IPO超募融资_产权与企业投资行为_来自中国证券市场的研究_夏芸.pdfVIP

山西财 经大 学学报 2013年2月 Joumal of Shanxi Finance and Economics University Feb.，2013 第35卷 第2期 Vol.35No.2 金融·投资 IPO超募融资、产权与企业投资行为 ———来自中国证券市场的研究 1 2 夏 芸 ，徐 欣 （1.暨南大学国际商学院，广东珠海519070；2.中南财经政法大学会计学院，湖北武汉430073） ［摘 要］针对中国资本市场特有的IPO超募融资现象，以2006～2010年间深市A股上市公司为研究对象，探讨了IPO超 额融资企业的投资行为及其经济后果。研究发现，我国上市公司在使用 IPO超募资金过程中普遍存在着严重的过度投资行为， 其中非国有控股上市公司的过度投资问题比国有控股公司更为严重，并且这种过度投资行为会导致企业长期资本收益率显著 下降，进而负面影响企业的未来业绩。这说明，过剩的IPO募集资金会导致企业资本配置效率和投资效率的扭曲。 ［关键词］IPO超募融资；国有控股；过度投资；非资本性投资；资本回报率 ［中图分类号］F831 [文献标识码] A [文章编号] 1007-9556（2013）02-0035-09 IPO over-financing, Property and Investment Behavior of the Listed Companies 1 2 XIAYun,XUXin （ ； Abstract ：This paper, using a sample of Shenzhen A-share listed companies that launched over-financed IPOs in the 2006- 2010 period, focuses on the unique IPO over-financing phenomenon to Chinas capital market and explores the investment behavior and its economic consequences. The authors find that the use of such funds to engage in severe over-investment behavior is prevalent among listed companies. In addition, the over-investment problem is less severe in state-controlled listed companies than in their non-state-controlled listed counterparts. Moreover, over-investment behavior has a negative impact on the future performance of the enterprise, and can significantly negatively affect the long-term return on firm capital. This study provides policy recommendations for Chinese securities regulators aiming to ensure listed companies u