本文關(guān)鍵詞： 首次公開募股 募資投向變更 短視性損失厭惡 動因 短期績效　出處：《南京理工大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)IPO募資投向變更的行為不僅關(guān)系到上市公司募集資金的使用效率,對整個證券市場秩序也會產(chǎn)生廣泛的影響。本文研究了我國上市公司募集資金使用中的投向變更問題,對其現(xiàn)象、動因和帶來的短期績效影響做了較為全面深入的研究,并根據(jù)實證研究結(jié)論提出了相應(yīng)的對策建議。 本文首先通過描述性統(tǒng)計分析對指出我國現(xiàn)階段上市公司募資投向變更的普遍性,歸納總結(jié)其公告中公布的變更原因和改投方向,結(jié)合相關(guān)理論,包括新古典經(jīng)濟學(xué)理論、信息不對稱理論、委托代理成本理論以及行為金融學(xué)理論,分析了募資投向變更的致引因素。通過logistic回歸分析對募資投向變更的動因進行實證論證,通過多元回歸分析考察了募資投向變更對上市公司短期績效的影響。 本文的研究結(jié)論為：(1)上市公司所處的行業(yè)競爭越激烈,綜合運營風(fēng)險越高越容易發(fā)生IPO募資投向變更行為；(2)公司上市后業(yè)績下降的壓力導(dǎo)致管理層募資投向變更；(3)股權(quán)集中度越高,兩權(quán)分離程度越低,越可能發(fā)生募資投向變更；(4)上市公司募資投向變更行為對公司的短期業(yè)績有正面的影響,而對其成長能力卻沒有顯著的幫助。實證研究的結(jié)論進一步論證了行為金融學(xué)理論中的短視性損失厭惡,公司管理層是出于短視性損失厭惡做出募資投向變更的決策,而變更對公司成長能力的影響卻沒有過多的考慮。管理層這樣的投資行為也可能是由于政策方面的缺陷,所以本文最后根據(jù)實證研究的結(jié)果,對這一現(xiàn)象的治理提出了有針對性的政策建議。
[Abstract]:The behavior of corporate IPO capital raising and investing change not only relates to the efficiency of raising funds of listed companies, but also has a wide influence on the order of the whole securities market. This paper studies the change of investment in the use of the funds raised by listed companies in our country. This paper makes a comprehensive and in-depth study on the phenomenon, motivation and the impact of short-term performance, and puts forward corresponding countermeasures and suggestions according to the empirical research conclusions. Firstly, through descriptive statistical analysis, this paper points out the universality of the change of capital raised by listed companies in our country at present, summarizes the reasons for the change and the direction of the change, and combines the relevant theories, including the theory of neoclassical economics, and sums up the reasons of the change and the direction of the change in the announcement. The information asymmetry theory, the principal-agent cost theory and the behavioral finance theory are used to analyze the factors that lead to the change of the capital-raising investment. Through logistic regression analysis, the causes of the change of the capital-raising investment are empirically demonstrated. Through multiple regression analysis, this paper investigates the influence of the change of capital raising investment on the short-term performance of listed companies. The conclusion of this paper is: (1) the more competitive the listed companies in the industry, The higher the risk of comprehensive operation is, the easier it is for IPO to raise funds to change its investment behavior. (2) the pressure of declining performance of the company after listing leads to the higher degree of concentration of equity and the lower the degree of separation of the two rights, the higher the degree of ownership concentration is, the higher the degree of ownership concentration is. The more likely it is that the change in the amount of capital raised by a listed company will have a positive impact on the short-term performance of the company, The conclusion of the empirical study further demonstrates the short-sighted loss aversion in the behavioral finance theory, and the management makes the decision to raise funds for the change of investment out of short-sighted loss aversion. However, the influence of the change on the growth ability of the company is not considered too much. The investment behavior of the management may also be due to the shortcomings of the policy, so this paper based on the results of the empirical research, To this phenomenon's management has put forward the pertinence policy suggestion.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F224

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