中国上市公司IPO融资资金投向变更行为及其影响因素研究

本文以1998～2008年间在中国A股主板市场IPO上市的公司为样本,利用Logistic回归模型和多元线性回归模型,对中国上市公司IPO股权融资资金投向变更行为的影响因素进行实证研究。研究结果表明,公司规模、盈利能力、独立董事的比例与变更IPO募集资金投向呈负相关;股权集中度、资金闲置比率、上市时机资与变更IPO募集资金投向呈正相关。在前面分析的基础上,本文最后提出了完善各类市场机制、加强对募集资金使用的监管、加强对募集资金使用的内部管理以及改善上市公司法人治理结构等一系列政策建议。

China listed company IPO financing money investing direction change behavior and its influence factor research

Taking IPO companies in the main board ma-rket of Chinese A share during the period from 1998 to 2008 for sample,using appropriate econometric model and method,this paper explores the effect factor of changes in investment projects of IPO financing funds on the company performance in Chinese listed companies empirically.The research results show that the size of firm,the return on net worth and the proportion of independent director significantly negatively correlates with the change＇s probability,while the concentricity of the stock,the leave unused capital ratio and the time of listing significantly positively correlate with the change＇s probability.Finally,this paper has made suggestions that we should strengthen the management and governance on the raising money,perfect the regulations and related laws and strengthen the corporate governance.This paper provides reference for improving the efficiency of the financing capital＇s use and the development of the capital markets.