定向增发对上市公司财务绩效影响的研究  

The impact of private equity placements on the listed companies’ financial performance

作　　者：张博[1] 扈文秀[1] 杨熙安 ZHANG Bo;HU Wen-xiu;YANG Xi-an(School of Economics and Management,Xi'an University of Technology,Xi'an 710054,China;School of Business,University of Toronto,Toronto M5S 2E8,Canada)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]多伦多大学,加拿大多伦多M5S2E8

出　　处：《管理工程学报》2019年第3期93-100,共8页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71373204)

摘　　要：以公司治理和经营风险作为中介变量,构建了定向增发对上市公司财务绩效影响的概念模型,以2012年A股市场进行定向增发的上市公司为研究样本,对定向增发的短期财务绩效(增发完成后次年)和长期财务绩效(增发完成后第三年),进行结构方程建模分析。研究结果表明,无论是在短期还是在长期,定向增发可以通过提升公司治理水平和降低经营风险的途径正向影响上市公司财务绩效,而定向增发并不具有对财务绩效显著的直接影响,而且定向增发对上市公司长期财务绩效的影响强于对短期财务绩效的影响。据此,提出了强化定向增发上市公司资产整合等相关建议。As an important way of equity refinancing, private equity placement has been widely used in the Chinese securities market and accounts for the majority of equity refinancing in the market. Private equity placement is favored by listed companies in the market, but whether it can effectively enhance the investment value of listed companies or possibly encroach the interests of small shareholders is still worthy of study. Therefore, it is necessary to determine the impact of private equity placements on the financial performance of listed companies. Therefore, we make a targeted study in this paper. Based on analyzing existing literature, the necessities of furthering research in this field are revealed below: First, it is prerequisite to constructing a rigorous index system to measure the financial performance of listed companies. Because of the flawed stock price formation mechanism in the Chinese securities market, the commonly used indicators in mature markets, such as stock price and excess return ratio, are not suitable for measuring the financial performance of Chinese listed companies. Using financial indicators to measure the financial performance of the companies may have better applicability by comparison, but the lack of the criteria for defining indicators tends to induce weak comparability among existing research literature. Second, the existing researches mainly focus on the comparison of the financial performance of the research samples but ignore the mechanism that how private equity placements affect the financial performance. We hold the option that there exists a “black box,” which starts from the implement of private equity placements and ends with the change of financial performance. The “black box” has not been fully revealed and tends to induce over-simplifying the relationship between the variables. Last, the current researches mainly focus on the use of statistical methods rather than the application of econometrics. The statistical methods have the ability for judging the existence

关 键 词：定向增发 财务绩效 结构方程模型 

分 类 号：F830.91[经济管理—金融学]