IPO募集资金投向变更、股权性质与公司绩效
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摘要
以2000~2014年中国A股市场IPO的612家上市公司为样本,实证检验了我国不同股权性质上市公司IPO募集资金投向变更对公司长短期绩效的影响。研究结果表明:上市公司IPO募集资金投向变更对公司绩效有抑制影响,对短期绩效的抑制大于对中长期绩效的抑制;非国有上市公司的抑制大于国有上市公司的抑制。研究结论为上市公司合规使用IPO募集的资金和相关部门严格监管上市公司IPO募集资金投向提供了一种参考依据。
Using 612 listed companies that launched IPO during the year of 2000 to 2014,this paper studies the influence of change of IPO financing capitals on short- term and long- term performance of companies with different ownership property. The empirical results show that: Alteration of IPO financing capitals has an inhibitory effect on the short- term and long- term performance of listed companies,and the degree of inhibitory effect on the short- term performance of companies is more significant. The inhibitory effect of alteration of IPO financing capitals on non- state- owned companies is deeper than that on the state- owned companies. The conclusion provides a reference for fair and legal use of IPO financing capitals of listed companies and a reference for strict supervision of relevant departments on listed companies.
Using 612 listed companies that launched IPO during the year of 2000 to 2014,this paper studies the influence of change of IPO financing capitals on short- term and long- term performance of companies with different ownership property. The empirical results show that: Alteration of IPO financing capitals has an inhibitory effect on the short- term and long- term performance of listed companies,and the degree of inhibitory effect on the short- term performance of companies is more significant. The inhibitory effect of alteration of IPO financing capitals on non- state- owned companies is deeper than that on the state- owned companies. The conclusion provides a reference for fair and legal use of IPO financing capitals of listed companies and a reference for strict supervision of relevant departments on listed companies.
引文
[1]董屹.中国上市公司募资变更行为研究——基于股票融资制度缺陷的视角[D].成都:西南财经大学,2006.
[2]原红旗,李海建.配股资金使用和公司业绩[J].中国会计评论,2005,(3).
[3]杨全文,薛清梅.IPO募资投向变更、经营业绩变化和市场反应[J].会计研究,2009,(4):69-77.
[4]Gedajlovic E R,Yoshikawa T,Hashimoto M.Ownership Structure,Investment Behavior and Firm Performance in Japanese Manufacturing Industries[R].ERIM Report Series Research in Management,2001.
[5]刘少波,戴文慧.我国上市公司募集资金投向变更研究[J].经济研究,2004,(5):89-97.
[6]陈文斌,陈超.新股上市后盈利能力下滑及募集资金使用分析[J].管理科学学报,2007,(4):49-55.
[7]陈其安,胡本刚.IPO融资资金投向变更对公司业绩的影响——来自中国上市公司的经验证据[J].中国管理科学,2010,(18):191-197.
[8]王茂斌,刘莎莎,孔东民.募集资金投向变更、公司治理与公司绩效[J].国际金融研究,2011,(11):75-86.
[9]薛爽,杨静.上市公司IPO募集资金投向、使用效率及其对股权再融资成本的影响[J].中国会计与财务研究,2006,(1):50-98.
[10]孙亮,刘春.什么决定了盈余管理程度的差异:公司治理还是经营绩效?[J].中国会计评论,2008,(3):79-92.
[11]张为国,翟春燕.上市公司变更募集资金投向动因研究[J].会计研究,2005,(7):19-24.
[2]原红旗,李海建.配股资金使用和公司业绩[J].中国会计评论,2005,(3).
[3]杨全文,薛清梅.IPO募资投向变更、经营业绩变化和市场反应[J].会计研究,2009,(4):69-77.
[4]Gedajlovic E R,Yoshikawa T,Hashimoto M.Ownership Structure,Investment Behavior and Firm Performance in Japanese Manufacturing Industries[R].ERIM Report Series Research in Management,2001.
[5]刘少波,戴文慧.我国上市公司募集资金投向变更研究[J].经济研究,2004,(5):89-97.
[6]陈文斌,陈超.新股上市后盈利能力下滑及募集资金使用分析[J].管理科学学报,2007,(4):49-55.
[7]陈其安,胡本刚.IPO融资资金投向变更对公司业绩的影响——来自中国上市公司的经验证据[J].中国管理科学,2010,(18):191-197.
[8]王茂斌,刘莎莎,孔东民.募集资金投向变更、公司治理与公司绩效[J].国际金融研究,2011,(11):75-86.
[9]薛爽,杨静.上市公司IPO募集资金投向、使用效率及其对股权再融资成本的影响[J].中国会计与财务研究,2006,(1):50-98.
[10]孙亮,刘春.什么决定了盈余管理程度的差异:公司治理还是经营绩效?[J].中国会计评论,2008,(3):79-92.
[11]张为国,翟春燕.上市公司变更募集资金投向动因研究[J].会计研究,2005,(7):19-24.