定向增发机构投资者异质性与公司绩效——来自中国上市公司的经验证据

当代财经 ›› 2020, Vol. 0 ›› Issue (2): 89-100.

定向增发机构投资者异质性与公司绩效——来自中国上市公司的经验证据

章卫东¹, 李浩然¹, 鄢翔², 罗希¹

1.江西财经大学会计学院,江西南昌 330013;
2.上海财经大学会计学院,上海 200433

收稿日期:2019-06-13 修回日期:2019-11-07 出版日期:2020-02-15 发布日期:2020-12-12
通讯作者: 章卫东,江西财经大学教授,博士生导师,主要从事公司财务与会计研究,联系方式：jxrzwd@126.com
作者简介:李浩然,江西财经大学硕士研究生,主要从事公司财务与会计研究;鄢翔,上海财经大学博士研究生,主要从事公司财务与会计研究;罗希,江西财经大学博士研究生,主要从事公司财务与会计研究。
基金资助:
国家自然科学基金项目“定向增发新股、中介监督与盈余管理研究”（71772081）

Heterogeneity of Institutional Investors with Oriented Add-Issuance and Corporate Performance: Empirical Evidences from China’s Listed Companies

ZHANG Wei-dong¹, LI Hao-ran¹, YAN Xiang², LUO Xi¹

1. Jiangxi University of Finance and Economics, Nanchang 330013;
2. Shanghai University of Finance and Economics, Shanghai 200433, China

Received:2019-06-13 Revised:2019-11-07 Online:2020-02-15 Published:2020-12-12

摘要/Abstract

摘要： 以2006—2016年实施定向增发新股的A股上市公司为样本,从理论和实证两个方面研究不同类型机构投资者对定向增发新股公司绩效的影响。研究发现,相比于非定向增发新股公司,定向增发新股引入机构投资者后能显著提升公司绩效;区分机构投资者性质及投资目的后发现,该正向效应主要体现在关联机构投资者以及战略机构投资者上,进一步研究表明,战略机构投资者对定向增发公司绩效的促进作用在国有企业更为明显,而财务机构投资者对定向增发公司业绩的影响无论在国有企业或民营企业都不显著。

关键词: 定向增发, 战略投资者, 财务投资者, 持有收益率, 公司绩效

Abstract: This paper takes the A-share listed companies that have issued directional additional shares during the period of 2006-2013 as samples to study the impact of different types of institutional investors on the performance of companies that have issued oriented additional new shares from both theoretical and empirical aspects. The findings show that compared with companies that issued non-directional additional shares, the directional additional new shares that brought in the institutional investors can significantly improve the corporate performance. Further studies by distinguishing the nature of institutional investors and their investment target indicates that this positive effect is mainly reflected on the related institutional investors and the strategic institutional investors. Further research shows that the role of strategic institutional investors in promoting the performance of the oriented additional share issuing companies is more obvious in state-owned enterprises; while the impact of financial institutional investors on the performance of the oriented additional share issuing companies is not significant either in state-owned enterprises or private enterprises. The conclusion of this paper can provide a reference for the companies issuing oriented additional new shares to choose the issuing targets and for institutional investors to choose the investment targets.

Key words: oriented add-issuance, strategic investors, financial investors, buy-and-hold return, corporate performance

中图分类号:

F821

章卫东, 李浩然, 鄢翔, 罗希. 定向增发机构投资者异质性与公司绩效——来自中国上市公司的经验证据[J]. 当代财经, 2020, 0(2): 89-100.

ZHANG Wei-dong, LI Hao-ran, YAN Xiang, LUO Xi. Heterogeneity of Institutional Investors with Oriented Add-Issuance and Corporate Performance: Empirical Evidences from China’s Listed Companies[J]. Contemporary Finance & Economics, 2020, 0(2): 89-100.

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