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The Empirical Study on Chinese Listed Banks Refinancing Announcement Effects

Author: JiangYuan
Tutor: JiYuFeng
School: Donghua University
Course: Finance
Keywords: Bank refinancing Announcement effect Event study methodology Sectional regression method
CLC: F224
Type: Master's thesis
Year: 2012
Downloads: 35
Quote: 0
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Abstract


General corporate, capital regulation is the core content of the prudential supervision of commercial banks. In the case of capital constraints, the listed banks at home and abroad to meet the capital adequacy ratio of regulatory indicators have adopted in the capital markets issuance of stock, the issuance of convertible bonds, preference shares, or issue of subordinated debt to enhance the capital. November 12, 2010, the Basel III Twenty leaders adopted. October 14, 2010, Standard Chartered Bank was the first announced a rights issue to raise 3.3 billion pounds for the Daba capital requirements of Basel II III. 55 refinancing announcement listed banks in China from January 1, 2000 to 2011, 22 times equity refinancing, 36 non-equity refinancing led to a time of refinancing tide. Listed banks to refinance current research focus of domestic and foreign scholars on the announcement effect of the refinancing of listed companies from the stock price reaction, theoretical hypothesis, a large number of theoretical and empirical research, for listed banks to refinance the announcement effect of foreign scholars from again The two aspects of finance theory and the voluntary and non-voluntary financing is also a large number of theoretical and empirical research. Domestic study is relatively small, is still in the qualitative phase. This article from the listed bank refinancing announcement effect start event in a Subsidiary Act and the cross-sectional regression analysis listed banks to refinance the announcement effect of refinancing to occur on October 1, 2004 to 2011 30 54 valid samples how as well as the announcement effect of influencing factors. Through theoretical analysis and empirical research found: equity refinancing has a negative announcement effect, non-equity re-financing has a positive announcement effect, non-equity re-financing on the announcement effect is relatively more gifted at the same time different market conditions and different re-financing under announcement effect. Sectional regression the different refinancing by the quality of bank assets, loan expansion, capital position, financing scale factors to prove the hypothesis of asymmetric information, free cash flow hypothesis, voluntary and involuntary financing hypothesis and the Chinese capital market special factors in the presence of different financing. This paper argues that China's listed banks in the future how to improve the efficiency of refinancing can be used in the issuance of hybrid capital bond products, loan-to-deposit ratio as the issue of subordinated debt indicators, improve asset quality way.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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