上市公司增发新股类型与过度投资关系——来自中国A股上市公司的经验证据

发布时间：2018-04-26 17:56

本文选题：公开增发 + 定向增发　；参考：《经济评论》2017年01期

【摘要】：增发新股易诱发上市公司的过度投资现象,但是不同的增发新股类型导致的上市公司过度投资程度存在差异。本文以2006-2014年间沪、深两市实施公开增发新股和定向增发新股的公司为研究对象,从理论和实证两个方面分析公开增发新股和定向增发新股融资导致的企业过度投资的差异。研究发现,上市公司无论采取公开增发新股还是定向增发新股均会导致企业过度投资现象,但相对于定向增发新股融资,公开增发新股融资导致企业的过度投资现象更加严重。在定向增发新股中,原有控股股东及其关联股东参与认购上市公司定向增发新股的股份能在一定程度上抑制企业过度投资现象的发生。因此,必须完善我国上市公司再融资审核制度和信息披露等制度。
[Abstract]:The overinvestment of listed companies is easy to be induced by issuing new shares, but the degree of overinvestment of listed companies caused by different types of new shares is different. In this paper, the author analyzes the difference of overinvestment caused by IPO and IPO financing in Shanghai and Shenzhen stock markets from the aspects of theory and practice, taking the companies that implement new shares in Shanghai and Shenzhen stock markets from 2006 to 2014 as the research objects. It is found that the overinvestment of the listed companies will be caused by the public issuance of new shares or the private issuance of new shares, but the phenomenon of overinvestment is more serious than that of the financing of the new shares. In the IPO, the original controlling shareholders and their associated shareholders participate in the subscription of the shares of the listed company, which can restrain the phenomenon of overinvestment to a certain extent. Therefore, we must perfect the refinancing audit system and information disclosure system of listed companies in China.
【作者单位】：江西财经大学会计发展中心/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”(项目号:71262004)的阶段性研究成果
【分类号】：F275

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