| Financing decisions are important corporate financial decisions and has also been the focus of theorists. Corporate financing decisions determine the source of funds and the cost of financing, which has play a decisive role influence on enterprise. China’s capital market has a clear preference for equity financing phenomenon, which can no longer be explained by traditional finance theory. In recent years, with the rise of behavioral finance, the traditional theory of "rational economic man" hypothesis has been questioned; scholars have started from a non-rational perspective to study capital market financial vision. Investors in our country are the main of retail investors and most of them are individuals. Due to the different circumstances such as the investo’s own living environment, education, age, gender, etc.,when they acquire the same information,they will have different access to the same information at the different cognitive and decision-making. Listed companies will do the financing decision according to different time to market; this speculation of investors and managers is not the long-term healthy development of China’s capital market.Therefore, this paper clarifies the impact of China’s investors’heterogeneous beliefs for listing Corporation financing decision, in order to reduce the adverse effects of heterogeneity caused by investors, and attempts to explain the rules of China’s capital market financing, effectively explored the problems of China’s capital market financing, in order to provide references for the refinancing of listed companies. This paper selects from March31,2010to December31,2013, the board of the Shanghai and Shenzhen A-share refinancing samples. It is an empirical study of investors heterogeneous beliefs influence on the financing decisions of listing Corporation in china. This paper is divided into six parts as follows:The first part is the introduction of this article. This section describes the research background, status, significance, and summarized the domestic and foreign scholars’research on heterogeneous beliefs; domestic scholars study less on this subject, is still at a preliminary stage. The second part is the theoretical basis. This section describes the classical financing theory:MM theory, the trade-off theory, agency theory, the pecking order theory. Behavioral finance theory generated from financial anomalies which cannot be explained by the efficient market hypothesis, with the non-rational economic man and the challenge to the efficient market hypothesis, financing theory gradually development. Rational managers will choose to obtain excess returns through financing mode at the appropriate market opportunity, equity financing preference obviously.The third part is the analysis of financing environment and the financing characteristics of China’s listed companies. Through the analysis of the data of listed Corporation equity and bond market financing, the bond market development earlier, but regardless of its size and speed are not as equity markets. In recent years, bond market financing development rapidly and become an important tool for financing of listed companies. However, China’s asset-liability ratio is always higher of listed companies; external financing will always take precedence over internal financing, which are inconsistent with the classical finance theory, so it is reasonable and necessary to explain these anomalies from the perspective of behavioral finance.The fourth and fifth part is empirical research of this article. Through selecting samples analysis the impact of heterogeneous beliefs to listed company financing decisions. Short selling restrictions and heterogeneous beliefs, the degree of heterogeneity of beliefs will affect the company’s financing decisions. While China started margin trading system from March31,2010, marking the formation of short selling mechanism, so the fifth part of the underlying stock for margin analyzed separately.The sixth part is summary of this article. Summarize the conclusions of this study that discussed and put forward feasible suggestions. The main conclusions of this study are:first, there is the phenomenon of Chinese listed companies preferred equity financing, in the internal and external sources of financing will tend to choose external financing; Second, China’s capital market is not perfect and investors heterogeneous beliefs is more serious. Restrictions on short selling, when investors heterogeneous beliefs are large, the refinancing of listed companies making decisions more likely to choose equity financing; heterogeneous beliefs are small, the company will choose debt financing; Third, the margin trading system to a certain extent, reduce the differences caused by heterogeneous beliefs financing preference shares of listed companies, namely in terms of the underlying stock for margin trading, reducing the degree of the investor heterogeneous beliefs impact for financing decisions. According to the conclusion and put forward the following suggestions:First, improve the information disclosure system of listed companies, reducing the degree of heterogeneity of beliefs from the source; Second, optimize the structure of investors, enhance the value of the investor’s investment philosophy, reducing investors’heterogeneous beliefs from the information transfer process; Third, further liberalize of short selling restrictions, reducing investors sell empty threshold, changing overestimated phenomenon radically; Fourth, to broad the financing channels and improve the competitiveness of the bond market.In this study may be innovative in the following areas:First, the financial decisions are an important part of company’s decision-making, investors’heterogeneous beliefs in behavioral finance research has also become a hot issue in recent years. Combined with the company’s financing decisions features that irrational behavior of investors, have attract scholars’attention in recent years, provides a new interpretation on the selection of financing method.However, the existing literature data selected refinancing decisions are based on2010data before, when our country is under strict short selling restrictions. Although they have definitive conclusions, because of China’s special environmental background, China’s stock market has developed rapidly in recent years, data is slightly behind. Pilot margin trading in China’s stock market March31,2010was officially launched, which indicates that China’s stock market’short selling begins. Dual premise on heterogeneous beliefs and short sale restrictions began to relax, if margin trading system will affect previous scholars’findings? This article is the Select Data March31,2010after a study the impact of heterogeneous beliefs on the company’s financing decisions, explore the background of China under the special regime heterogeneous investors whether the conviction will affect the company’s financing decision.Second, even if there is literature that selects data after March31,2010, they don’t distinguish margin underlying stock. This article only selects data after March31,2010, analyzing stock and non-stock margin separated from the underlying research. So this paper first carries on the analysis for non-margin stock, research under strict limit short selling investor heterogeneous beliefs impact of financing decisions for the company. Then, the underlying stock margin analyzed separately, to explore whether the introduction of short-selling mechanism can eliminate or reduce investor heterogeneous beliefs influencing the company’s financing decision. Finally, according to the number of margin trading margin select stocks from non-randomly stocks as a control group, analysis the two groups and further validates research findings... |
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