摘要
随着中国金融市场的发展,企业融资渠道日益拓宽,股权再融资(SEO)方式不断创新。监管部门作为'看得见的手',在市场发展的不同阶段积极调整监管政策,引导股权再融资活动有序开展。从募资投向及投向变更角度研究,可为探讨政府监管有效性提供新的经验证据,为探索适应中国国情的监管政策提供思路。文章运用1991—2015年SEO制度变迁的样本数据进行统计分析和实证检验,研究发现,在适当强度的事前监管约束下,执行严格的事中监管制度能最大程度地规范SEO企业的募资使用,并有效减少由于募资变更带来的企业绩效滑坡。进一步研究发现,从变更类别看,相较于一般变更,政府监管对风险变更的抑制作用更有效;从产权性质看,对于投向变更动机更为强烈的民营企业而言,严格的事前监管比宽松的事前监管更有效。
With the development of China’s financial market,corporate financing channels have been broadened and methods of Seasoned Equity Offerings(SEO)have continued to innovate.As a visible hand,the government actively adjusts relevant policies to guide financing and investment activities of SEO firms.This paper analyses data from the perspective of investment direction and its changes,provides new evidence for the effectiveness of government supervision,and offers new thoughts to explore the supervision policies to adapt China.Using the data of SEO institutional change from 1991 to 2015 as sample for statistical analysis and empirical tests,this paper finds that appropriate pre-regulation and normative regulation for SEOs can significantly reduce the possibility of funds abuse and decrease the rate of change in investment direction.Further research indicates that compared with the general change,the probability of risk change is more reduced by government supervision,and strict proactive supervision is more effective than loose proactive supervision for private enterprises with stronger motivation to change investment.
作者
李青原
黄佳琪
Qingyuan Li;Jiaqi Huang(Economics and Management School of Wuhan University,Hubei Wuhan 430072,China;Antai College of Economics and Management,Shanghai Jiao Tong University,Shanghai 200030,China)
出处
《会计与经济研究》
CSSCI
北大核心
2019年第4期27-53,共27页
Accounting and Economics Research
基金
国家社会科学基金重大招标项目(18ZDA113)
国家自然科学基金项目(71672129)
关键词
股权再融资
政府监管
募资投向
投向变更
SEO
government supervision
investment direction
changes in fund-raising
