通过考察投资者-管理者异质信念与融资成本及管理者自由度（autonomy）的关系，分析投资者-管理者异质信念对公司股权债权融资选择的影响，以及这种影响下不同融资方式的股价效应：使用Probit回归方法和2005—2010年沪深A股再融资数据，对分析结论进行实证检验。结果表明：投资者-管理者异质信念较小时，公司倾向于发行股权，其股价效应显著为负，且股价效应与投资者-管理者异质信念正相关；投资者-管理者异质信念较大时，公司倾向于发行债权．其股价效应不显著。%On basis of investigating the relation between investor-manager heterogeneous belief and the corporate financing decision along with the manager autonomy, we conclude the impact of investor-manager heterogeneity belief on the financing choices made by a finn, and also the stock price effect under the impact. Using Probit regression method and a sample of debt and seasoned equity issues from Chinese listed firms between 2005 and 2010, we empirically analyze the above conclusion. The results demonstrate that the less investor-manager heterogeneity belief, the more likely the corporate will choose equity whose stock price effect is negative and positively correlated with the investor-manager heterogeneity belief. Otherwise the corporate will choose debt whose stock price effect is not significant.
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