基于配股管制的净资产收益率的实证研讨.pdfVIP

基于配股管制的净资产收益率的实证研究 基于配股管制的净资产收益率的实证研究 王培欣 刘佳 王元芳 哈尔滨工业大学管理学院 摘要：以会计信息为基础的配股政策是中国证券市场诸多政策的一个典型缩影，在市场发展的十余年间 历经数次变迁。因此，历次配股政策的变迁对会计信息的影响形式作为一个经验证据，能够展示以会计 信息为基础的监管政策的潜在经济后果，为以后的市场监管提供借鉴。在我国特有的上市公司配股机制 中，净资产收益率要求是最重要的硬性规定之一。本文采用实证研究的方法，针对历年来配股政策的变 动，对上市公司净资产收益率的分布进行了全面系统的定量研究。研究表明：我国以会计信息为基础的 配股政策严重影响到上市公司净资产收益率这一重要财务指标的真实可靠反映，扭曲了其自身固有的分 布；上市公司净资产收益率的操纵行为随着配股政策的变化而亦步亦趋的改变。 关键词：配股，净资产收益率，实证研究 The positive research of roe under the SURVEILANCEof RIGHtS ISSue Abstract: The rights issue policies based on accounting information is a typical epitome of many policies of Chinese securities market. It experienced several changing in decade years of market developing. As an empirical evidence, each changing of rights issue policies could show the economic result of surveillance policies based on accounting information, so that it can be used for reference for market surveillance in future. The demand of ROE is one of the most important inflexible rules in the peculiar mechanism of rights issue in our country. In allusion to each changing of rights issue policies, this paper investigated the distribution of ROE among listed companies quantitatively by means of positive research. Result suggests that the rights issue policies based on accounting information severely influences the reliability of our listed companies’ ROE which is the main financial index, and distorts the normal distribution of the ROE. The listed companies manipulate the distribution of ROE along with the changes of the rights issue policies. Key words: rights issue, ROE, positive research 1．引言 我国证券市场发展时间较短，还属于弱型效率的市场，市场无法有效地对配股公司进行选择。出于保 护投资者利益以及维持市场有序运转的需要，监管部门需要制定关于配股条件的规定，以便把那些质量 低劣的公司挡在配股的门外，将那些质量较高的公司选出，从而实现市场资金的优化配置。而与此同时， 由于在我国目前情况下企业融资渠道相对狭窄，配股是上市公司再融资的主