制度环境、地方政府干预、公司治理与IPO募集资金投向变更  

The Institutional Environment,the Intervention of Local Governments, the Corporate Governance and the Change in the Direction in which the Collected Fund Obtained through IPO is Put

作　　者：马连福[1] 曹春方[1] 

机构地区：[1]南开大学公司治理研究中心/商学院

出　　处：《管理世界》2011年第5期127-139,148,共14页Journal of Management World

基　　金：国家社科基金重大项目(10ZD&035);自然科学基金面上项目(70872050);教育部人文社科重点研究基地重大项目(10JJD630001)资助

摘　　要：本文从制度环境、地方政府干预及公司治理角度出发,以2001～2005年A股IPO的上市公司为样本,实证检验三者对募资变更的影响。研究发现,较好的公司治理在非国企中能有效降低募资变更几率,支持公司战略;在地方国企中只对损失性变更起到"防火墙"作用;在央企组中只有地方负担较轻时才对损失性变更起作用。由于"逆向软预算约束"动机的存在,较强的地方政府干预能导致地方国企中的损失性变更,但其在非国企中的影响受制度环境制约。发达的制度环境能抑制非国企的补偿性变更,但无法有效约束损失性变更。本研究从地方政府干预及制度环境角度揭示了IPO募资变更的部分原因,为我们正确认识募资变更及制定相关监管政策提供了一个新的视角。Starting from the institutional environment, the intervention of local governments, and taking as specimens the A-share listed companies with IPO from 2001 to 2005, we have, in this article, made a case study to examine the effect of the three factors mentioned above on the change in fund raising. By our study, we have discovered that, in the non-state-state-owned companies, the better governance of companies can effectively decrease the probability of the change in fund raising and support the company s strategy, that, in the state-owned companies of local governments, the better governance of companies can only play a role of fire wall in the changes that cause losses, and that, in the state-owned company group, only when the burden of local governments is lighter, can the better governance of companies work in the changes that cause losses. Because of the existence of the motive of 'the constraint of the inverted soft budget , the stronger intervention of the local governments can lead to the change that causes the losses of the local state-owned enterprises, but the impact of this intervention on other non-state-owned enterprises is confined by the institutional environment. The developed institutional environment can hold down the compensatory changes in the non-state owned enterprises, but it cannot efficiently curb the changes that cause losses. From the perspective of the local governments' intervention and that of the institutional environment, we have, in this paper, divulged a part of the cause for the change in the collected fund obtained through IPO, providing a new viewpoint for correctly recognize the change in fund-raising and for the making of related supervision polices.

关 键 词：制度环境 地方政府干预 公司治理 募资变更 

分 类 号：F832.51[经济管理—金融学]