制度环境、地方政府干预、公司治理与IPO募集资金投向变更

发布时间：2018-01-31 20:19

本文关键词： 制度环境地方政府干预公司治理募资变更　出处：《管理世界》2011年05期 　论文类型：期刊论文

【摘要】：本文从制度环境、地方政府干预及公司治理角度出发,以2001～2005年A股IPO的上市公司为样本,实证检验三者对募资变更的影响。研究发现,较好的公司治理在非国企中能有效降低募资变更几率,支持公司战略;在地方国企中只对损失性变更起到"防火墙"作用;在央企组中只有地方负担较轻时才对损失性变更起作用。由于"逆向软预算约束"动机的存在,较强的地方政府干预能导致地方国企中的损失性变更,但其在非国企中的影响受制度环境制约。发达的制度环境能抑制非国企的补偿性变更,但无法有效约束损失性变更。本研究从地方政府干预及制度环境角度揭示了IPO募资变更的部分原因,为我们正确认识募资变更及制定相关监管政策提供了一个新的视角。
[Abstract]:From the perspective of institutional environment, local government intervention and corporate governance, this paper takes A share IPO listed companies from 2001 to 2005 as a sample to empirically test the impact of the three on the change of capital raising. Better corporate governance in non-state-owned enterprises can effectively reduce the probability of capital raising change, support the company strategy; In the local state-owned enterprises, only the loss of changes play a "firewall" role; In the group of central enterprises, only when the local burden is lighter, can the loss change be affected. Due to the existence of the motivation of "contrarian soft budget constraint", strong local government intervention can lead to the loss change in the local state-owned enterprises. But its influence in the non-state-owned enterprises is restricted by the institutional environment. The developed institutional environment can restrain the compensatory changes of the non-state-owned enterprises. However, it can not effectively restrain the loss of change. This study reveals some reasons for the change of IPO funding from the perspective of local government intervention and institutional environment. It provides a new perspective for us to understand the change of fund-raising and formulate relevant regulatory policies.
【作者单位】：南开大学公司治理研究中心/商学院;
【基金】：国家社科基金重大项目(10ZD&035) 自然科学基金面上项目(70872050) 教育部人文社科重点研究基地重大项目(10JJD630001)资助
【分类号】：F832.51
【正文快照】： 一、引言我国目前实行的证券发行制度是“核准制”,公司首次公开发行(IPO)必须先经过主承销商对其一年的培训辅导才能提交申请,通过证监会发审委审核批准之后方能正式发行,申请通过率为70%一80%左右。我国的IPo是以项目的形式进行股权融资,所募得资金专款专用。募资投资项目

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