| IPO超募与资金滥用研究 |
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| 引用本文： | 方军雄,方芳.IPO超募与资金滥用研究[J].证券市场导报,2011(9). |
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| 作者姓名： | 方军雄 方芳 |
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| 作者单位： | 复旦大学管理学院; |
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| 基金项目： | 国家自然科学基金项目“政府控制、市场化进程与上市公司高管薪酬契约有效性”(批准号:71072003); 教育部人文社科基金项目“我国资本市场投资者的机构化趋势与市场信息效率研究”(项目批准号:08JC790019] |
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| 摘 要： | 2009年以来中国资本市场IPO融资超募现象引起了学者和社会公众的诸多质疑,也引起了监管当局的关注。本文选取1998-2009年上市公司数据初步研究了IPO融资超募与随后资金滥用的关系。研究发现,IPO融资超募的确容易导致上市公司的过度投资和高管薪酬的过度发放。这表明融资超募现象的确损害了资本市场的资源配置效率。
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| 关 键 词： | 融资超募 资金滥用 过度投资 |
Over-funding in IPO and Capital Misuse in China's Market |
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| Fang Junxiong,Fang Fang.Over-funding in IPO and Capital Misuse in China's Market[J].Securities Market Herald,2011(9). |
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| Authors: | Fang Junxiong Fang Fang |
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| Institution: | Fang Junxiong,Fang Fang |
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| Abstract: | Since 2009 the phenomena of over-funding in China's IPO market has drawn much attention from the general public and scholars.This paper studies the over-funding and the consequent capital misuse in IPO using the data between 1998 and 2009.The results show that over-funding in IPO leads to the over-investment and over-compensation in companies.This means that the over-funding really damaged the capital allocation efficiency. |
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| Keywords: | over-funding capital misuse over-investment |
| 本文献已被 CNKI 等数据库收录！ |
