摘要
通过描述和分析国有与民营控股上市企业定向增发在各地区、各产业间的分布特征,以及不同控股权性质企业定向增发前后资本盈利能力的变化情况,以我国A股市场2006-2011年上市企业定向增发融资数据为样本,采用面板数据模型来定量分析各地区不同控股权性质上市企业定向增发的产业升级效应,实证结果表明:虽然国有与民营控股上市企业定向增发皆未能显著提高各地区克拉克指标,但民营控股上市企业定向增发对东部地区第三产业发展具有明显增长效应;并在降低中西部地区第三产业所占GDP比重的同时,更大程度上提升了该地区第二产业增长率和所占GDP比重。国有控股上市企业定向增发除稍微提高东部地区第二产业所占GDP比重外,未能显著影响到各地区产业升级路径。
This paper aims to discuss and analyze the distribution characteristics of the private placement among different regions and different industries by state-owned and private holding enterprises as well as the changed earning capacities of the capital before and after the placement. Taking the private placement financing data of the listed companies during the period of 2006-2011 in Chi- na＇s A-share markets as the sample, this study adopts the panel data model to conduct a quantitative analysis of the industrial upgrading effect of the private placement by listed companies with different holding natures. The empirical results show that though the private placement by the state-owned and private holding enterprises has not significantly improved the Clark index in any region, the private placement by private holding companies has significantly improved the growth rate of the tertiary industry in the eastern region. While reducing the proporation of the tertiary industry in GDP in the central and western regions, it has also improved the growth rate of the secondary industry and its proporation in GDP in that region to a larger extent. Yet the private placement of state-owned enterprises has no significant effect on the industrial upgrading path in any region except that it helped to raise the proporafion of the secondary industry in GDP a little in the eastern region.
出处
《当代财经》
CSSCI
北大核心
2014年第5期45-58,共14页
Contemporary Finance and Economics
基金
国家自然科学基金项目"股票融资
股市周期与产业结构升级研究"(71063004)
江西省社科规划项目"股市周期
房产泡沫与经济增长关系研究"(12YJ44)
江西省社科规划项目"上市公司定向增发融资研究:控股权性质与资金配置效率"(13YJ29)
关键词
定向增发
控股权性质
产业升级效应
private placement
nature of controlling stake
industrial upgrading effect.
