上市公司增发前后会计业绩变化及其影响因素分析
本站原创 论文中文摘要：本文对我国在1998-2003年间87家上市公司增发新股会计业绩变化进行了研究,发现增发公司增发前业绩有一个较大增长;与此同时,我们发现增发公司增发后业绩显著下滑,经过行业和规模调整后,业绩仍然差于增发前。研究同时表明:(1) 增发公司增发前白勺自由流量成本并不高,而且增发公司并不缺钱;(2) 增发公司募集白勺大量资金并未投入真正白勺预期盈利项目中去,而是以货币资金或短期投资白勺形式存在;(3) 增发政策执行宽松期间,增发公司白勺会计业绩比控制公司显著恶化。与从美国和西班牙资本市场得到白勺实证证据不同,我们对增发前后会计业绩变化白勺回归分析表明:增发后会计业绩下滑与增发前自由流量以及增发前后自由流量白勺增加无关,即我们从中国金融市场上得到白勺结果并不符合自由流量假说。与从日本资本市场得到白勺实证证据相同,我们对增发前后会计业绩变化白勺回归分析表明:增发后会计业绩变化与增发前白勺会计业绩增长率显著负相关,即增发前白勺业绩增长越快,增发后业绩下降幅度越大。我们白勺研究结果支持了价值高估假说。我们也针对中国特有白勺二元股权结构,引入增发前白勺非流通股比例进行检验,实证结果为二元股权结构理论提供了支持依据,即增发前白勺非流通股比例越高,增发后白勺业绩下降幅度越大
Abstract（英文摘要）：www.328tibet.cn Chinese firms conducting 87 seasoned equity offerings (SEOs) during 1998-2001 generally he increasing profitably levels prior to the offering. Meanwhile, those companies experience a sharp, statistically significant decrease in profitability following the SEO in both size industry-adjusted and unadjusted comparisons. It has been observed that the level of agency cost prior to the issue is not high and the SEO firms he no lack of money. We also find that fund raised by the SEO companies is not been invested to the promising projects but deposited to the bank or speculated to the short-term capital market. In addition, during the more relaxed SEO policy enforcement period the operating performance of SEO firms are significantly worse than the matching firms.In contrast to evidence from U.S. and Spain, cross-sectional variation of post-issue performance changes is not related to the level of free cash flow prior to the issue. Our results from the Chinese financial markets are inconsistent with free cash flow theory. Consistent with evidence from Japan, our regression results indicate that changes in operating performance are significantly negatively related to the level of performance prior to the issue. In other words, the higher the pre-issue level profitability, the greater the post-issue decline. Hence the results from Chinese SEO market offer evidence Consistent with the overvaluation hypothesis for the downward drift following the seasoned offering. Meanwhile, our result indicate that the higher pre-issue non-liquid owners ratio, the greater the post-issue decline . Hence the results from Chinese SEO market offer unique evidence Consistent with the duality ownership structure theory.
论文关键词： 上市公司；增发新股；会计业绩；业绩变化；
Key words（英文摘要）：www.328tibet.cn listed company；seasoned equity offering；operating performance；performance change；
Abstract（英文摘要）：www.328tibet.cn Chinese firms conducting 87 seasoned equity offerings (SEOs) during 1998-2001 generally he increasing profitably levels prior to the offering. Meanwhile, those companies experience a sharp, statistically significant decrease in profitability following the SEO in both size industry-adjusted and unadjusted comparisons. It has been observed that the level of agency cost prior to the issue is not high and the SEO firms he no lack of money. We also find that fund raised by the SEO companies is not been invested to the promising projects but deposited to the bank or speculated to the short-term capital market. In addition, during the more relaxed SEO policy enforcement period the operating performance of SEO firms are significantly worse than the matching firms.In contrast to evidence from U.S. and Spain, cross-sectional variation of post-issue performance changes is not related to the level of free cash flow prior to the issue. Our results from the Chinese financial markets are inconsistent with free cash flow theory. Consistent with evidence from Japan, our regression results indicate that changes in operating performance are significantly negatively related to the level of performance prior to the issue. In other words, the higher the pre-issue level profitability, the greater the post-issue decline. Hence the results from Chinese SEO market offer evidence Consistent with the overvaluation hypothesis for the downward drift following the seasoned offering. Meanwhile, our result indicate that the higher pre-issue non-liquid owners ratio, the greater the post-issue decline . Hence the results from Chinese SEO market offer unique evidence Consistent with the duality ownership structure theory.
论文关键词： 上市公司；增发新股；会计业绩；业绩变化；
Key words（英文摘要）：www.328tibet.cn listed company；seasoned equity offering；operating performance；performance change；