上市公司增发新股类型与过度投资关系——来自中国A股上市公司的经验证据  

The Relationship between the Type of SEOs and Over-investment:Empirical Evidence from A-share Listed Companies of China

作　　者：章卫东[1] 汪芸倩 刘若梦 

机构地区：[1]江西财经大学会计发展中心/会计学院 [2]江西财经大学会计学院

出　　处：《经济评论》2017年第1期68-79,105,共13页Economic Review

基　　金：国家自然科学基金项目"地方国有上市公司定向增发资产注入动机及经济后果研究"(项目号:71262004)的阶段性研究成果

摘　　要：增发新股易诱发上市公司的过度投资现象,但是不同的增发新股类型导致的上市公司过度投资程度存在差异。本文以2006-2014年间沪、深两市实施公开增发新股和定向增发新股的公司为研究对象,从理论和实证两个方面分析公开增发新股和定向增发新股融资导致的企业过度投资的差异。研究发现,上市公司无论采取公开增发新股还是定向增发新股均会导致企业过度投资现象,但相对于定向增发新股融资,公开增发新股融资导致企业的过度投资现象更加严重。在定向增发新股中,原有控股股东及其关联股东参与认购上市公司定向增发新股的股份能在一定程度上抑制企业过度投资现象的发生。因此,必须完善我国上市公司再融资审核制度和信息披露等制度。Issuing additional new stocks can easily lead to the phenomenon of over-investment of listed companies, but different types of issuing way leads to different levels of over-investment.This paper uses the listed companies from the stock market of Shanghai and Shenzhen as samples which carried out public offering and private equity placement from year 2006 to 2014, and this paper tests the impact of the types of seasoned equity offerings of listed companies on over-investment theoretically and empirically. This study finds out that both of public offering and private equity placement will result in the phenomenon of over-investment. Over-investment caused by public offering would be more severe compared with private equity placement. It would be contribute to inhibiting the occurrence of overinvestment to a certain extent when the original controlling shareholder and related shareholders of listed companies involved in subscribing new shares during private equity placement.Therefore ,we must reform the refinancing audit system of Chinese listed companies and improve the information disclosure system.

关 键 词：公开增发 定向增发 过度投资 

分 类 号：F275[经济管理—企业管理]