【摘要】：募集資金活動(dòng)在證券市場行為中處于核心和基礎(chǔ)地位。只有確保證券市場的投融資活動(dòng)健康發(fā)展,才能有效分散市場風(fēng)險(xiǎn)、合理調(diào)整產(chǎn)業(yè)結(jié)構(gòu)、優(yōu)化配置市場資源。然而,在首次公開發(fā)行股票的募集資金使用過程中,國內(nèi)上市公司存在一種特殊現(xiàn)象,即大面積、頻繁地進(jìn)行募集資金投向變更。這種行為究竟出于何種動(dòng)機(jī)?是順應(yīng)市場環(huán)境而提升企業(yè)經(jīng)營績效的商業(yè)決策,還是股票市場扭曲狀態(tài)下牟取私利的惡意變更行為?哪些因素影響了這種行為發(fā)生?變更行為最終是提升了企業(yè)價(jià)值,還是公司業(yè)績下滑的征兆?如何保護(hù)那些順應(yīng)市場環(huán)境和提升企業(yè)績效的變更決策,遏制那些以牟取私利,侵害中小股東利益的變更行為?圍繞上述問題,全文按照“動(dòng)機(jī)一行為—效果”的邏輯線索,擬分8章展開討論：第1章,緒論。在介紹本文的研究背景、研究意義和目的之后,對文中使用的主要研究方法和數(shù)據(jù)資料做了必要說明,并采用文字表述與框圖相結(jié)合的方式描述了本文的研究思路和基本框架,最后對各章內(nèi)容進(jìn)行了簡要的介紹。第2章,文獻(xiàn)回顧與評述。首先,對國外研究文獻(xiàn)進(jìn)行了回顧與評述,以企業(yè)投資問題為研究主線,主要包括：信息不對稱、委托代理、行為公司財(cái)務(wù)理論；其次,對國內(nèi)募集資金投向變更相關(guān)研究進(jìn)行概述與評價(jià),涵蓋變更行為動(dòng)因、效應(yīng)、監(jiān)管政策建議等主題以及研究方法。本文認(rèn)為,不同類型的募集資金投向變更行為受不同動(dòng)機(jī)驅(qū)使,比如變更為對外投資的動(dòng)機(jī)可能與關(guān)聯(lián)交易、大股東占用相關(guān),而變更為主營業(yè)務(wù)投資的動(dòng)機(jī)可能與投資機(jī)會(huì)、投資決策相關(guān),此外,對于募集資金投向變更的效應(yīng),分板塊、股權(quán)集中度等進(jìn)行分析以及系統(tǒng)地從宏觀、中觀、微觀層面提出監(jiān)管政策建議,這些都值得我們進(jìn)行深入地探討。本章主旨是通過對募集資金投向變更問題的相關(guān)文獻(xiàn)進(jìn)行回顧,提出進(jìn)一步的研究方向,確立本文的研究論題。第3章,募集資金投向變更理論基礎(chǔ)。在上一章的基礎(chǔ)上,本章對募集資金投向變更問題進(jìn)行了深入的理論探討,以新古典經(jīng)濟(jì)學(xué)MM理論為起點(diǎn),將信息非對稱理論、公司治理理論、制度因素等逐步納入分析框架。關(guān)于制度因素的分析,我們發(fā)現(xiàn)“項(xiàng)目型融資制度”與股權(quán)融資的真實(shí)需求之間形成供需矛盾,客觀上造成變更行為的群體性出現(xiàn),而這種變更行為還原了企業(yè)對資金的真實(shí)需求；盡管與變更行為相關(guān)的諸多方面都被納入監(jiān)管范圍,但作為監(jiān)管制度體系的重要組成部分,監(jiān)管實(shí)施機(jī)制運(yùn)行失效,對此類行為的事后約束力不強(qiáng),客觀上誘發(fā)募集資金投向變更行為發(fā)生,這種約束機(jī)制的弱化體現(xiàn)在處罰機(jī)制失效和訴訟機(jī)制缺失�？傊�,本章主要目的是加深人們對募集資金投向變更問題的企業(yè)投融資環(huán)境、治理結(jié)構(gòu)、中國特有的項(xiàng)目型股票融資制度的本質(zhì)認(rèn)識,了解募集資金投向變更行為發(fā)生動(dòng)機(jī),為接下來的現(xiàn)象描述及實(shí)證研究提供鋪墊和理論依據(jù)。第4章,募集資金投向變更行為特征分析。本章首先界定募集資金投向變更的概念,分析了募集資金投向變更行為的總體情況。然后依次對募集資金投向變更的次數(shù)、頻率及程度進(jìn)行數(shù)量統(tǒng)計(jì)分析,針對變更行為劃分不同階段,分別闡述其發(fā)生背景和可能存在的內(nèi)外部因素,試圖將這一特殊現(xiàn)象置于當(dāng)時(shí)的動(dòng)態(tài)背景中,能夠更好地了解這一行為的演交情況。通過對變更行為特征分析,我們發(fā)現(xiàn),傳統(tǒng)制造行業(yè)發(fā)生募集資金投向變更行為較為嚴(yán)重；那些發(fā)生變更數(shù)量較多地區(qū)與其上市公司總數(shù)占有率相對應(yīng)；對募集資金投向承諾的具體項(xiàng)目與變更后的項(xiàng)目進(jìn)行對比分析,發(fā)現(xiàn)對外投資項(xiàng)目比例大幅提高；就募集資金投向變更原因而言,上市公司在變更公告中申明了各種理由,歸納起來存在四種情況,其中超過60%的上市公司認(rèn)為是外部市場環(huán)境變化導(dǎo)致的。這些變更行為的背后究竟存在怎樣的復(fù)雜而深層次原因以及變更行為產(chǎn)生的效應(yīng)如何,將在下面的章節(jié)進(jìn)行闡述。第5章,募集資金投向變更行為的影響因素分析。在第3、4章理論和特征分析的基礎(chǔ)上,提出研究假設(shè),構(gòu)造募集資金投向變更行為與內(nèi)外部影響因素的回歸模型。采用主成分分析方法,通過對總體樣本和分組樣本的回歸分析,考察制度環(huán)境和公司治理因素對募集資金投向變更發(fā)生的影響。結(jié)果發(fā)現(xiàn)：市場內(nèi)部環(huán)境、股權(quán)結(jié)構(gòu)特征都能直接影響變更行為發(fā)生,而有效的地區(qū)市場化環(huán)境,能通過合理的股權(quán)結(jié)構(gòu),降低募集資金投向變更概率；上市公司所屬板塊市場比較而言,資產(chǎn)規(guī)模、管理層特征因素、地區(qū)經(jīng)濟(jì)增長率會(huì)顯著地影響中小板上市公司發(fā)生募集資金投向變更,而主板上市公司的變更行為發(fā)生更多受到股權(quán)結(jié)構(gòu)特征、市場環(huán)境的影響,資產(chǎn)規(guī)模、盈利水平和地區(qū)經(jīng)濟(jì)增長對其影響較弱；國有上市公司的市場外部環(huán)境只能間接地影響變更行為,政府對企業(yè)決策實(shí)施干預(yù)只能通過較弱的市場外部環(huán)境發(fā)揮作用,當(dāng)?shù)胤秸?fù)擔(dān)加重時(shí),可能對國有上市公司的干預(yù)程度增強(qiáng),“擠出”了法律等因素對變更行為的約束,增大了投向變更的概率；而非國有上市公司,政府通過控股權(quán)對企業(yè)決策進(jìn)行干預(yù),只能依靠無效的市場內(nèi)部環(huán)境起作用,也就是說當(dāng)各地區(qū)資源稟賦、投資環(huán)境、市場容量等因素發(fā)展欠佳時(shí),地方政府要想干預(yù)企業(yè)的難度減小,增大了投向變更的概率。上述影響因素對變更行為的影響能否帶來公司業(yè)績的提升,將在第6章進(jìn)行檢驗(yàn)。第6章,募集資金投向變更行為效率及其影響因素分析。本章在明確募集資金投向變更行為的效率評價(jià)標(biāo)準(zhǔn)之后,利用DEA和核密度估計(jì)模型,基于上市公司特征,考量了募集資金投向變更前后的公司績效,并按照這一行為特征、板塊市場特征、公司股權(quán)治理特征等對總體樣本進(jìn)行分組,目的是為了驗(yàn)證分組樣本的績效是否因這類變更行為而發(fā)生顯著地改變,最后對發(fā)生變更行為的公司績效與各項(xiàng)變更行為特性進(jìn)行了多元線性回歸,驗(yàn)證了發(fā)生變更的上市公司原定融資項(xiàng)目有效性普遍較差；募集資金投向變更類型、股權(quán)集中度與公司績效之間呈現(xiàn)顯著的負(fù)相關(guān)關(guān)系。第7章,募集資金投向惡意變更案例研究。本章以科苑集團(tuán)大股東操控下的惡性募集資金投向變更事件為案例,剖析了事件發(fā)生的動(dòng)因,對上市公司經(jīng)營業(yè)績的影響及中小股東受利益侵害時(shí)的維權(quán)狀況等內(nèi)容。