董秘投行背景与定向增发择时  

Do Investor Relations Officers from Investment Banks Facilitate SEOs Timing

作　　者：孙乾[1] 程小可[1] 高升好 SUN Qian;CHENG Xiaoke;GAO Shenghao(School of Economics and Management,Beijing Jiaotong University,Beijing,100044,China;School of Accounting,Southwestern University of Finance and Economics,Chengdu,611130,China)

机构地区：[1]北京交通大学经济管理学院 [2]西南财经大学会计学院

出　　处：《金融评论》2021年第2期87-107,125,126,共23页Chinese Review of Financial Studies

基　　金：国家自然科学基金面上项目“高铁开通、要素流动与公司投资行为研究”(71872010);国家自然科学基金面上项目“市场化环境对企业创新投资效率的影响机理研究:宏微观视角”(71572009)的支持。

摘　　要：本文以2006-2017年间采用竞价方式发行的定向增发为样本,探究了董事会秘书的投资银行工作背景对于公司定向增发择时的影响及其作用机制。研究结果显示,具有投行背景的董事会秘书能够帮助上市公司更好地把握定向增发时机,即在股价位于批文有效期内的高位时开展定向增发。在一系列稳健性测试后,研究结果仍然成立。影响机制检验表明,具有投行背景的董事会秘书主要基于"信息披露择时"机制而非"资本市场择时"机制对定向增发时机产生影响。进一步研究验证了定向增发择时的存在性,并发现上市公司若在股价位于批文有效期内的高位时开展定向增发,该公司股价的长期表现将会较差。研究以董秘投行背景为切入点,探究了董秘在企业融资活动中的重要作用,将定向增发择时的研究拓展到了影响因素,丰富了董秘背景特征和定向增发择时领域的相关文献。Based on the sample of all Chinese uniform-price auction SEOs from 2006 to 2017,this study investigates the relationship between the investment banking experience of investor relations officers and SEOs Timing.Our findings show that investor relations officers with investment banking experience help the firm to execute SEOs when the share price is at a high level for a specified period of time.After a series of robustness tests,we get the consistent results.In the part of mechanism analysis,we find that investor relations officers with investment banking experience creates favorable opportunities for SEOs through disclosure timing rather market timing.The favorable opportunities can optimize the results of SEOs.This study explores the important role of investor relations officers in corporate financing activities,expands the research related to SEOs from existential or economic consequences to influencing factors,and expands the application scope of investor relations officers’characteristics and SEOs timing.

关 键 词：董事会秘书 定向增发 信息披露择时 资本市场择时 

分 类 号：F832.51[经济管理—金融学]