管理层权力视域下IPO超募资金的价值增值效应研究  

Research on the Value-Added Effect of IPO Over-Raised Funds from the Perspective of Management Rights

作　　者：徐辉[1] 周孝华[2] 周兵[1] XU Hui;ZHOU Xiaohua;ZHOU Bing(lResearch Center for Economy of Upper Reaches of the Yangtze River,Chongqing Technology and Business University,Chongqing 400067;School of Accounting,Chongqing Technology and Business University,Chongqing 400067;School of Economics and Business Administration,Chongqing University,Chongqing 400044)

机构地区：[1]重庆工商大学长江上游经济研究中心/会计学院,重庆400067 [2]重庆大学经济与工商管理学院,重庆400044

出　　处：《管理学刊》2021年第6期108-124,共17页Journal of Management

基　　金：国家社会科学基金重点项目(18AGL009);国家自然科学基金青年项目(72002068);高层次人才项目(2055015)。

摘　　要：IPO超募融资涉及稀缺资源配置效率等问题,一直备受关注。基于管理层权力视角,构建了随机边界模型与门槛模型,系统考察了IPO超募融资对公司价值的影响机制。结果表明:IPO超募资金因诱发代理问题而导致实际公司价值偏离前沿价值,且这一影响机制主要是通过发放超额薪酬、过度投资、超额在职消费以及减少现金股利等途径实现的。进一步地,门槛效应的检验结果表明:管理层权力低于门槛值时,超募资金有利于提升公司价值,且这一积极影响在民营企业中更显著;而管理层权力一旦超过门槛值,超募资金却毁损公司价值,且这一消极影响在国有企业中更严重。上述结论为厘清管理层利用超募资金实现价值增值提供了新视角,也为改善IPO超募资金配置效率提供了新思路。overfunding concerns the efficiency of scarce resource allocation.It has been the focus of attention.From the perspective of management power,the present study constructs Stochastic Frontier Model and Threshold Model to make a systematic study of the mechanism about how IPO overfunding influences corporate value.The result shows that IPO overfunding will reduce company value by increasing agency cost.The mechanism works by paying excessive salary,making excessive investment,giving management excessive allowance and reducing cash dividend.Threshold Model test shows that IPO overfunding raises corporate value when the management has power lower than threshold value,which is more evident in private enterprises;it lowers down corporate value when it has power higher than corporate value,which is more evident in state-owned enterprises.The above conclusion provides a new perspective to understanding how management increases corporate value by means of IPO overfunding.It also offers a new idea about how to allocate IPO overfunding resources more efficiently.

关 键 词：管理层权力 IPO超募融资 公司价值 随机边界模型 门槛效应 

分 类 号：F239.4[经济管理—会计学]