摘要
随着中小板与创业板市场的设立,尽管直接上市的民营企业越来越多,但买壳上市与IPO上市仍然同为民营企业进入股市的两大重要渠道。以A股民营上市公司为研究对象,通过对其在2003—2013年内股利分配意愿的实证研究发现,不同渠道上市的民营公司在股利分配意愿上存在显著差异。这一方面表现在买壳上市的民营公司中不分配任何股利的公司所占比远远高于IPO直接上市的民营公司,另一方面,有近50%的买壳民营公司长期处于不分配的状态。表面上看,财务状况与经营业绩的恶化是导致买壳民营上市公司分配意愿过低的直接原因,但实质上上市渠道的差异才是导致两类民营上市公司分配行为出现显著差异的最根本原因。因为买壳民营公司的业绩低下往往有其前期买壳交易遗留负担的影响;其次,国内民营企业在买壳时机上的刻意选择及买壳动机不良都将最终导致其分配意愿与原创民营公司间形成显著差异。鉴于此,对于长期亏损的买壳民营上市公司应尽快建立并完善相应的退市机制;对于非亏损的却长期坚持一毛不拔的民营上市公司则应加强半强制分红监管政策的改革和实施,从而严惩股市"铁公鸡"。
The establishment of SME board and GEM board makes more and more private enterprises enter the market through direct listing, but the RTO and the IPO are still two major channels for the private enterprises to enter the stock markets. This paper makes a comparative empirical research on the dividend data of private companies from different listing channels between the year of 2003 and 2013. It found that private companies listed with different channels have a significant difference in the dividend distribution will. One difference is the ratio that does not assign any dividends in private listed shell companies is much higher than that in original private listed companies. On the other hand, nearly 50% private listed shell companies do not pay any dividends in a long time. On the surface, the deterioration of the financial condition and results of operations are the direct cause for private listed shell companies＇ too low distribution will, but in fact, the most fundamental reason is from the difference between two types of channels of the listed private listed companies. Because poor performance of private listed shell companies can always be ascribed to effect of early backdoor listing. Secondly, domestic private enterprises always choose the listing time deliberately, and hold bad motives for backdoor hsting, which will eventually lead to the will of their allocation quite different. In view of this, the paper concludes that effective delisting mechanism should be established for those long-term loss private companies as soon as possible. But strengthening reform on half-mandatory dividend regulatory policy is necessary for those non-loss stingy companies.
出处
《四川理工学院学报（社会科学版）》
2015年第5期70-79,共10页
Journal of Sichuan University of Science & Engineering(Social Sciences Edition)
基金
四川省教育厅重点项目(14SA0059)
四川省川酒中心重点项目(CJZ14-03)
西华大学重点项目(ZW1421535)
关键词
买壳民营上市公司
原创民营上市公司
股利分配意愿
上市渠道
back--door listed private companies
original private listed companies
dividend distribution will
listing channels
