控股权性质、上市企业定向增发与资本配置效率研究

以我国A股市场2006-2012年上市企业数据为样本，文章研究了国有与民营控股上市企业定向增发认购方式和认购对象差异对企业资本配置效率的影响。结果表明：定向增发有助于改善资产收益率高于市场均值的民营控股企业资本配置效率，且现金认购对企业资本配置效率的影响更明显；国有控股上市企业定向增发不会对资本配置效率产生任何显著影响；大股东参与定向增发新股认购仅能改善资产收益率低于市场均值的民营控股企业资本配置效率。基于所得研究结论，文章最后提出了若干政策建议。

Study on Ownership,Private Placement and Capital Allocation Efficiency of Listed Companies

Taking the data of China A’s stock marketfrom 2006 to 2012 as samples, this paper investigates the effect of the difference of subscribing modes and bidding bodies of private placement of state-owned and private listed companies on the capital allocation efficiency. The results show that the private placement of private listed companies with ROA above market mean level can contribute to improvement of the capital allocation efficiency which will be even higher if it is subscribed with cash compared with non-cash; private placement of state-owned listed companies can barely influence the capital allocation efficiency. Moreover, participation of the controlling stock holders in the subscribing of new-issued stock can help to improve the capital allocation efficiency among those private companies with ROA below market mean level. Finally, several policy suggestions are put forward based on the results above.