這一案例啟示我們：大股東操控下的募集資金投向惡意變更行為可能與其他違規(guī)行為交織、重疊,其特征呈現(xiàn)出復(fù)雜性和隱匿性；這種牟取私利的掠奪變更行為越不及時(shí)制止,企業(yè)損失越多,甚至面臨退市危機(jī)和破產(chǎn)風(fēng)險(xiǎn)；由于相關(guān)法律法規(guī)的不完善,當(dāng)中小股東利益被侵占時(shí),其維權(quán)行為會(huì)頻頻受阻,合法利益也得不到有效保障；當(dāng)治理機(jī)制存在嚴(yán)重性缺陷時(shí),公司的內(nèi)控制度就形同虛設(shè),內(nèi)部人合謀情況的大量存在,加上監(jiān)管當(dāng)局放松監(jiān)管或?qū)`規(guī)方處罰力度不夠,導(dǎo)致公司的中小股東蒙受巨大損失,甚至?xí)绊懽C券市場的正常秩序,上述現(xiàn)象應(yīng)該引起社會(huì)各界的廣泛重視。第8章,研究結(jié)論與展望。本章首先對全文所得結(jié)論進(jìn)行總結(jié),然后提出政策建議,同時(shí)指出了研究中存在的不足之處,作為未來研究進(jìn)一步改進(jìn)的方向。
[Abstract]:Only to ensure the healthy development of the investment and financing activities of the securities market, it is possible to effectively disperse the market risk, adjust the industrial structure and optimize the allocation of market resources. A special phenomenon, a large area, and frequent fund-raising funds for change. What motivation does this act do? Is it a commercial decision to improve business performance in compliance with the market environment, or a malicious change in the state of stock market distortions? What factors affect this behavior? Change behavior eventually is How to improve the value of the enterprise, or is the sign of the decline of the company's performance? How to protect the change decisions that conform to the market environment and improve the performance of the enterprise, and to contain the change of the interests of the small and medium shareholders to gain private benefits? The full text is discussed in 8 chapters in accordance with the logical clue of "motivation one line - effect". The first chapter, introduction. After introducing the background of the research, the significance and the purpose of the study, it is necessary to explain the main research methods and data materials used in the text, and describe the research ideas and basic framework of this paper by combining the text expression with the block diagram, and finally briefly introduce the contents of each chapter. Second chapters, the literature. Review and review. First, we review and comment on foreign research literature, take the problem of enterprise investment as the main line of research, mainly including information asymmetry, principal-agent, behavior company financial theory; secondly, summarize and evaluate the related research on the change of domestic fund raising, covering change behavior motivation, effect, regulatory policy construction. This paper argues that different types of fund raising to change behavior are driven by different motives, such as the motivation of changing to foreign investment may be related to related transactions, large shareholders' occupation, and the motivation of changing the main business investment may be related to investment opportunities and investment decisions, in addition, for raising funds to invest. The purpose of this chapter is to review the relevant literature on the issue of change in the question of raising funds and put forward further research direction and establish this article. On the basis of the last chapter, the third chapter, on the basis of the previous chapter, makes a thorough theoretical discussion on the question of the change of raised funds to the change, taking the new classical economics MM theory as the starting point, and gradually integrating the information asymmetry theory, the corporate governance theory, and the institutional factors into the analytical framework. We find that the contradiction between the "project financing system" and the real demand for equity financing has formed a contradiction between supply and demand, which