University of Shanghai for Science and Technology, Shanghai, China.
Nanjing University of Finance & Economics, Nanjing, China.
PLoS One. 2023 Mar 15;18(3):e0281510. doi: 10.1371/journal.pone.0281510. eCollection 2023.
This study investigates the changes in quantity and cost of bank loans after a private placement of common stocks by A-share listed companies in China from 2011 to 2021. This research is derived from the signaling theory and is based on a difference-in-difference design. Through propensity score matching, the sample comprises companies that placed equity privately in the experiment group and companies that did not place equity privately in the control group. We find evidence that the increase in bank loans slowed down, and the cost of bank loans increased after the private placement. The signaling effect of private placements is robust to various additional tests. Further analysis indicates that when state-owned enterprises place equity privately, their access to bank loans is not affected. When institutional investors participate in the private placement, the company's access to bank credit does not go through significant changes. In addition, private placements by companies located in regions with higher levels of marketization of the financial market do not reduce the cost of bank loans.
本研究调查了 2011 年至 2021 年中国 A 股上市公司进行普通股私募配售后银行贷款数量和成本的变化。该研究源于信号理论，并基于差异中差异设计。通过倾向得分匹配，样本包括实验组中进行股权私募的公司和对照组中未进行股权私募的公司。我们发现证据表明，私募配售后，银行贷款增长放缓，银行贷款成本上升。私募配售的信号效应在各种附加测试中都是稳健的。进一步的分析表明，当国有企业进行股权私募时，它们获得银行贷款的渠道不会受到影响。当机构投资者参与私募配售时，公司获得银行信贷的情况不会发生显著变化。此外，位于金融市场市场化程度较高地区的公司进行私募配售并不会降低银行贷款的成本。
