上市公司变更募集资金投向的市场反应影响因素——基于Logistic模型的回归分析

发布时间：2018-03-19 11:13

本文选题：募集资金投向变更　切入点：市场反应　出处：《求索》2011年01期 　论文类型：期刊论文

【摘要】：文章运用Logistic模型对募集资金投向变更公告的市场反应影响因素进行了回归分析,回归结果显示:大股东间股权越分散,被变更投向的募集资金到账时间越长,公告日股价异常上涨的可能性越大;变更募集资金投向的频率越高,资金比例越大,公告日股价异常下跌的可能性越大;募集资金投向变更中的关联交易会引起公告日股价异常上涨。这说明上市公司不宜于高频率、大比例地变更募集资金投向;也不宜于在募集资金刚到位后就即刻改变其投向;如果是迫于客观环境的变化而不得不变更,则上市公司应该努力改善股权结构,力争实现大股东之间的股权制衡;对于募集资金投向变更中的关联交易行为,上市公司没有必要刻意回避,因为它不会对公司股价产生负面影响。
[Abstract]:This paper uses the Logistic model to analyze the influence factors of market reaction to raise funds to invest in change announcement of regression analysis, the regression results show that large shareholders equity is more dispersed, the change is to raise funds to invest more time into account, the announcement day abnormal price rise possibility bigger; to raise funds to invest in change frequency is high, the proportion of funds the greater the possibility, announcement day stock price abnormal more; to raise funds to invest in change related transaction announcement will cause abnormal price rise. This shows that the listed companies should not be in high frequency, high proportion of change to raise funds to invest in funds raised; it is inadvisable to immediately change the diamond in place to invest; if it is under the change of objective environment to change, the listed companies should strive to improve the ownership structure, and strive to achieve the equity balance between large shareholders to raise funds to invest in change; The listed company is not necessarily evasive because it does not have a negative impact on the share price of the company.

【作者单位】：四川大学工商管理学院;温州大学城市学院;
【基金】：国家自然科学基金(70672013) 教育部新世纪优秀人才支持计划(NCET-08-0384)
【分类号】：F224;F832.51

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