大、发行定价更高,以上结果均在一定程度上显著。
Based on the refinancing of 268 private listed companies in our country from 1997 to 2008, we study the influence of political relations on the timing behavior, financing scale and issuance pricing of listed companies in the face of issuance control. The results prove that companies with political relations will promote the company to grasp the timing of financing. In the face of issuance regulation, the companies with political relations refinancing scale is larger and the issue price is higher, the above results are to a certain extent significant.