定向增发对上市公司财务绩效影响的研究
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摘要
以公司治理和经营风险作为中介变量,构建了定向增发对上市公司财务绩效影响的概念模型,以2012年A股市场进行定向增发的上市公司为研究样本,对定向增发的短期财务绩效(增发完成后次年)和长期财务绩效(增发完成后第三年),进行结构方程建模分析。研究结果表明,无论是在短期还是在长期,定向增发可以通过提升公司治理水平和降低经营风险的途径正向影响上市公司财务绩效,而定向增发并不具有对财务绩效显著的直接影响,而且定向增发对上市公司长期财务绩效的影响强于对短期财务绩效的影响。据此,提出了强化定向增发上市公司资产整合等相关建议。
As an important way of equity refinancing, private equity placement has been widely used in the Chinese securities market and accounts for the majority of equity refinancing in the market. Private equity placement is favored by listed companies in the market, but whether it can effectively enhance the investment value of listed companies or possibly encroach the interests of small shareholders is still worthy of study. Therefore, it is necessary to determine the impact of private equity placements on the financial performance of listed companies. Therefore, we make a targeted study in this paper. Based on analyzing existing literature, the necessities of furthering research in this field are revealed below: First, it is prerequisite to constructing a rigorous index system to measure the financial performance of listed companies. Because of the flawed stock price formation mechanism in the Chinese securities market, the commonly used indicators in mature markets, such as stock price and excess return ratio, are not suitable for measuring the financial performance of Chinese listed companies. Using financial indicators to measure the financial performance of the companies may have better applicability by comparison, but the lack of the criteria for defining indicators tends to induce weak comparability among existing research literature. Second, the existing researches mainly focus on the comparison of the financial performance of the research samples but ignore the mechanism that how private equity placements affect the financial performance.We hold the option that there exists a "black box," which starts from the implement of private equity placements and ends with the change of financial performance. The "black box" has not been fully revealed and tends to induce over-simplifying the relationship between the variables. Last, the current researches mainly focus on the use of statistical methods rather than the application of econometrics. The statistical methods have the ability for judging the existence of the effect on financial performance by private equity placement but are unable to reveal the complex relationships between the variables. We take corporate governance and managerial risk as intermediary variables to construct the model characterizing the impact of private equity placements on the financial performance of listed companies. Then, we select listed companies in Chinese A-share market that implemented private equity placements in 2012 as research samples to analyze short-term financial performance(1 year after implement) and long-term financial performance(3 years after implement) induced by private equity placements, using structural equation modeling method. The research results show that private equity placements have a significant effect on the financial performance of listed companies by enhancing the corporate governance level and by reducing the management risk both in short-term and long-term analysis. We also find that private equity placements have no significant direct effect on financial performance and the long-term effect is stronger than that of short-term. Based on the study, related suggestions such as strengthening the assets integration of listed companies after the private equity placements are put forward in this paper.
As an important way of equity refinancing, private equity placement has been widely used in the Chinese securities market and accounts for the majority of equity refinancing in the market. Private equity placement is favored by listed companies in the market, but whether it can effectively enhance the investment value of listed companies or possibly encroach the interests of small shareholders is still worthy of study. Therefore, it is necessary to determine the impact of private equity placements on the financial performance of listed companies. Therefore, we make a targeted study in this paper. Based on analyzing existing literature, the necessities of furthering research in this field are revealed below: First, it is prerequisite to constructing a rigorous index system to measure the financial performance of listed companies. Because of the flawed stock price formation mechanism in the Chinese securities market, the commonly used indicators in mature markets, such as stock price and excess return ratio, are not suitable for measuring the financial performance of Chinese listed companies. Using financial indicators to measure the financial performance of the companies may have better applicability by comparison, but the lack of the criteria for defining indicators tends to induce weak comparability among existing research literature. Second, the existing researches mainly focus on the comparison of the financial performance of the research samples but ignore the mechanism that how private equity placements affect the financial performance.We hold the option that there exists a "black box," which starts from the implement of private equity placements and ends with the change of financial performance. The "black box" has not been fully revealed and tends to induce over-simplifying the relationship between the variables. Last, the current researches mainly focus on the use of statistical methods rather than the application of econometrics. The statistical methods have the ability for judging the existence of the effect on financial performance by private equity placement but are unable to reveal the complex relationships between the variables. We take corporate governance and managerial risk as intermediary variables to construct the model characterizing the impact of private equity placements on the financial performance of listed companies. Then, we select listed companies in Chinese A-share market that implemented private equity placements in 2012 as research samples to analyze short-term financial performance(1 year after implement) and long-term financial performance(3 years after implement) induced by private equity placements, using structural equation modeling method. The research results show that private equity placements have a significant effect on the financial performance of listed companies by enhancing the corporate governance level and by reducing the management risk both in short-term and long-term analysis. We also find that private equity placements have no significant direct effect on financial performance and the long-term effect is stronger than that of short-term. Based on the study, related suggestions such as strengthening the assets integration of listed companies after the private equity placements are put forward in this paper.
