Property Rights,Seasonal Equity Offering and the Efficiency of Resource Allocation
研究1998-2004年中国上市公司数据，发现非国有企业更难获得股权再融资机会，而国有企业更易滥用融资资金，损害资源配置效率。
Using the data from 1998-2004 of listed companies who are satisfied with requirements of seasonal equity offering(hereafter SEO),the paper finds that non-state-owned enterprises(hereafter non-SOEs) are less likely to issue a SEO plan and have a low probability to issue equity.This is not due to the low external financing demand of non-SOEs but the priority given to state-owned enterprises(hereafter SOEs) instead.Further investigation shows that non-SOEs,whose SEO applications are approved,have a high growth rate of investment. The paper also finds that SOEs are more likely to abuse the money raised from SEO.These findings indicate that the priority given to SOEs in SEO regulation impairs the interests of shareholders of non-SOEs and the efficiency of resource allocation.