objectively results in the emergence of a group of changes, which restores the real demand for funds, although the various aspects related to the change are included in the regulatory scope, but as a regulatory system. The important part of the system is that the mechanism of supervision and implementation is invalid, and the hindsight binding force of this kind of behavior is not strong, which objectively induces the raising of funds to change behavior. The weakening of this constraint mechanism is reflected in the failure of the punishment mechanism and the lack of litigation mechanism. In a word, the main purpose of this chapter is to deepen people's change in raising funds. The enterprise investment and financing environment, governance structure, the essential understanding of China's unique project based stock financing system, understanding of the motivation to raise funds to change behavior, provide paving and theoretical basis for the following phenomenon description and empirical research. In the fourth chapter, the characteristics of the change behavior are analyzed. This chapter first defines the fund raising funds. The general situation of the change is analyzed. Then, the number of changes, frequency and degree of the raised funds are counted and analyzed in order. The background and possible internal and external factors of the change are divided into different stages, and the special phenomenon is tried to put into this special phenomenon. In the dynamic context of the time, we can better understand the performance of this behavior. Through the analysis of the characteristics of the change behavior, we find that the traditional manufacturing industry has a more serious change in the raising of funds; the total number of areas with more changes in the number of changes should be relative to the total number of shares of the listed companies; the commitment to raise funds is committed. The specific items and the changed items are compared and analyzed, and the proportion of foreign investment projects has been greatly improved; in terms of the reasons for the change of fund raising, the listed companies affirm various reasons in the change bulletin and conclude that there are four kinds of circumstances, of which more than 60% of the listed companies think that the external market environment changes. In the fifth chapter, the fifth chapter is the analysis of the influencing factors of the change behavior. On the basis of the theory and characteristic analysis of chapter 3,4, the research hypothesis is put forward to construct the raise funds to change to the change. The regression model of behavior and internal and external factors was used to examine the impact of institutional environment and corporate governance factors on the change of raised funds by regression analysis of the overall and group samples by principal component analysis. The results showed that the internal environment and the ownership structure could directly affect the change behavior. The effective regional market environment can reduce the probability of investment change through the reasonable ownership structure, and the comparison of the plate market of the listed companies, the size of the assets, the characteristics of the management level, the regional economic growth rate will significantly affect the change of the fund raising of the small and medium-sized listed companies, and the main board listed companies. The change behavior is more influenced by the ownership structure, the influence of the market environment, the scale of the assets, the level of profit and the economic growth of the region, and