Effects of Stock Open-end Fund Holdings on Equity Issuance Intention: Evidence from Chinese Securities Market

With the sample semi-annual data of the stock open-end fund and equity issuance information from July 2005 to December 2012 in China, the effect of open-end fund holdings on the equity issuance intention is studied by using logistic regression methods. The empirical results show that: equity issuance intention has relationship with whether the stock is held; After controlling BM, leverage, asset growth, ROA, Cash etc., the share holding ratio of funds are positively related to the equity issuance intention; The positive effect of buying pressure from funds with larger capital inflow on equity issuance intention is statistically significant.