定向增发中的大股东认购、盈余管理与公司长期绩效

发布时间：2017-12-27 12:44

本文关键词：定向增发中的大股东认购、盈余管理与公司长期绩效　出处：《重庆大学学报(社会科学版)》2014年06期 　论文类型：期刊论文

【摘要】：文章以2006-2009年中国A股市场实施定向增发的上市公司为研究样本,首次关注了大股东参与的作用,使用匹配倍差法从公司长期经营业绩的角度考察了上市公司实施面向大股东的定向增发后的长期业绩状况,为大股东自利导致的盈余管理的存在提供了论据。研究发现:中国实施面向大股东的定向增发的上市公司在增发后长期业绩出现显著恶化。该结果说明,实施面向大股东的定向增发的公司在定向增发实施过程中大股东以私利为重,导致了公司的长期业绩滑坡。
[Abstract]:This paper takes 2006-2009 years China A stock market implementation of the private placement of listed companies as research samples, for the first time on the major shareholders to participate in the role, using the matching times difference from the company's long-term performance perspective of the implementation of additional orientation for the major shareholders after the long term performance of listed companies, earnings management leads to large shareholder self-interest the presence of support. It is found that the long-term performance of the listed companies with the directional increase of the large shareholders in China has deteriorated significantly after the increase. The result shows that the implementation of large shareholder oriented private placement companies focuses on private interests in the process of private placement, resulting in long-term performance decline.
【作者单位】：对外经济贸易大学金融学院;
【基金】：国家社会科学基金青年项目“发达经济体主权债务可持续性及我国对策研究”(12CGJ027)
【分类号】：F832.51;F275
【正文快照】： 一、研究背景与文献述评定向增发自股权分置改革以来已取代配股成为国内市场主流的股权再融资方式。由于定向增发存在锁定期,不存在扩充即期市场的压力,既避免了对二级市场的冲击,又让公司向大股东、机构投资者或战略投资者募集到资金,而且,大股东可以通过定向增发向公司注入

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