the external environment of the state-owned listed companies can only influence the change behavior, and the government's intervention on the enterprise decision can only play a role through the weak market environment. When the burden of local government is aggravated, it may increase the degree of intervention to the state-owned listed companies, "squeezing out" the restriction of the law and other factors to the change behavior, and increasing the probability of the change, while the non state listed company, the government intervenes through the controlling right to the enterprise decision, can only rely on the ineffective internal environment of the market, that is, When the factors such as resource endowment, investment environment and market capacity are not well developed in each region, the difficulty of the local government should be reduced and the probability of change is increased. The sixth chapter will be tested if the influence of the influence factors on the change behavior will bring about the improvement of the company performance. The sixth chapter is to raise funds to change behavior effect. This chapter makes use of the DEA and nuclear density estimation model and based on the characteristics of listed companies to examine the performance of the company's performance before and after the change, and according to the characteristics of this behavior, the characteristics of the plate market, the characteristics of the corporate equity management, and so on. Samples were grouped in order to verify whether the performance of the grouped samples changed significantly because of these changes. Finally, a multiple linear regression was made to the performance of the company and the characteristics of the change behavior. There is a significant negative correlation between the change type of gold investment and the ownership concentration and the performance of the company. The seventh chapter is the case study of the malicious change. This chapter analyzes the cause of the occurrence of the event and the impact on the operating performance of the listed companies. This case suggests that the behavior of the raised funds under the control of the large shareholders may be interwoven with other irregularities, overlapped, and its characteristics are complex and concealed; the more the act of predatory change for private profits is not stopped, the more the loss of the enterprise, the more the loss of the enterprise, Even facing the risk of delisting and bankruptcy; due to the imperfect related laws and regulations, when the interests of the small and medium shareholders are occupied, their rights will be blocked and the legitimate interests can not be effectively guaranteed. When there is a serious defect in the governance mechanism, the internal control system of the company is in the same shape and the conspiracy of the internal people exists in a large number. In addition to the regulatory authorities' relaxation of supervision or the lack of punishment for the violating party, the small and medium shareholders of the company suffer huge losses and even affect the normal order of the securities market. The above phenomena should arouse the wide attention of all sectors of the society. The eighth chapter, research conclusions and prospects. This chapter first summarizes the conclusions of the full text and then puts forward the policy. Suggestions, pointing out the shortcomings in the study, as a direction for further improvement in future research.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F832.51
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本文編號：2129694