引文
[1]Friday HS.,Howton SD.,Howton SW.Anomalous evidence on operating performance following seasoned equity offerings:the case of REITS[J].2000,29(2):76-87.
[2]Wruck,Karen H.,and YiLin Wu.Closeness counts:the role of relationships in private placement of equity[R].Working paper,Ohio State University,2007.
[3]李菊.定向增发类型对上市公司业绩影响的实证研究[J].东北财经大学学报,2009(3):60-63.
[4]郭兰英,纪磊磊,侯增杰.定向增发模式下整体上市企业财务绩效分析[J].财会月刊,2010(12):26-28.
[5]苏琪.定向增发财富效应的研究-以Y公司为例[J].会计之友,2012(28):79-81.
[6]陈一晓.定向增发的行为及绩效研究[J].财会通讯,2013(3):28-30.
[7]Krishnamurthy S,Spindt P,Subramaniam V,et al.Does investor identity matter in equity issues?evidence from private placements[J].Journal of Financial Intermediation,2005,14(2):210-238.
[8]Baek JS,Kang JK,Lee I.Business groups and tunneling:evidence from private securities offerings by Korean chaebols[J].Journal of Finance,2006,61(5):2415-2449.
[9]Chu SH,Lentz GH,Robak E.Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms[J].Ssrn Electronic Journal,2005,1(1):57-83.
[10]Fu F.Overinvestment and the operating performance of SEOfirms[J].Financial Management,2010,39(1):249-272.
[11]徐寿福,龚仰树.定向增发与上市公司长期业绩下滑[J].投资研究,2011(10):98-111.
[12]黄晓薇,何丽芬,居思行.定向增发与股票长期低绩效关系研究[J].证券市场导报,2014(10):10-17.
[13]Hertzel M,Lemmon M,Linck JS,et al.Long-run performance following private placements of equity[J].The Journal of Finance,2002,57(6):2595-2617.
[14]余丽霞,赵根.我国上市公司定向增发的财务效应研究[J].技术经济与管理研究,2011(4):119-123.
[15]王莉婕,马妍妍.上市公司定向增发的财务效应研究[J].经济问题,2014(6):117-120.
[16]张萍,俞静.定向增发、股权结构与经营绩效[J].财会月刊,2015(27):35-38.
[17]李平,李刚.我国上市公司定向增发后的财务表现:理论分析与实证研究[J].武汉金融,2015(3):31-34.
[18]Wu YL.The choice of equity-selling mechanisms[J].Journal of Financial Economics,2004,74(1):93-119.
[19]佟岩,华晨,宋吉文.定向增发整体上市、机构投资者与短期市场反应[J].会计研究,2015(10):74-81.
[20]徐枫.异质信念、错误定价与定向增发折价[J].金融评论,2016(2):60-71.
[21]Dai N.Monitoring via staging:evidence from private investments in public equity[J].Journal of Banking&Finance,2011,35(12):3417-3431.
[22]Richardson S.Over-investment of free cash flow[J].Review of Accounting Studies,2006,11(2):159-189.
[23]王晓亮,田昆儒.定向增发、股权结构与过度投资研究[J].技术经济与管理研究,2016(6):72-77.
[24]王志彬,周子剑.定向增发新股整体上市与上市公司短期股票价格的实证研究--来自中国证券市场集团公司整体上市数据的经验证明[J].管理世界,2008(12):182-183.
[25]王俊飚,刘明,王志诚.机构投资者持股对新股增发折价影响的实证研究[J].管理世界,2012(10):172-173.
[26]许荣,刘洋.效率促进还是掏空--大股东参与定向增发的效应研究[J].经济理论与经济管理,2012(6):71-82.
[27]唐宗明,潘晨翔,姜克萍.后股权分置时期大股东资产注入影响因素实证分析[J].系统管理学报,2010(5):514-519.
[28]王谦,刘春,管河山.股权结构、企业风险倾向与企业价值--基于金融上市企业的实证分析[J].财会通讯,2016(12):61-64.
[29]钱忠华.公司治理与企业财务困境--基于股权结构角度的实证分析[J].经济与管理研究,2009(5):80-86.
[30]章卫东.定向增发新股与盈余管理--来自中国证券市场的经验证据[J].管理世界,2010(1):54-63.
[31]贾春新.国有银行与股份制银行资产组合配置的差异研究[J].经济研究,2007(7):124-136.
[32]Haw IM,Ho SSM,Hu B,et al.Concentrated control,institutions,and banking sector:An international study[J].Ssrn Electronic Journal,2010,34(3):485-497.
