募集资金变更和市场反应关系的实证研究

发布时间：2018-11-03 09:05

【摘要】：上市公司通过资本市场获得了发展所需要的资金，但是许多上市公司在募集资金成功后却随意改变募集资金的投向，这种行为并非是完全理性和有效的，而且在我国的资本市场上这种变更行为是非常普遍的。这直接影响到投资者的切身利益和资本市场的健康发展。而对于上市公司的募集资金变更投向行为，有五个具体的投向：变更为主业投资、对外投资、补充流动资金、闲置和偿还债务，本文基于这五种不同的变更投向，分别研究不同的变更投向后，会有什么样的市场反应，并根据研究结果进行区别分析，制定出相应的对策，这对于提高上市公司的资金使用效率、提高上市公司质量和促进资本市场的健康发展有积极的意义。本文阐述了募集资金变更投向的制度背景和相关的理论基础，从实际数据的角度对我国上市公司募集资金和变更投向行为的现状、特点、原因进行了详细的描述性统计分析。本文采用理论分析和实证检验相结合的方法进行研究。对募集资金变更投向的五种具体投向所可能产生的市场反应做出分析，并对资金变更投向的五种具体投向和市场反应的关系进行了实证检验。结论如下：对于整体的募集资金变更行为，市场反应是不显著的向下反应。于变更为主业投资的投向来说，市场反应是显著的向下反应。对于变更为对外投资来说，，对于市场反应的影响是不显著向上的。对于变更投向为补充流动资金来说，市场反应是显著向上的。对于变更投向为闲冒资金的投向来说，对市场反应的影响是不显著向上的。对于变更投向为偿还债务的投向，市场上对此类变更的反应是显著向下的。
[Abstract]:The listed companies have obtained the funds needed for the development through the capital market, but many listed companies have changed the investment of the raised funds at will after raising the funds successfully. This behavior is not completely rational and effective. Moreover, this kind of change behavior is very common in the capital market of our country. This directly affects the vital interests of investors and the healthy development of the capital market. For listed companies, there are five specific investments: investment in main business, investment abroad, replenishment of working capital, idling and debt repayment. What kind of market reaction will there be after studying the different changing investment respectively, and according to the research result to carry on the difference analysis, to formulate the corresponding countermeasure, this will improve the capital utilization efficiency of the listed company, It is of positive significance to improve the quality of listed companies and promote the healthy development of capital market. This paper expounds the institutional background and relevant theoretical basis of the changing investment of raising funds. From the point of view of actual data, this paper makes a detailed descriptive statistical analysis on the current situation, characteristics and reasons of the raising funds and the changing investment behavior of the listed companies in China. This paper adopts the method of combining theoretical analysis and empirical test. This paper makes an analysis of the possible market reaction of the five kinds of specific investment in the changing investment of raising funds, and makes an empirical test on the relationship between the five kinds of specific investment and the market response. The conclusion is as follows: the market response is not significant downward for the overall capital raising behavior. The market response is a significant downward response to the shift to a major investment. For the change to foreign investment, the impact on the market response is not significantly upward. For the change of investment to supplementary liquidity, the market response is significantly upward. The effect on the market response is not significant for the change of investment to idle capital. The market response to such changes is significantly downward when the change is directed to debt repayment.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51;F224

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