The Implications of Equity Issuance Decisions within a Parent-Subsidiary Governance Structure
分析上市公司关联子公司增发股票对母子公司的估值影响，发现子公司增发损害自身价值但提升母公司价值，反之亦然，表明母子结构能增强融资灵活性并缓解投资不足问题。
We provide evidence about the motivation for a parent–subsidiary governance structure by analyzing valuation effects of seasoned equity offerings by publicly traded affiliated units. Our results support Nanda's (1991) theoretical model which predicts equity offerings convey differential information about subsidiary and parent value. Subsidiary equity issuance has negative valuation effects on issuing subsidiaries and positive effects on parents, while parent equity issuance reduces issuing parent wealth and increases subsidiary wealth. Our evidence suggests that a parent–subsidiary organizational structure enhances corporate financing flexibility and mitigates underinvestment problems identified by Myers and Majluf (1984). There is no evidence of subsidiary wealth expropriation.