[33]杨有振,赵瑞.中国商业银行风险规避与股权结构:基于面板数据的经验与证据[J].财贸经济,2010(6):33-39.
[34]贺云龙,高扬,文凤华.沪深A股整体上市模式选择的“群聚”现象分析[J].系统工程,2011(4):25-32.
[35]何丽梅.我国上市公司定向增发折价研究--基于较完整市场周期的分析[J].经济管理,2010(2):144-151.
[36]张梦媛,暴克琦.定向增发比例、公司业绩与市场反应的关系--来自中国证券市场的经验数据[J].会计之友,2011(22):78-80.
[37]章卫东.定向增发新股、投资者类别与公司股价短期表现的实证研究[J].管理世界,2008(4):179-180.
[38]谭兴民,宋增基,杨天赋.中国上市银行股权结构与经营绩效的实证分析[J].金融研究,2010(11):144-154.
[39]陈信元,汪辉.股东制衡与公司价值:模型及经验证据[J].数量经济技术经济研究,2004(11):102-110.
[40]舒谦,陈治亚.治理结构、研发投入与公司绩效--基于中国制造型上市公司数据的研究[J].预测,2014(3):45-50.
[41]徐寿福,徐龙炳.大股东机会主义与定向增发折价--兼析制度变迁的影响[J].上海财经大学学报,2011(4):82-89.
[42]郑鹏,李雅宁.企业财务风险预警指标体系改进的研究[J].天津大学学报(社会科学版),2012(6):502-507.
[43]王鲁平,毛伟平.财务杠杆、投资机会与公司投资行为--基于制造业上市公司Panel Data的证据[J].管理评论,2010(11):99-110.
[44]李卫民,黄旭,LI Wei-min,等.我国上市公司女性高管对企业并购绩效的影响研究[J].管理工程学报,2014(3):18-25.
[45]史金艳,刘芳芳,戴望秀,等.基金持股行为特征与上市公司绩效--来自中国资本市场2005~2011年面板数据的经验证据[J].系统工程,2012(10):10-18.
[46]艾林,曹国华.商业银行盈余管理与经营绩效[J].管理世界,2013(11):174-175.
[47]徐欣,夏芸.风险投资特征、风险投资IPO退出与企业绩效--基于中国创业板上市公司的实证研究[J].经济管理,2015(5):97-107.
[48]雷辉,王亚男,聂珊珊,等.基于财务绩效综合指数的竞争战略绩效时滞效应研究[J].会计研究,2015(5):64-71.
[49]王永海,章涛.整体上市与股东财富、经营业绩关系的实证研究[J].经济评论,2012(3):130-134.
[2]Wruck,Karen H.,and YiLin Wu.Closeness counts:the role of relationships in private placement of equity[R].Working paper,Ohio State University,2007.
[3]李菊.定向增发类型对上市公司业绩影响的实证研究[J].东北财经大学学报,2009(3):60-63.
[4]郭兰英,纪磊磊,侯增杰.定向增发模式下整体上市企业财务绩效分析[J].财会月刊,2010(12):26-28.
[5]苏琪.定向增发财富效应的研究-以Y公司为例[J].会计之友,2012(28):79-81.
[6]陈一晓.定向增发的行为及绩效研究[J].财会通讯,2013(3):28-30.
[7]Krishnamurthy S,Spindt P,Subramaniam V,et al.Does investor identity matter in equity issues?evidence from private placements[J].Journal of Financial Intermediation,2005,14(2):210-238.
[8]Baek JS,Kang JK,Lee I.Business groups and tunneling:evidence from private securities offerings by Korean chaebols[J].Journal of Finance,2006,61(5):2415-2449.
[9]Chu SH,Lentz GH,Robak E.Comparing the characteristics and performance of private equity offering firms with seasoned equity offering firms[J].Ssrn Electronic Journal,2005,1(1):57-83.
[10]Fu F.Overinvestment and the operating performance of SEOfirms[J].Financial Management,2010,39(1):249-272.
[11]徐寿福,龚仰树.定向增发与上市公司长期业绩下滑[J].投资研究,2011(10):98-111.
[12]黄晓薇,何丽芬,居思行.定向增发与股票长期低绩效关系研究[J].证券市场导报,2014(10):10-17.
[13]Hertzel M,Lemmon M,Linck JS,et al.Long-run performance following private placements of equity[J].The Journal of Finance,2002,57(6):2595-2617.
[14]余丽霞,赵根.我国上市公司定向增发的财务效应研究[J].技术经济与管理研究,2011(4):119-123.
[15]王莉婕,马妍妍.上市公司定向增发的财务效应研究[J].经济问题,2014(6):117-120.
[16]张萍,俞静.定向增发、股权结构与经营绩效[J].财会月刊,2015(27):35-38.
[17]李平,李刚.我国上市公司定向增发后的财务表现:理论分析与实证研究[J].武汉金融,2015(3):31-34.
