我国上市公司再融资绩效评价研究  

On the Refinancing Performance Evaluation of Listed Companies in China

作　　者：李亮[1] 廖林[1] 周后红[1] 

机构地区：[1]西南交通大学经济管理学院,四川成都610031

出　　处：《改革与战略》2008年第4期74-78,共5页Reformation & Strategy

摘　　要：文章选取1999—2004年期间发生再融资的495家上市公司作为分析样本,为消除行业、规模、时间等因素的影响,参考功效系数法构造了上市公司再融资的绩效评价体系。通过实证分析发现,我国上市公司再融资当年及以后6年内出现绩效显著下降;不同年份再融资的公司绩效有显著差异;再融资的方式对绩效有显著的影响,其中可转债最好、增发其次、配股最差;再融资后资产负债率上升,而公司绩效反而下降;上市公司总资产规模与再融资绩效无关。495 refinancing companies from 1999 to 2004 are selected as analysis samples in this paper.In order to avoid the influence of industry,scale and time,efficacy modulus method is used to construct a performance evaluation system for the listed companies refinancing.From demonstration analysis,it is found that performance of refinancing company decreased obviously in the first six years after refinancing,and there are huge differences on performance of refinancing companies in deferent years.The methods of refinancing greatly affects companies performance：rotatable debt is the best,additional issue is following and stock sharing is the least.After refinancing,capital debt ratio increased and company performance decreased.The total capital scale of listed company is not related to the refinancing performance.

关 键 词：再融资 绩效评价 功效系数 指标体系 

分 类 号：F83[经济管理—金融学]