上市公司IPO募资投向变更行为原因剖析.docVIP

上市公司IPO募资投向变更行为原因探析 　　摘要:本文以中国股票市场建立以来发生过募资投向变更行为的上市公司为研究对象,考察了诱发这一变更行为的制度诱因。本文的结论是:中国股票市场发行审核制度的供给主导特性和项目主导特性对上市公司变更募资投向行为产生了相应的激励,这种事前强化的激励机制是导致上市公司大面积变更IPO募资投向行为的制度根源。 　　关键词:募资变更;激励机制;制度诱因 　　 　　Abstract:Since the establishment of China’s stock markets,plenty of listed companies have greatly changed the proclaimed usage of proceeds through IPOs. This paper is dedicated to discover the institutional causes of such behaviors. As a conclusion, the strengtheness of an Ex ante Incentive Mechanism constructs the institutional bases for the changing behavior. 　　Key Words:changing use of proce