[18]Wu YL.The choice of equity-selling mechanisms[J].Journal of Financial Economics,2004,74(1):93-119.
[19]佟岩,华晨,宋吉文.定向增发整体上市、机构投资者与短期市场反应[J].会计研究,2015(10):74-81.
[20]徐枫.异质信念、错误定价与定向增发折价[J].金融评论,2016(2):60-71.
[21]Dai N.Monitoring via staging:evidence from private investments in public equity[J].Journal of Banking&Finance,2011,35(12):3417-3431.
[22]Richardson S.Over-investment of free cash flow[J].Review of Accounting Studies,2006,11(2):159-189.
[23]王晓亮,田昆儒.定向增发、股权结构与过度投资研究[J].技术经济与管理研究,2016(6):72-77.
[24]王志彬,周子剑.定向增发新股整体上市与上市公司短期股票价格的实证研究--来自中国证券市场集团公司整体上市数据的经验证明[J].管理世界,2008(12):182-183.
[25]王俊飚,刘明,王志诚.机构投资者持股对新股增发折价影响的实证研究[J].管理世界,2012(10):172-173.
[26]许荣,刘洋.效率促进还是掏空--大股东参与定向增发的效应研究[J].经济理论与经济管理,2012(6):71-82.
[27]唐宗明,潘晨翔,姜克萍.后股权分置时期大股东资产注入影响因素实证分析[J].系统管理学报,2010(5):514-519.
[28]王谦,刘春,管河山.股权结构、企业风险倾向与企业价值--基于金融上市企业的实证分析[J].财会通讯,2016(12):61-64.
[29]钱忠华.公司治理与企业财务困境--基于股权结构角度的实证分析[J].经济与管理研究,2009(5):80-86.
[30]章卫东.定向增发新股与盈余管理--来自中国证券市场的经验证据[J].管理世界,2010(1):54-63.
[31]贾春新.国有银行与股份制银行资产组合配置的差异研究[J].经济研究,2007(7):124-136.
[32]Haw IM,Ho SSM,Hu B,et al.Concentrated control,institutions,and banking sector:An international study[J].Ssrn Electronic Journal,2010,34(3):485-497.
[33]杨有振,赵瑞.中国商业银行风险规避与股权结构:基于面板数据的经验与证据[J].财贸经济,2010(6):33-39.
[34]贺云龙,高扬,文凤华.沪深A股整体上市模式选择的“群聚”现象分析[J].系统工程,2011(4):25-32.
[35]何丽梅.我国上市公司定向增发折价研究--基于较完整市场周期的分析[J].经济管理,2010(2):144-151.
[36]张梦媛,暴克琦.定向增发比例、公司业绩与市场反应的关系--来自中国证券市场的经验数据[J].会计之友,2011(22):78-80.
[37]章卫东.定向增发新股、投资者类别与公司股价短期表现的实证研究[J].管理世界,2008(4):179-180.
[38]谭兴民,宋增基,杨天赋.中国上市银行股权结构与经营绩效的实证分析[J].金融研究,2010(11):144-154.
[39]陈信元,汪辉.股东制衡与公司价值:模型及经验证据[J].数量经济技术经济研究,2004(11):102-110.
[40]舒谦,陈治亚.治理结构、研发投入与公司绩效--基于中国制造型上市公司数据的研究[J].预测,2014(3):45-50.
[41]徐寿福,徐龙炳.大股东机会主义与定向增发折价--兼析制度变迁的影响[J].上海财经大学学报,2011(4):82-89.
[42]郑鹏,李雅宁.企业财务风险预警指标体系改进的研究[J].天津大学学报(社会科学版),2012(6):502-507.
[43]王鲁平,毛伟平.财务杠杆、投资机会与公司投资行为--基于制造业上市公司Panel Data的证据[J].管理评论,2010(11):99-110.
[44]李卫民,黄旭,LI Wei-min,等.我国上市公司女性高管对企业并购绩效的影响研究[J].管理工程学报,2014(3):18-25.
[45]史金艳,刘芳芳,戴望秀,等.基金持股行为特征与上市公司绩效--来自中国资本市场2005~2011年面板数据的经验证据[J].系统工程,2012(10):10-18.
[46]艾林,曹国华.商业银行盈余管理与经营绩效[J].管理世界,2013(11):174-175.
[47]徐欣,夏芸.风险投资特征、风险投资IPO退出与企业绩效--基于中国创业板上市公司的实证研究[J].经济管理,2015(5):97-107.
[48]雷辉,王亚男,聂珊珊,等.基于财务绩效综合指数的竞争战略绩效时滞效应研究[J].会计研究,2015(5):64-71.
[49]王永海,章涛.整体上市与股东财富、经营业绩关系的实证研究[J].经济评论,2012(3):130-134.