IPO募资监管制度变迁与投向变更——基于1996-2017年的经验数据

IPO Fund-Raising Regulatory System Changes and Alternation of Investment Project:Based on the Empirical Data from 1996 to 2017

文章以1996-2017年上市的2401家A股上市公司为研究对象,结合监管制度变迁对IPO募集资金投向及变更情况进行系统描述,并进一步检验监管制度是否能够有效抑制IPO募集资金投向变更行为。描述性统计发现,在监管制度变迁的动态背景下,募集资金投向变更行为呈现明显的阶段性特征。实证检验发现,监管制度确实能够有效抑制上市公司IPO募集资金投向变更行为;而且在国有企业和制度环境较差地区,监管制度对IPO募集资金投向变更的抑制效应更为显著。进一步检验发现,监管制度的实施会减弱IPO募集资金投向变更对企业经营绩效的负面影响。

This paper takes 2401 A-share companies listed from 1996 to 2017 as research objects,systematically describes the investment projects and changes in the direction of IPO raised funds in combination with the changes of regulatory system,and further tests whether the regulatory system can effectively inhibit the changes in the direction of IPO proceeds.The results of descriptive statistics show that under the dynamic institutional background,changes in the use of proceeds presents periodical characteristics.Empirical results show that the regulatory system can effectively restrain the changing behavior.Moreover,in state-owned enterprises and in the regions with poorer institutional environment,the regulatory system has a stronger inhibitory effect on the changing behavior.Further results find that the implementation of the regulatory system can reduce the negative impact of fund-raising changes on firm performance.