摘要
本文以 2 0 0 0年度发行股票融资的 3 2 2家上市公司为研究样本 ,首次将募股资金投向变更区分为隐性变更和显性变更 ,分析得出的主要结论是 :(1 )我国上市公司普遍且较大程度地变更募集资金投向 ;(2 )IPO公司的变更面和变更程度比配股公司和增发公司更突出 ;(3 )隐性变更比显性变更更严重 ,上市公司资金闲置问题突出 ;(4)上市公司资产规模与资金投向变更呈显著负相关 ;(5)四重约束缺失是导致上市公司变更募资投向的主要原因 ;(6)从短期看 ,变更募资投向对上市公司业绩有较明显的影响。
The paper performs a research on the 322 listed companies which raised fund in 2000 by public offering, and at the first time defines the change of committed investment projects of raised fund as concealed change and obvious change.The conclusions of the paper are:(1) Among listed companies, changing committed investment project of raised fund is a common phenomenon, and many of such changes are relatively distinct;(2)IPO companies change their committed investment project of raised fund more frequently and to a higher extend than do other companies;(3) The amount of listed companies' concealed changes is much more than that of obvious changes, and the raised fund left unused become a serious issue;(4) The scale of the listed companies has negative correlation with change of committed investment project;(5)The main reason which lead to investment change of listed companies is the lack of restrictions from four aspects on listed companies;(6)In short term, the changes of committed investment project have obvious effect on the companies' operation performance. At the end, the paper put forward some policy proposals.
出处
《经济研究》
CSSCI
北大核心
2004年第5期88-97,共10页
Economic Research Journal
