我国上市公司配股资金使用效率的实证分析  

How to Use the Currency of Share Allotment in China's Listing Companies

作　　者：李亮[1] 周后红[1] 黄丽琼[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10期107-110,128,共5页Reformation & Strategy

摘　　要：在国外发达、成熟的资本市场上,股权再融资后公司业绩一般趋于下降,但是从第6年开始又出现业绩回升,我国的情况则与此有较大的差异性。文章以我国A股市场发生增资配股的上市公司为研究对象,通过采用主成分分析法和方差分析法研究发现,我国上市公司配股后4年内业绩出现显著下降(跟配股前一年相比),但从第5年起又显著上升。针对这一情况,证券监管机构、再融资公司和证券投资者应当在决策和运作中采用不同的理性对策。In foreign developed capital markets, the performance of enterprise drops down after refunding. However, by the sixth year, the performance generally hoists. There is a huge difference between China＇s enterprises and foreign enterprises. In this paper, taking the listing companies, which have increased capital and allotted share, as analysis object, according to the research of principle component analytical method and square error analytical method, it is found that the performance of China＇s listing companies drops down largely in following four years after their allotment share （compared with the last year without allotment share）. However, from the fifth year, the performance prompts hugely. For this condition, stock supervision organizations, capital-increasing companies and stock investors should apply for different countermeasures in decision-making and action.

关 键 词：上市公司 配股 资金使用效率 主成分分析法 方差分析 

分 类 号：F276.6[经济管理—企业管理]