中介监督与定向增发新股公司投资效率关系的实证研究——来自沪深上市公司的经验证据  

Study on the Relationship Between Intermediary Supervision and the Investment Efficiency of Directional New Issuance Companies——Based on the Empirical Evidence of Listed Companies in Shanghai and Shenzhen

作　　者：章卫东[1] 雷松 Zhang Weidong;Lei Song

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《江西社会科学》2020年第5期53-62,255,共11页Jiangxi Social Sciences

基　　金：国家自然科学基金面上项目“定向增发新股、中介监督与盈余管理研究”(71772081);审计署招标课题“国有企业和国有资本内部审计全覆盖问题研究”

摘　　要：公司投资效率一直被外界所关注,非效率投资不仅容易造成资源浪费,降低公司价值,更可能造成股东利益的损失。定向增发由于其发行程序简易、发行成本低,成为我国上市公司股权再融资的主流方式。然而,由于定向增发募集的资金没有得到合理地使用,使得上市公司的投资效率没有达到最优水平。以2006年至2016年间沪深证券市场已经实施定向增发新股的A股公司为样本,实证检验定向增发新股公司聘请审计师和保荐人对公司投资效率的作用。研究结论表明:定向增发新股公司聘请的审计师声誉越高,公司投资效率越好;当定向增发新股公司同时聘请高声誉的审计师和保荐人时,公司投资效率会得到进一步提高。该研究揭示了审计师、保荐人对定向增发新股公司投资效率产生正面作用的途径,为审计监督与保荐监督的共同作用对提高定向增发新股公司投资效率具有更强作用提供了证据,为完善我国新股发行的中介监督制度提供了直接的理论依据。The efficiency of corporate investment has always been concerned by the outsiders.Inefficient investment is not only easy to cause waste of resources,reduce the value of the company,but also more likely to cause the loss of shareholders’interests.Due to its simple issuing procedure and lower issuing cost,directional new issuance has become the mainstream refinancing way of listed companies in China.However,the investment efficiency of listed companies has not reached the optimal level because the funds raised by directional new issuance have not been used reasonably.Taking the Ashare companies that have successfully implemented directional new issuance in Shanghai and Shenzhen stock market from 2006 to 2016 as samples,this paper empirically tests the effect of employing auditors and sponsors on the investment efficiency of the companies.The results show that:the higher the reputation of the auditors employed by the company,the better the investment efficiency of the company;when the company employs high reputation auditors and sponsors at the same time,the investment efficiency of the company will be further improved.This study reveals the positive effect of auditors and sponsors on the investment efficiency of the companies with directional new issuance,which provides evidence for the joint effect of audit supervision and sponsor supervision on improving the investment efficiency of the companies with directional new issuance,and provides direct theoretical basis for improving the intermediary supervision system of new issuance in China.

关 键 词：定向增发 投资效率 审计师声誉 保荐人声誉 

分 类 号：F270.3[经济管理—企业管理]