产权性质、定向增发与公司业绩

发布时间：2018-04-01 07:57

本文选题：产权性质　切入点：定向增发　出处：《厦门大学学报(哲学社会科学版)》2017年04期

【摘要】：定向增发自推出后,取得了飞速发展,成为当前我国上市公司最主要的股权再融资方式。从不同产权性质考察上市公司进行定向增发的意愿以及定向增发对上市公司业绩的影响,在当前国企改革不断推向前进、大力发展直接融资的时代背景下具有重要的现实意义。以2011—2014年完成定向增发发行的A股上市公司为样本,实证结果发现,相比于国有上市公司,民营上市公司更有意愿进行定向增发;不管是在短期还是在长期,民营上市公司进行定向增发的业绩都比国有上市公司好。这说明民营上市公司定向增发的资本配置效率更高,更有动机通过定向增发来改善公司业绩。
[Abstract]:Since the introduction of directional placement, it has made rapid development and become the most important equity refinancing method of listed companies in our country.It is of great practical significance to investigate the willingness of the listed companies to issue additional shares and their influence on the performance of listed companies from the perspective of different property rights. Under the background of the reform of state-owned enterprises and the vigorous development of direct financing at present, it is of great practical significance.The empirical results show that private listed companies are more willing to issue additional shares in the short term or in the long run, compared with the state-owned listed companies, taking the A-share listed companies that completed the additional issuance in 2011-2014 as a sample, and the empirical results show that private listed companies are more willing to issue additional shares in the short term or in the long run.Private listed companies are better than the state-owned listed companies.This indicates that private listed companies are more efficient in capital allocation and more motivated to improve the performance of private listed companies.
【作者单位】：厦门大学管理学院;
【基金】：国家自然科学基金面上项目“新三板挂牌、定增与做市交易问题研究:基于风险投资的视角”(71673231)
【分类号】：F275;F832.51

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