大股东控制的定向增发能否支持中小企业发展?——来自中小企业板和创业板的证据
|
摘要
中小企业作为实体经济的重要支柱,其融资问题一直广为关注。2014年以来,定向增发逐渐受到上市公司追捧,也为上市中小企业提供了资金支持。以我国中小企业板和创业板上市中小企业定向增发案例为样本,运用因子分析法研究大股东参与定向增发事件对中小企业的影响,结果发现:大股东参与的定向增发事件虽然在短期内会提升股票收益率,但是从长期来看我国上市中小企业的成长能力并没有显著增强。
Small and medium-sized enterprises( SMEs) are becoming an important pillar to the real economy,and its financing problem has been widely concerned. Since 2014,the private placement has been sought after by listed companies,and also provides financial support for small and medium-sized enterprises. Taking the private placement of small and medium-sized enterprises in China as a sample,the paper conducts a research into the impact of large shareholders participating in private placement events upon small and medium-sized enterprises by using factor analysis method. The results show that the private placement events in which large shareholders participate will enhance the stock return in the short term,but in the long term,the growth capacity of SMEs in China has not significantly enhanced.
Small and medium-sized enterprises( SMEs) are becoming an important pillar to the real economy,and its financing problem has been widely concerned. Since 2014,the private placement has been sought after by listed companies,and also provides financial support for small and medium-sized enterprises. Taking the private placement of small and medium-sized enterprises in China as a sample,the paper conducts a research into the impact of large shareholders participating in private placement events upon small and medium-sized enterprises by using factor analysis method. The results show that the private placement events in which large shareholders participate will enhance the stock return in the short term,but in the long term,the growth capacity of SMEs in China has not significantly enhanced.
引文
[1]Spence M.Job Market Signaling[J].The Quarterly Journal of Economics,1973,87(3):355-374.
[2]Dann L Y.Common Stock Repurchases:An Analysis of Returns to Bondholders and Stockholders[J].Journal of Financial Economics,1981,9(2):113-138.
[3]Dittmar A K.Why Do Firms Repurchase Stock[J].The Journal of Business,2000,73(3):331-355.
[4]肖万.定向增发、控制权变动及其信号传递效应[J].南方经济,2012(2):50-61.
[5]肖万,宋光辉.定向增发与其整体上市:宣告效应、长期绩效的比较研究[J].河南大学学报(社会科学版),2013(5):51-57.
[6]孙院飞,刘建勇,王玲慧.定向增发购买资产中大股东补偿承诺信号传递效应研究[J].财会通讯2015(11):87-90.
[7]Eisenhardt K M,Schoonhoven C B.Organizational Growth:Linking Founding Team,Strategy,Environment,and Growth among US Semiconductor Ventures,1978-1988[J].Administrative Science Quarterly,1990,35(3):504-529.
[8]张祥建,徐晋.股权再融资与大股东控制的“隧道效应”——对上市公司股权再融资偏好的再解释[J].管理世界,2005(11):127-136.
[9]章卫东,李海川.定向增发新股、资产注入类型与上市公司绩效的关系[J].会计研究,2010(3):58-64.
[10]颜淑姬.资产注入——利益输入或利益输出?[J].商业经济与管理,2012(3):75-84.
[11]章卫东.上市公司股权再融资方式选择:配股、公开增发新股、定向增发新股?[J].经济评论,2008(6):71-81.
[12]刘志新,马健.基于异质信念的股权发行方式及其股价效应[J].系统工程,2011(1):16-23.
[13]王化成,孙健,卢闯.控制权转移的微观市场反应——基于丹东化纤(000498)的实证分析[J].管理世界,2008(8):138-144.
[14]Brown S.J,Warner J.B.Using Daily Stock Returns:The Case of Event Studies[J].Journal of Financial Economics,1985,14(1):3-31.
[15]张人骥,刘春江.基于政策监管下的新股增发与股市波动研究[J].财经研究,2005(6):120-131.
[16]董锋,谭清美,周德群.多指标面板数据下的企业R&D能力因子分析[J].研究与发展管理,2009(3):50-56.
[17]国家经济贸易委员会中小企业司、国家统计局工业交通司、中国企业评价协会联合课题组.成长型中小企业评价的方法体系[J].北京统计,2001(5):9-10.
[18]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.
[19]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.
[20]耿建新,吕跃金,邹小平.我国上市公司定向增发的长期业绩实证研究[J].审计与经济研究,2011(6):52-58.
[21]王浩,刘碧波.定向增发:大股东支持还是利益输送[J].中国工业经济,2011(10):119-129.
[2]Dann L Y.Common Stock Repurchases:An Analysis of Returns to Bondholders and Stockholders[J].Journal of Financial Economics,1981,9(2):113-138.
[3]Dittmar A K.Why Do Firms Repurchase Stock[J].The Journal of Business,2000,73(3):331-355.
[4]肖万.定向增发、控制权变动及其信号传递效应[J].南方经济,2012(2):50-61.
[5]肖万,宋光辉.定向增发与其整体上市:宣告效应、长期绩效的比较研究[J].河南大学学报(社会科学版),2013(5):51-57.
[6]孙院飞,刘建勇,王玲慧.定向增发购买资产中大股东补偿承诺信号传递效应研究[J].财会通讯2015(11):87-90.
[7]Eisenhardt K M,Schoonhoven C B.Organizational Growth:Linking Founding Team,Strategy,Environment,and Growth among US Semiconductor Ventures,1978-1988[J].Administrative Science Quarterly,1990,35(3):504-529.
[8]张祥建,徐晋.股权再融资与大股东控制的“隧道效应”——对上市公司股权再融资偏好的再解释[J].管理世界,2005(11):127-136.
[9]章卫东,李海川.定向增发新股、资产注入类型与上市公司绩效的关系[J].会计研究,2010(3):58-64.
[10]颜淑姬.资产注入——利益输入或利益输出?[J].商业经济与管理,2012(3):75-84.
[11]章卫东.上市公司股权再融资方式选择:配股、公开增发新股、定向增发新股?[J].经济评论,2008(6):71-81.
[12]刘志新,马健.基于异质信念的股权发行方式及其股价效应[J].系统工程,2011(1):16-23.
[13]王化成,孙健,卢闯.控制权转移的微观市场反应——基于丹东化纤(000498)的实证分析[J].管理世界,2008(8):138-144.
[14]Brown S.J,Warner J.B.Using Daily Stock Returns:The Case of Event Studies[J].Journal of Financial Economics,1985,14(1):3-31.
[15]张人骥,刘春江.基于政策监管下的新股增发与股市波动研究[J].财经研究,2005(6):120-131.
[16]董锋,谭清美,周德群.多指标面板数据下的企业R&D能力因子分析[J].研究与发展管理,2009(3):50-56.
[17]国家经济贸易委员会中小企业司、国家统计局工业交通司、中国企业评价协会联合课题组.成长型中小企业评价的方法体系[J].北京统计,2001(5):9-10.
[18]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.
[19]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.
[20]耿建新,吕跃金,邹小平.我国上市公司定向增发的长期业绩实证研究[J].审计与经济研究,2011(6):52-58.
[21]王浩,刘碧波.定向增发:大股东支持还是利益输送[J].中国工业经济,2011(10):119-129.