中国境外上市企业股权融资的资金投向使用效率研究——基于企业成长性的视角  

Utilization Efficiency of the Use of Proceeds from Equity Issues by Overseas Listed Chinese Firms——The Perspective of Firm Growth

作　　者：彭斯达[1] 郑成思 

机构地区：[1]湖北大学商学院

出　　处：《投资研究》2018年第3期135-149,共15页Review of Investment Studies

基　　金：国家留学基金--国家建设高水平大学公派研究生项目(201508420170)

摘　　要：本文通过建立"中介效应模型"检验中国境外上市企业股权融资的资金投向使用效率,结果显示:基于企业成长性视角,样本企业股权融资的资金使用效率有限,股权融资仅能通过固定资产投资、并购投资、存货储备和现金储备投向对总资产增长率或销售收入增长率产生显著的正向影响,但未能对净利润增长率产生显著影响;股权融资的存货储备投向的资金使用效率较高。该结果对研究中国境内资本市场的"项目型股权融资制度"的合理性具有参考意义。By constructing ＂mediation models＂, this paper examines utilization efficiency of the use of proceeds from equity is- sues by overseas listed Chinese firms. The results show that from the perspective of firm growth, the utilization efficiency of equity issues by overseas listed Chinese firms is limited, since equity issues can only influence ＂total assets growth＂ or ＂net sales growth＂ through the channel of CAPEX, M＆A, inventory expansion and cash saving, but can＇t influence ＂net income growth＂ through any use of proceeds we have discussed; in addition, inventory expansion has the highest utilization efficiency. This paper provides information for rationality study on domestic capital market＇ s preference for equity financing triggered by investment motive.

关 键 词：股权融资 资金投向 企业成长性 中介效应 

分 类 号：F279.2[经济管理—企业管理] F831.51[经济管理—国民经济]