Research On Refinancing Tool And Size Of Chinese Listed Company Based On Double Heterogeneous Beliefs

Since 1970, an increasing number of empirical studies have found that a lot of the "financial vision" in capital market can't be explained by traditional finance. Therefore, foreign scholars began to relax the basic assumptions of traditional asset pricing model----Homogeneous Belief, and try to irrational behavior of market participant's view on the company's financing activities, which gradually developed a behavioral finance theory based on Heterogeneous Belief.Heterogeneous belief is an important feature of China's capital market. Miller believes that investors' differences between the valuation of the stock of future earnings result to the Heterogeneous Belief. He was the first to introduce the Investor Heterogeneous Belief into asset pricing. He established a research framework of Investors Heterogeneous Belief influence on stock price in the short sale constraint conditions. With the development of the research on the Investor Heterogeneous Belief deeply, the researchers found that the final goal of between external investors and internal management as well as the different information asymmetry, causing Investor-Manager Heterogeneous Beliefs, thus begin the research of the two heterogeneous beliefs. With the increasing research, Heterogeneous Beliefs are widely used to asset pricing, stock returns, corporate finance research field, and gave a good explanation of the mystery of IPO, kinetic energy effect, earnings drift and many other "financial anomalies".At present, many studies have shown that Heterogeneous Beliefs is one of the factors affecting the company's financing decisions, and scholars have studied on impact of Investor Heterogeneous Beliefs on financing decisions, but few scholars do the research of financing decisions of Listed Companies from the dual perspective of heterogeneous beliefs. In view of this, we assuming financing decisions determine the selection includes only the size of the financing and financing tool, assuming financing tools include only equity financing and debt financing, from the two point of view of Investor Heterogeneous Beliefs and Investor-Manager Heterogeneous Beliefs, on the basis of existing theoretical models and empirical studies at home and abroad, for the characteristics of China's listed companies, selecting and building the appropriate proxy variables, from two aspects of theory and empirical, test the influence of dual heterogeneous beliefs of our Listed Corporations financing tool and financing scale.Empirical studies show that the greater the Investor Heterogeneous Beliefs, the company more inclined to equity financing; the greater Investors-Manager Heterogeneous Beliefs, the company more inclined to equity financing. When equity financing, financing scale is negatively related with Investors Heterogeneous Beliefs, but it's nothing to do with Investors-Manager Heterogeneous Beliefs; when bond financing, financing scale is nothing to do with both Investor Heterogeneous Beliefs and Investors-Manager Heterogeneous Beliefs.