不同募集资金投向变更类型的长期表现对比--基于定向增发事件的研究
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中国科技论文在线
不同募集资金投向变更类型的长期表现对
比——基于定向增发事件的研究
#
范岑岑
1
，邹高峰
1,2
，吕振威
1,2**
（1. 天津大学管理与经济学部；
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2. 中国社会计算研究中心）
摘要：我国 A 股市场定向增发监管制度为核准制，具有审核环节多、审核周期长的特征。
这些特征会导致上市公司错失最佳投资时机，从而出现 50.6%的增发公司会实施募集资金投
向变更。根据资金使用情况，投向变更可分为临时性变更与永久性变更两类，其中临时性变
更约占 46.36%。本文通过募集资金投向变更公告等文本信息数据和国泰安数据库等常规交
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易数据和财务数据，对发生不同类型投向变更的公司在大股东持股情况和基本面等方面进行
了对比分析。研究结果表明，两种不同的变更类型对公司影响的侧重点不同，临时性变更有
助于降低公司杠杆风险，而永久性变更有助于提升公司的盈利水平；对于大股东而言，减持
永久性变更增发公司的倾向更为显著。
关键词：定向增发；临时性变更；永久性变更；大股东持股行为。
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中图分类号：F832.5；F276.6
Long-run Performance around Different Types of Changes
of Investment Project——Empirical Evidence from
directional add-issuance event
Fan Cencen
1
, Zou Gaofeng
1,2
, Lv Zhenwei
1,2
20
(1. College of Management and Economics, Tianjin University;
2. China Center for Social and Analytics)
Abstract: The regulation system of private placement in the Chinese a-share markets is an approval
system, which has many audit links and long audit cycle. These characteristics will cause listed
companies to miss the best investment opportunity, resulting in 50.6% of companies will change
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investment projects of raising money. The changes can be divided into temporary changes permanent
changes according to the use mode and the former account for about 46.36%. This paper makes an
empirical analysis ofLong-run Performance around Different Types of Changes of Investment
Project——Empirical Evidence from directional add-issuance event the shareholdings of major
shareholders and the fundamentals of firms around different types of changes of investment project,
30
using the text information such as the announcement of the change of raised capital investment
Long-run Performance around Different Types of Changes of Investment Project——Empirical
Evidence from directional add-issuance eventand transaction data and financial data from the database
of Tai’an. The result show that: temporary changes can reduce the company’s leverage risk and
permanent changes can improve a company’s profitability. In addition, large shareholders are more
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willing to reduce their holdings when the company makes a permanent change.
Key words: Directional add-issuance; Temporary changes; Permanent changes; Shareholdings of
major shareholders
0 引言
定向增发(也称“非公开发行”)，是指上市公司采用非公开方式，向特定对象发行股票
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基金项目：国家自然科学基金项目（71471130）
作者简介：范岑岑（1994-），女，硕士研究生，主要研究方向：股权融资、市场微观结构
通信联系人：邹高峰（1978-），男，博士后，副教授，主要研究方向：公司金融、企业融资. E-mail:
zougaofeng@tju.edu.cn
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