股权分置改革与公司投资——基于融资约束理论的实证分析  

Split Share Structure Reform and Corporate Investment——Evidence Based on the Theory of Financing Constraint

作　　者：张标[1] 

机构地区：[1]武汉大学经济与管理学院

出　　处：《经济与管理研究》2013年第5期99-111,共13页Research on Economics and Management

摘　　要：本文以2008年以前完成股权分置改革的1293家上市公司为样本,分析了股权分置改革对公司投资支出的影响以及公司改变投资策略后的市场反应。研究发现股权分置改革能显著增加公司投资支出,并降低投资支出对内部现金流的依赖程度。进一步的研究结果表明,市场对完成股权分置改革公司的投资策略变化赋予较高的价值评估,且这一价值增加效应在规模小、成立年限少、非国有企业等遭受严重融资约束的公司中更为明显。研究结果说明,股权分置改革缓解了公司遭受的融资约束,并通过提升公司投资水平而增加公司价值。Using a sample of 1293 firms that have finished split share structure reform before 2008, this study examines how the split share structure reform affects corporate investment policy, and the market reflection of this investment policy. It is found that corporate investment increases significantly after the split share structure reform. However, the investmentcash flow sensitivity decreases after the split share structure reform. Furthermore, investors＇ valuations on the firms which complete the split share structure reform are higher. This value - added effect is more obvious in firms with serious financial constraints, which tend to be smaller, younger structure reform can mitigate financing constraint of the firm, the value of the firm and non - state owned. It is suggested that the split share which increases the capital expenditure and then, increases

关 键 词：股权分置改革 融资约束 投资支出 

分 类 号：F275[经济管理—企业管理]