上市公司募集资金投向变更行为分析-农业经济管理专业论文.docxVIP

II II ABSTRACT Securities market is an important source of project capital for listed companies. Since the reform of non-tradable shares in 2005, listed companies have raised a lot of critical funds by way of share allotment, additional equity offer and convertible bonds. Associated with this financing boom, however, Chinas securities market witnesses massive changes in the committed use of financing capital. According to the previous studies, those changes often accompany by misappropriating motive, which not only leads to long-term deterioration of the operating results of listed companies, but also hurts the interests of investors and their investment confidence. Therefore, it is very important and necessary to study the motivation of listed companies who frequently change committed use of raising funds. The study will accordingly paves way for timely screening and coping with financing behavior with misappropriating motivation. This paper investigates the use of listed companies’ financing capital in China’s stock market from 2007 to 2009 and aims to find out why they change their promised investment projects in the following five years from 2007 to 2011. Through a combination of theoretical analysis and empirical test study the paper mainly addresses three issues. Firstly, by binary logistic regression model, the paper clarifies what factors will affect the listed companies changing promised investment projects with raised capital; Then, on the basis of the first model, it further divides the changes into liquidity supply and other changes. Also by binary logistic regression model, it ineptly explores the factors influencing changes related with liquidity supply. Finally, with descriptive statistical analysis, it shows whether and how changes in promised investments will affect short-term and long-term operating performance of listed companies. The conclusion of this paper is that ownership concentration, company size, profitability and asset-liability ratio a