Does a Parent–Subsidiary Structure Enhance Financing Flexibility?
研究企业是否利用上市母子公司结构发行高估值公司的股票，以及这是否传递相反的价值信号。基于1981-2002年90家子公司和37家母公司的增发公告，发现发行方回报为负，非发行方回报不显著，且子公司增发时合并企业价值无显著变化，表明母子公司结构并未增强融资灵活性。
ABSTRACT I examine whether firms exploit a publicly traded parent–subsidiary structure to issue equity of the overvalued firm regardless of which firm needs funds, and whether this conveys opposite information about firm values. Using 90 subsidiary and 37 parent seasoned equity offering (SEO) announcements during 1981–2002, I document negative returns to issuers but insignificant returns to nonissuers in both samples, and insignificant changes in combined firm value and parent's nonsubsidiary equity value in subsidiary SEOs. Firms issue equity to meet their own financing needs. My evidence contrasts with previous studies and suggests that parent–subsidiary structures do not enhance financing flexibility.