股权融资的虹吸效应及启示  

The Siphon Effect of Equity Financing and Its Implications

作　　者：陈洋洋 李腊生[2] 杨雨晗 Chen Yangyang;Li Lasheng;Yang Yuhan(College of Economics&Management,China Three Gorges University;School of Statistics,Tianjin University of Finance and Economics)

机构地区：[1]三峡大学经济与管理学院 [2]天津财经大学统计学院

出　　处：《调研世界》2025年第4期58-72,共15页The World of Survey and Research

基　　金：国家社科基金一般项目“我国金融风险底线识别及风险化解路径研究”(20BTJ038)的资助。

摘　　要：无论从现实中的债务融资约束还是从理论中的动态不确定性分析,企业价值与其资本结构均存在密切的关系。这种紧密的关系在相当程度上是通过股权融资的虹吸效应来实现的。本文基于非金融上市企业2010—2022年的多次定向增发与负债资产结构面板数据,从企业规模与财务状况视角探讨了股权融资的虹吸效应。研究结果表明:第一,股权融资能为上市企业带来明显的融资虹吸效应,但是随着股权融资次数的增加,其虹吸效应逐渐减弱,甚至转为抑制;第二,中小型企业进行股权融资能产生更强的虹吸效应,并且其多次股权融资效应的递减率弱于大企业;第三,相较于财务良好企业,财务状况不佳企业股权融资虹吸效仅具有短期效果,即股权融资能增加财务状况不佳企业的短期负债,而无法改变其长期债务的融资约束。这些结论为创新型企业的培育与发展、完善与提升我国多层次资本市场融资制度建设提供了理论与实证依据。Whether from the perspective of debt financing constraints in reality or dynamic uncertainty analysis in theory,there is a close relationship between corporate value and its capital structure.This close relationship is realized to a considerable extent through the siphon effect of equity financing.Based on the panel data of multiple private placements and liability asset structures of non-financial listed companies from 2010 to 2022,this article explores the siphon effect of equity financing from the perspective of corporate size and financial status.The research results show that:first,equity financing can bring obvious financing siphon effect to listed companies,but as the times of equity financing increase,the siphon effect gradually weakens or even turns into suppression;second,equity financing of small enterprises can produce a stronger siphon effect,and the decline rate of multiple equity financing effect is weaker than that of large companies;third,compared with companies in a good financial status,equity financing of companies with poor financial status only has a short-term siphon effect,that is,a firm’s short-term liabilities are increased but its long-term debt financing constraints cannot be changed by the equity financing.These conclusions provide the theoretical and empirical basis for cultivating and developing innovative enterprises and improving China’s multi-level capital market financing system.

关 键 词：股权融资 虹吸效应 定向增发 

分 类 号：F830.2[经济管理—金融学]