不同募集资金投向变更类型的长期表现对比--基于定向增发事件的研究
首发时间:2019-06-20
摘要:我国A股市场定向增发监管制度为核准制,具有审核环节多、审核周期长的特征。这些特征会导致上市公司错失最佳投资时机,从而出现50.6%的增发公司会实施募集资金投向变更。根据资金使用情况,投向变更可分为临时性变更与永久性变更两类,其中临时性变更约占46.36%。本文通过募集资金投向变更公告等文本信息数据和国泰安数据库等常规交易数据和财务数据,对发生不同类型投向变更的公司在大股东持股情况和基本面等方面进行了对比分析。研究结果表明,两种不同的变更类型对公司影响的侧重点不同,临时性变更有助于降低公司杠杆风险,而永久性变更有助于提升公司的盈利水平;对于大股东而言,减持永久性变更增发公司的倾向更为显著。
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Long-run Performance around Different Types of Changes of Investment Project--Empirical Evidence from directional add-issuance event
Abstract:The regulation system of private placement in the Chinese a-share markets is an approval system, which has many audit links and long audit cycle. These characteristics will cause listed companies to miss the best investment opportunity, resulting in 50.6% of companies will change investment projects of raising money. The changes can be divided into temporary changes permanent changes according to the use mode and the former account for about 46.36%. This paper makes an empirical analysis ofLong-run Performance around Different Types of Changes of Investment Project--Empirical Evidence from directional add-issuance event the shareholdings of major shareholders and the fundamentals of firms around different types of changes of investment project, using the text information such as the announcement of the change of raised capital investment Long-run Performance around Different Types of Changes of Investment Project--Empirical Evidence from directional add-issuance eventand transaction data and financial data from the database of Tai'an. The result show that: temporary changes can reduce the company's leverage risk and permanent changes can improve a company's profitability. In addition, large shareholders are more willing to reduce their holdings when the company makes a permanent change.
Keywords: Directional add-issuance Temporary changes Permanent changes Shareholdings of major shareholders
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不同募集资金投向变更类型的长期表现对比--基于定向增发事件的研究
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