募集资金对上市公司市场拓展能力影响的实证研究

研究表明 ,1996～ 2 0 0 0年期间 ,我国上市公司募集资金整体市场拓展能力逐年增强 ;配股、增发等投入周期短的再融资资金市场拓展能力较强 ;两次募集资金间隔为 3年和 4年的上市公司市场拓展能力强于时间间隔更短的募集资金的情形 ;进入门槛相对较低、建设周期短的行业上市公司募集资金的市场拓展能力显著比其他行业强 ;而配股时大股东参与配股比例、大股东是否国有性质对市场拓展能力的影响不显著。

In this paper, the impact of raised fund has on marketability of some listed companies who had raised money from securities market from 1996 to 2000 is studied. It shows that the overall marketability of raised fund collected by these listed companies has been improved year by year. Some re-financing funds with short investment period, like allotted and re-issued shares, have achieved better marketability. Among the companies who have repeatedly raised money from securities market, those raised fund by 3- or 4- year duration have achieved better marketability than those raised fund by shorter duration. Some industries with less entry limit and short construction period, like commercials, electronic information, consumer electronics, have achieved fairly outstanding marketability than other industries. While the involvement of big shareholder and the nature of big shareholder whether state-owned or not in share allotment of listed companies has insignificant influence on the marketability of its raised fund.