我国上市公司配股后业绩变化实证研究.docVIP

我国上市公司配股后业绩的实证研究姚禄仕 李胜南 An Empirical Research on Performance of Chinese Listed Companies after rightissued (School of Management，Hefei University of Technology， Hefei 230009) Yao Lushi Li Shengnan 摘要：配股是上市公司再融资的重要方式之一，对我国上市公司的经营业绩有重要的影响。本文以1999～2003年进行过配股的564家上市公司为样本,配股融资公司配股后业绩呈现先降后升的趋势。文章重点对上市公司配股业绩进行了分析，配股后公司业绩下降是公司造成财务指标被摊薄、公司为配股而进行盈余管理以及部分公司改变募集资金投向等的综合表现融资结构配股后业绩关键词：上市公司，配股，业绩 Abstract: rights issues is one of the most important refinancing channels of Chinas listed companies, which also has important influence on the performance of listed companies. We examine 564 companies that raised capital through rights issues from 1999 to 2003 and do a research on performance of these companies. the sample companies performance presents the status of earlier rising and then dropping. This paper investigates the factors why the performance of listed companies descended after rights issues. It is found that the descending performance is the result of several factors which including the financial data decreases as the capital raises, the listed companies earnings management to obtain the qualification of rights offering and some listed companies altered the direction in the items specific in their prospectuses. In addition，both the good financial structure and the financial decision, made by large shareholder for the purpose of enhancing value of list companies, have a positive impact on performance after rights issues. Key words: listed company; rights issues behavior; performance 配股是上市公司再融资的重要方式之一，对我国上市公司的经营业绩有直接和重要的影响。由于我国证券市场效率相对低下，为了保证上市公司再融资的质量，促进社会资源的优化配置,证监会对上市公司配股资格进行了严格的界定，但在一定程度上也造成了上市公司为取得配股资格而进行利润操纵的行为。在我国证券市场上，配股融资是否能有效地提升配股上市公司的经营业绩，如何有效提升配股公司的经营业绩，值得我们深入研究。集中在盈余管理方面，如孙铮、王跃堂（1999），陈小悦、肖星和过晓燕（2000）通过对上市公司净资产收益率的频率分布的检验说明上市公司为了达到配股要求，存在着一定的利润粉饰行为。1996——2003年沪深两市进行过配股的所有上市公司为研究对象，配股发生的年度以实际进行配股的日期为准，共得到809个样本。在809家公司中，我们剔除了以下公司：（1）上市公司A、B股同时配股的，以A股公告和年报为依据，剔除B股样本公司（2）剔除在观察年度内发生两次或两次以上配股的上市公司，以免两次配股会计年度交叉而影响检验结果，（3） (1) 其中，为原始指标，为原始值的均值，为原始值的标准差。 2 全部配股样