上市公司变更募集资金投向动因研究

本文以1999～2001年进行过融资的729家上市公司为样本,研究了变更募集资金投向的动因。本文试图说明众多的上市公司没有按当初招(配)股说明书上的项目进行投资,而是变更募集资金投向或是宁愿持有更多的现金的原因。实证结果表明,变更募集资金投向的几率和程度与公司的规模、长期投资显著负相关;与公司持有的关联交易、闲置资金及股权集中度显著正相关。本文的研究结果为管理层加强监管、完善公司治理结构、保护中小投资者利益及提高投资效率等提供了实证参考。

On the Motive of Changing Investment Projects of Raising Money through Public Offering

This paper investigates the reasons why those listed companies did not invest in the items specific in their prospectuses and why they altered the direction and hold more cash instead.We examine 729 companies that raised capital through public offering from 1999 to 2001.The empirical results show that the probability and degree of changes is inversely related to the sizes of the company and its long-term investment but positively related to the amount of cash,related party transaction,and the concentration of ownership.These findings provide implications for improving government supervision,corporate governance,the protection of minority investor's interest,and the efficiency of investment.