企业IPO募资投向变更的动因与短期绩效研究

发布时间：2018-02-25 00:27

本文关键词： 首次公开募股募资投向变更短视性损失厌恶动因短期绩效　出处：《南京理工大学》2013年硕士论文　论文类型：学位论文

【摘要】：企业IPO募资投向变更的行为不仅关系到上市公司募集资金的使用效率,对整个证券市场秩序也会产生广泛的影响。本文研究了我国上市公司募集资金使用中的投向变更问题,对其现象、动因和带来的短期绩效影响做了较为全面深入的研究,并根据实证研究结论提出了相应的对策建议。本文首先通过描述性统计分析对指出我国现阶段上市公司募资投向变更的普遍性,归纳总结其公告中公布的变更原因和改投方向,结合相关理论,包括新古典经济学理论、信息不对称理论、委托代理成本理论以及行为金融学理论,分析了募资投向变更的致引因素。通过logistic回归分析对募资投向变更的动因进行实证论证,通过多元回归分析考察了募资投向变更对上市公司短期绩效的影响。本文的研究结论为：(1)上市公司所处的行业竞争越激烈,综合运营风险越高越容易发生IPO募资投向变更行为；(2)公司上市后业绩下降的压力导致管理层募资投向变更；(3)股权集中度越高,两权分离程度越低,越可能发生募资投向变更；(4)上市公司募资投向变更行为对公司的短期业绩有正面的影响,而对其成长能力却没有显著的帮助。实证研究的结论进一步论证了行为金融学理论中的短视性损失厌恶,公司管理层是出于短视性损失厌恶做出募资投向变更的决策,而变更对公司成长能力的影响却没有过多的考虑。管理层这样的投资行为也可能是由于政策方面的缺陷,所以本文最后根据实证研究的结果,对这一现象的治理提出了有针对性的政策建议。
[Abstract]:The behavior of corporate IPO capital raising and investing change not only relates to the efficiency of raising funds of listed companies, but also has a wide influence on the order of the whole securities market. This paper studies the change of investment in the use of the funds raised by listed companies in our country. This paper makes a comprehensive and in-depth study on the phenomenon, motivation and the impact of short-term performance, and puts forward corresponding countermeasures and suggestions according to the empirical research conclusions. Firstly, through descriptive statistical analysis, this paper points out the universality of the change of capital raised by listed companies in our country at present, summarizes the reasons for the change and the direction of the change, and combines the relevant theories, including the theory of neoclassical economics, and sums up the reasons of the change and the direction of the change in the announcement. The information asymmetry theory, the principal-agent cost theory and the behavioral finance theory are used to analyze the factors that lead to the change of the capital-raising investment. Through logistic regression analysis, the causes of the change of the capital-raising investment are empirically demonstrated. Through multiple regression analysis, this paper investigates the influence of the change of capital raising investment on the short-term performance of listed companies. The conclusion of this paper is: (1) the more competitive the listed companies in the industry, The higher the risk of comprehensive operation is, the easier it is for IPO to raise funds to change its investment behavior. (2) the pressure of declining performance of the company after listing leads to the higher degree of concentration of equity and the lower the degree of separation of the two rights, the higher the degree of ownership concentration is, the higher the degree of ownership concentration is. The more likely it is that the change in the amount of capital raised by a listed company will have a positive impact on the short-term performance of the company, The conclusion of the empirical study further demonstrates the short-sighted loss aversion in the behavioral finance theory, and the management makes the decision to raise funds for the change of investment out of short-sighted loss aversion. However, the influence of the change on the growth ability of the company is not considered too much. The investment behavior of the management may also be due to the shortcomings of the policy, so this paper based on the results of the empirical research, To this phenomenon's management has put forward the pertinence policy suggestion.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

【参考文献】