地方政府换届与企业募资投向变更的有效性

Local Government Transition and Effectiveness of Changes in Firm Raised Capital Purpose

文章以1996-2010年募集资金投向发生变更的观测作为研究样本,实证分析了地方政府换届对企业募集资金后投资行为的影响。结果表明,在地方政府换届年度,面对可能出现的政策调整,并基于与政府建立新关系的需要,企业更有可能变更其所募集资金的投向。进一步研究发现,与其他年度的募集资金投向变更相比,发生这种变更后企业获得更加宽松的信贷融资和相对正面的经济后果:虽然收益下降,但资本市场反应和企业会计业绩较好,投资效率较高,这一结果在民营企业中更加显著。

This paper takes the observation of changes in raised capital purpose from1996 to 2010as an example to empirically analyze the effect of local government transition on firm investment after raising capital.It concludes that,in the year of government transition,enterprises are more likely to change the purpose of raised capital when confronting possible policy adjustment and based on the need for new relationship with governments.It further shows that compared with the changes in raised capital purpose in other years,after this change enterprises obtain looser credit financing and relatively positive economic consequences:although yields decline,capital market response and firm accounting performance are better,and investment efficiency is relatively higher.And this result is more remarkable in private companies.