整体上市动机、机构投资者与非效率投资

发布时间：2018-03-17 07:15

本文选题：整体上市　切入点：机构投资者　出处：《中央财经大学学报》2016年03期 　论文类型：期刊论文

【摘要】：企业集团整体上市的实现方式通常表现为并购活动,但由于并购双方具有关联关系,所以带来的影响也具有特殊性。笔者重点关注整体上市对企业集团内部资源整合的目的、机构投资者关注的程度这两个方面特征,分析它们对公司整体上市后的投资效率所产生的差异化影响。由于整体上市公司中,80%以上通过定向增发实现,所以笔者以2006至2013年间深沪两市通过定向增发实现整体上市的公司为样本,使用双重差分模型对比了整体上市前后以及整体上市公司与配对公司的非效率投资变化情况,研究发现:整体上市有利于减少非效率投资;但不同的整体上市动机对非效率投资的影响各不相同,以剥离不良资产、转变发展方向为动机的整体上市遏制非效率投资的效果最好;关注整体上市公司的机构投资者中,基金数量与持股比例对非效率投资影响比较显著,券商等机构投资者的数量与持股比例对非效率投资没有显著影响。
[Abstract]:The realization of the whole listing of enterprise group is usually shown as M & A activity, but because of the relationship between the two sides of M & A, the influence also has particularity. The author focuses on the purpose of the integration of internal resources of the enterprise group. The degree of attention paid by institutional investors to these two aspects is analyzed, and their differential effects on the investment efficiency of the whole listed company are analyzed. As more than 80% of the overall listed companies are realized by directional additional issuance, From 2006 to 2013, the author uses the dual differential model to compare the changes of inefficient investment between the listed companies and the matched companies in Shenzhen and Shanghai stock markets, using the dual differential model to compare the changes of non-efficiency investment between the listed companies and the matching companies before and after the overall listing. It is found that the whole listing is beneficial to reduce the non-efficiency investment, but the influence of different overall listing motivation on the non-efficiency investment is different, in order to divest the non-performing assets, Among the institutional investors concerned about the overall listed companies, the number of funds and the proportion of shares have a significant impact on the inefficient investment. The number and proportion of institutional investors, such as securities firms, have no significant effect on inefficient investments.
【作者单位】：北京理工大学管理与经济学院;
【基金】：国家自然科学基金面上项目“反向收购整体上市的动机、路径与经济后果”(项目编号:71372015);“管理权力视角下股权激励与经理人机会主义行为研究”(项目编号:71172171);“XBRL财务信息传导机理及治理效应研究”(项目编号:71372016) 财政部“全国会计领军(后备)人才(学术类)培养项目”
【分类号】：F275

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