IPO募集资金投向变更、股权性质与公司绩效  

The Study on Change of Raised Capital in IPO、Ownership Property and Companies' Performance

作　　者：严太华[1] 廖芳丽[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《经济问题》2015年第11期35-39,共5页On Economic Problems

基　　金：国家自然科学基金项目"交叉上市;投资者情绪与资产定价"(71373296)

摘　　要：以2000~2014年中国A股市场IPO的612家上市公司为样本,实证检验了我国不同股权性质上市公司IPO募集资金投向变更对公司长短期绩效的影响。研究结果表明：上市公司IPO募集资金投向变更对公司绩效有抑制影响,对短期绩效的抑制大于对中长期绩效的抑制;非国有上市公司的抑制大于国有上市公司的抑制。研究结论为上市公司合规使用IPO募集的资金和相关部门严格监管上市公司IPO募集资金投向提供了一种参考依据。Using 612 listed companies that launched IPO during the year of 2000 to 2014 ,this paper studies the influence of change of IPO financing capitals on short - term and long - term performance of companies with differ- ent ownership property. The empirical results show that ： Alteration of IPO financing capitals has an inhibitory effect on the short - term and long - term performance of listed companies, and the degree of inhibitory effect on the short - term performance of companies is more significant. The inhibitory effect of alteration of IPO financing capitals on non - state - owned companies is deeper than that on the state - owned companies. The conclusion provides a refer- ence for fair and legal use of IPO financing capitals of listed companies and a reference for strict supervision of rele- vant departments on listed companies.

关 键 词：IPO 募集资金投向变更 公司绩效 

分 类 号：F830.91[经济管理—金融学]