摘要
企业集团整体上市的实现方式通常表现为并购活动,但由于并购双方具有关联关系,所以带来的影响也具有特殊性。笔者重点关注整体上市对企业集团内部资源整合的目的、机构投资者关注的程度这两个方面特征,分析它们对公司整体上市后的投资效率所产生的差异化影响。由于整体上市公司中,80%以上通过定向增发实现,所以笔者以2006至2013年间深沪两市通过定向增发实现整体上市的公司为样本,使用双重差分模型对比了整体上市前后以及整体上市公司与配对公司的非效率投资变化情况,研究发现:整体上市有利于减少非效率投资;但不同的整体上市动机对非效率投资的影响各不相同,以剥离不良资产、转变发展方向为动机的整体上市遏制非效率投资的效果最好;关注整体上市公司的机构投资者中,基金数量与持股比例对非效率投资影响比较显著,券商等机构投资者的数量与持股比例对非效率投资没有显著影响。
Whole listing needs acquisition activities. Due to the related relationship,this kind of acquisition has different impacts on listed companies comparing to regular acquisitions. This paper focuses on the motivations to integrate group resources and the attention paid by institution investors,and analyzes their impacts on investment efficiency of whole listing companies. Because 80% whole listing companies use private placement during the process,this paper uses the sample of the whole listing companies with private placements in Shanghai and Shenzhen stock exchange form 2006 to 2013,to investigate the influence of whole listing on inefficient investment by using difference-in-difference model. We find that whole listing is helpful to reduce the inefficient investment. Meanwhile,the influence is different due to the motivations. The companies depriving inferior assets and changing strategic directions by whole listing have the most significant effect on decreasing inefficient investment. As to institutional investors,we find that funds influence the inefficient investment significantly,while the influences of brokers and other institution investors are not significant.
出处
《中央财经大学学报》
CSSCI
北大核心
2016年第3期61-71,共11页
Journal of Central University of Finance & Economics
基金
国家自然科学基金面上项目"反向收购整体上市的动机
路径与经济后果"(项目编号:71372015)
"管理权力视角下股权激励与经理人机会主义行为研究"(项目编号:71172171)
"XBRL财务信息传导机理及治理效应研究"(项目编号:71372016)
财政部"全国会计领军(后备)人才(学术类)培养项目"
关键词
整体上市
机构投资者
非效率投资
Whole listing
Institutional investors
Inefficient investment
