制度环境、政府干预与定向增发资产注入中的利益输送——来自地方国有控股上市公司的经验数据

发布时间：2018-01-26 01:20

  本文关键词： 制度环境 政府干预 定向增发 资产注入 利益输送　出处：《江西社会科学》2017年02期 　论文类型：期刊论文

【摘要】：以2006—2014年沪深股市实施了定向增发资产注入的地方国有控股上市公司为研究对象,分析制度环境、政府干预与上市公司定向增发资产注入利益输送的关系,研究结果发现:(1)上市公司的国有控股比例越大,定向增发资产注入的比例越大,并且上市公司所处的制度环境越差,国有控股比例越大,定向增发资产注入的比例也越大;(2)地区制度环境越差,盈利型上市公司定向增发资产注入后,其经营业绩及公司价值下降越快,并且,地方国有控股上市公司盈利性越好,定向增发资产注入后其经营业绩及公司价值下降越快;(3)地区制度环境越差,亏损型上市公司定向增发资产注入后,其经营业绩及公司价值上升越快。这一研究证明在制度环境越差的地区,政府干预导致的地方国有控股上市公司定向增发资产注入的利益输送问题更加严重。
[Abstract]:This paper analyzes the institutional environment of the local state-owned holding listed companies which have implemented directional additional equity injection in the Shanghai and Shenzhen stock markets from 2006 to 2014. The relationship between government intervention and the transfer of interest in the targeted additional issuance of assets of listed companies. The research results show that the greater the proportion of state-owned holding of listed companies, the greater the proportion of targeted additional assets injection. Moreover, the worse the institutional environment of listed companies is, the larger the proportion of state-owned holding is, and the larger the proportion of directional additional assets injection is. 2) the worse the regional institutional environment is, the faster the operating performance and corporate value of the profit-making listed companies decline after the targeted additional issuance of assets, and the better the profitability of the local state-owned holding listed companies. The faster the business performance and the value of the company decline after the injection of the targeted additional assets; 3) the worse the regional institutional environment, the faster the operating performance and corporate value of the loss-making listed companies increase after the targeted additional assets injection. This study proves that the worse the institutional environment is in the region. The government intervention caused by the local state-controlled listed companies targeted additional assets injection of the interests of the transmission problem is more serious.
【作者单位】： 江西财经大学会计发展研究中心、会计学院;江西财经大学会计学院;
【基金】：国家自然科学基金项目“地方国有上市公司定向增发资产注入动机及经济后果研究”(71262004)
【分类号】：D630;F832.51
【正文快照】： 一、引言我国股权分置改革之后,出现了许多公司在地方政府的支持下将未上市的资产注入地方有控股上市公司的现象。学者们对这一现象进行了较为深入的研究,有学者认为上市公司的股东向上市公司注入资产可使未上市的资产实现证券化并增值[1],还有学者认为大股东向市公司注入资产，

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