摘要
股权再融资凭借融资、并购重组为上市公司的发展提供了支持,为市场资源配置效率的提高和我国经济的转型升级提供了助力,但结构失衡、过度融资、违规失信等不合理问题也影响了市场的健康发展。本文使用双重差分模型从投资者收益、上市公司经营绩效、投资效率等角度对2006年以来我国股权再融资政策效果进行了检验。结果表明,股权再融资后上市公司业绩出现显著下滑,小规模上市公司的业绩下滑更为明显,不同行业上市公司的业绩变化呈现异质性。由此提出,应围绕"上市公司股权再融资市场化改革"这一总体方向,实行注册制审核,淡化盈利与分红要求,健全以信息披露监管为中心的事中事后监管,推进股权再融资的市场化改革。
Equity refinancing has provided support for the development of listed companies by means of financing, mergers and acquisitions, and provided assistance for the improvement of market resource allocation efficiency and the transformation and upgrading of China's economy. However, unreasonable problems such as structural imbalance, excessive financing, and violation of rules and regulations also affected the healthy development of the market. This paper uses the double difference model to test the effect of China's equity refinancing policy since 2006 from the perspective of investor income, listed company's operating performance and investment efficiency. The results show that the performance of listed companies has declined significantly after the refinancing of equity, and the decline in the performance of small-scale listed companies was more obvious. The performance changes of listed companies in different industries were heterogeneous. Therefore, the general direction of“market-oriented reform of listed companies' equity refinancing”should be carried out to implement the registration system review, dilute the requirements for profit and dividends, improve the post-event supervision of information disclosure supervision, and promote the market-oriented reform of equity refinancing.
作者
唐铁宝
王慧
Tang Tiebao;Wang Hui
出处
《西南金融》
北大核心
2019年第3期44-52,共9页
Southwest Finance
基金
国家社会科学基金项目"优质旅游有效供给能力的形成机理
评价体系与提升路径研究"(编号:18BJY196)
关键词
上市公司融资
股权再融资
配股融资
并购重组
可转债
定向增发
资本结构
过度融资
信息不对称
信息披露
投资者权益
Financing of Listed Companies
Equity Refinancing
Share Allotment Financing
Acquisition and Reorganization
Convertible Bonds
Private Placement
Capital Structure
Excessive Financing
Information Asymmetry
Information Disclosure
Rights and Interests of Investors
