摘要
以2009~2015年创业板上市公司为研究对象,考察双向资金占用、成长性和股票市场价值之间的关系。将双向资金占用分为关联方占用上市公司资金和上市公司占用关联方资金,分别按照发生额和余额引入股票定价模型。研究发现:创业板上市公司其关联方占用上市公司资金并没有掏空效应,其对股票市场价值无显著影响,也没有损害成长性;创业板上市公司占用关联方资金正向作用于股票市场价值和成长性;成长性在上市公司占用关联方资金与股票市场价值之间起部分中介作用。
Based on the sample data of the listed companies of Growth Enterprise Market (GEM) from 2009 to 2015,this paper empirically investigates the relations between bidirectional funds occupation,corporate growth and stock market value.The bidirectional funds occupation is classified into related parties occupying listed companies funds and listed companies occupying funds from their related parities,and respectively adds their occurrence amount and balance into stock pricing model.The results show that related parties occupying listed companies funds do not exhibit the tunneling effect of GEM listed companies and have no significant impact on the stock market value,nor do they damage corporate growth;Listed companies occupying funds from their related parities are positively correlated with stock market value and corporate growth.Further study reveals that corporate growth partly mediates the relationship between listed companies occupying funds from their related parities and stock market value.These results provide empirical support for revising listing conditions and improving the stock pricing model of GEM.
作者
雷星晖
孙刘玉
张涛
LEI Xinghui;SUN Liuyu;ZHANG Tao(School of Economics and Management,Tongji University,Shanghai 200092,China;School of Economics and Management,Shanghai Maritime University,Shanghai 201306,China)
出处
《大连理工大学学报（社会科学版）》
CSSCI
北大核心
2019年第4期39-47,共9页
Journal of Dalian University of Technology(Social Sciences)
基金
教育部人文社会科学研究项目:“创新网络中的关系嵌入与跨组织知识共享:基于汽车产业的实证研究”(13YJA630041)
关键词
双向资金占用
成长性
股票市场价值
创业板市场
bidirectional funds occupation
corporate growth
stock market value
growth enterprise market
