证券市场配股政策的变迁及其市场影响

配股是上市公司再融资的重要途径,会计利润符合配股政策标准始终是上市公司是否具有配股资格的前提条件。本文回顾了中国证券市场历次配股政策的变迁,并观察到历次配股政策变迁均伴随了相关会计信息(净资产收益率)分布的明显变化。该证据从宏观意义上表明,配股政策在试图甄别优质公司的同时,也在相当程度上诱发了市场会计信息供给的扭曲。

Satisfactory earning records are preconditions ofrights issues. This paper reviews the evolution of policies onrights issues in China stock market as well as theaccompanying marked adaptation of related accounting info(profit margin). Evidence proves that, from the macro-pointof view, rights issue policies are two-edged in that while theyare intended to differentiate quality companies, to a largeextent, they trigger deliberate distortion of accountinginformation provided to the public.