本文關(guān)鍵詞： 制度環(huán)境 政府干預(yù) 定向增發(fā) 資產(chǎn)注入 利益輸送　出處：《江西社會(huì)科學(xué)》2017年02期 　論文類型：期刊論文

【摘要】：以2006—2014年滬深股市實(shí)施了定向增發(fā)資產(chǎn)注入的地方國(guó)有控股上市公司為研究對(duì)象,分析制度環(huán)境、政府干預(yù)與上市公司定向增發(fā)資產(chǎn)注入利益輸送的關(guān)系,研究結(jié)果發(fā)現(xiàn):(1)上市公司的國(guó)有控股比例越大,定向增發(fā)資產(chǎn)注入的比例越大,并且上市公司所處的制度環(huán)境越差,國(guó)有控股比例越大,定向增發(fā)資產(chǎn)注入的比例也越大;(2)地區(qū)制度環(huán)境越差,盈利型上市公司定向增發(fā)資產(chǎn)注入后,其經(jīng)營(yíng)業(yè)績(jī)及公司價(jià)值下降越快,并且,地方國(guó)有控股上市公司盈利性越好,定向增發(fā)資產(chǎn)注入后其經(jīng)營(yíng)業(yè)績(jī)及公司價(jià)值下降越快;(3)地區(qū)制度環(huán)境越差,虧損型上市公司定向增發(fā)資產(chǎn)注入后,其經(jīng)營(yíng)業(yè)績(jī)及公司價(jià)值上升越快。這一研究證明在制度環(huán)境越差的地區(qū),政府干預(yù)導(dǎo)致的地方國(guó)有控股上市公司定向增發(fā)資產(chǎn)注入的利益輸送問題更加嚴(yán)重。
[Abstract]:This paper analyzes the institutional environment of the local state-owned holding listed companies which have implemented directional additional equity injection in the Shanghai and Shenzhen stock markets from 2006 to 2014. The relationship between government intervention and the transfer of interest in the targeted additional issuance of assets of listed companies. The research results show that the greater the proportion of state-owned holding of listed companies, the greater the proportion of targeted additional assets injection. Moreover, the worse the institutional environment of listed companies is, the larger the proportion of state-owned holding is, and the larger the proportion of directional additional assets injection is. 2) the worse the regional institutional environment is, the faster the operating performance and corporate value of the profit-making listed companies decline after the targeted additional issuance of assets, and the better the profitability of the local state-owned holding listed companies. The faster the business performance and the value of the company decline after the injection of the targeted additional assets; 3) the worse the regional institutional environment, the faster the operating performance and corporate value of the loss-making listed companies increase after the targeted additional assets injection. This study proves that the worse the institutional environment is in the region. The government intervention caused by the local state-controlled listed companies targeted additional assets injection of the interests of the transmission problem is more serious.
【作者單位】： 江西財(cái)經(jīng)大學(xué)會(huì)計(jì)發(fā)展研究中心、會(huì)計(jì)學(xué)院;江西財(cái)經(jīng)大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國(guó)家自然科學(xué)基金項(xiàng)目“地方國(guó)有上市公司定向增發(fā)資產(chǎn)注入動(dòng)機(jī)及經(jīng)濟(jì)后果研究”(71262004)
【分類號(hào)】：D630;F832.51
【正文快照】： 一、引言我國(guó)股權(quán)分置改革之后,出現(xiàn)了許多公司在地方政府的支持下將未上市的資產(chǎn)注入地方有控股上市公司的現(xiàn)象。學(xué)者們對(duì)這一現(xiàn)象進(jìn)行了較為深入的研究,有學(xué)者認(rèn)為上市公司的股東向上市公司注入資產(chǎn)可使未上市的資產(chǎn)實(shí)現(xiàn)證券化并增值[1],還有學(xué)者認(rèn)為大股東向市公司注入資產(chǎn)，

本文編號(hào)：1464245