再融资新规对企业非效率投资水平的影响研究  

A Study of the Impact of New Refinancing Regulations on the Level of Corporate Inefficient Investment

作　　者：罗伍阳 窦文章[1,2] 

机构地区：[1]北京大学软件与微电子学院,北京 [2]北京大学战略研究所,北京

出　　处：《管理科学与工程》2024年第4期829-844,共16页Management Science and Engineering

摘　　要：2017年,中国证监会发布了对《上市公司非公开发行股票实施细则》的修订,目的是改善再融资市场环境,引导资金流向更有效率的地方,实现资源的高效配置。本文以2008年~2020年A股非金融上市公司为样本,采取双重差分DID模型实证检验了2017年再融资新规对进行再融资企业非效率投资水平的影响。结果表明,2017年再融资新规显著降低了企业的非效率投资水平,主要通过缓解企业融资约束、降低企业代理成本来实现对企业非效率投资的抑制作用,且对非国有企业、东部地区、环境不确定性较高的企业作用更为明显,这一结论对完善再融资政策以优化企业投资行为具有一定的参考意义。In 2017, the China Securities Regulatory Commission (CSRC) released a revision of the Implementing Rules for the Non-public Offering of Shares by Listed Companies, with the aim of improving the refinancing market environment, guiding the flow of capital to a more efficient place, and realizing the efficient allocation of resources. Taking A-share non-financial listed companies from 2008 to 2020 as a sample, this paper adopts the double-difference DID model to empirically test the impact of the new refinancing rules in 2017 on the level of inefficient investment of enterprises conducting refinancing. The results show that the new refinancing regulations in 2017 significantly reduced the level of inefficient investment, mainly through the alleviation of corporate financing constraints, reduced corporate agency costs to achieve the inhibition of inefficient investment in enterprises, and the role of non-state-owned enterprises, the eastern region, the role of higher environmental uncertainty is more pronounced. This conclusion has certain reference significance for the improvement of refinancing policy to optimize enterprise investment behavior.

关 键 词：再融资 非效率投资 再融资新规 

分 类 号：F83[经济管理—金融学]