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论文类型：会议论文

发表时间：2017-01-01

收录刊物：CPCI-SSH

页面范围：360-365

关键字：seasoned equity offering; market timing theory; institution investor demand

摘要：Institution investors have become the principal part of capital market in China and their impact is getting bigger and bigger in refinancing. To a certain extent, institutional investors' need represents the market need. On the base of Market timing hypothesis, we use the change of institutional investors' number to represent their need of stock and use multiple linear regression model to analyze the influence of the institutional investors' need for SEO. The results show that the higher demand of institutional investors, the possibility of SEO is also higher.