定向增发与投资效率问题研究  

A Study of Directed Additional Issuance and Investment Efficiency

作　　者：田昆儒[1] 王晓亮[1,2] 

机构地区：[1]天津财经大学商学院,天津300222 [2]晋中学院,山西晋中030600

出　　处：《江西财经大学学报》2014年第1期61-69,共9页Journal of Jiangxi University of Finance and Economics

基　　金：教育部人文社科研究规划项目(12YJC860007)

摘　　要：以2008、2009年的定向增发公司作为研究对象,运用Richardson(2006)残差度量模型对定向增发前后三年的投资效率进行比较分析以及对定向增发之后三年不同增发对象进行比较研究。研究发现,与增发之前相比,定向增发之后上市公司投资不足现象得到缓解;与向大股东和关联股东增发相比,向机构投资者增发更能有效缓解上市公司投资不足问题。这一发现为证券监管部门监督大股东控制下的非效率投资行为,提高公司业绩,具有现实指导意义。Taking the corporations that made directed additional issuances during 2008 and 2009 as the research objects, this paper conducts a comparative analysis of the investment efficiency three years before and after the directed additional issuances by using Richardson （2006） residuals measure- ment model and a comparative analysis of the different issuing objects three years after the directed additional issuances. The results show that, compared with that before the issuance, the underinvest- merit of listed companies has been eased after the issurance. Compared with the issurances faced to the major shareholders and the related shareholders, the issurances to the institutional investors can ef- fectively solve the problem of the inadequate investment of the listed companies. This discovery has practical significance of guidance for securities regulatory authorities to supervise the inefficient investment behavior controlled by the major shareholders and to improve corporate performance.

关 键 词：定向增发 投资效率 投资行为 

分 类 号：F830.91[经济管理—金融学]