我国上市公司配股前后业绩变化及其影响因素的实证研究

Operating performance of China's listed firms following rights issues: causes and consequences

本文首次系统考查了我国上市公司配股融资后的业绩表现及其影响因素。实证研究表明,我国上市公司配股融资后业绩出现显著的下降,和没有配股的配比公司相比,配股公司的业绩要好于配比公司,但在配股后第3年,开始逊色于配比公司,并且,公司配股后业绩的下降幅度大于配比公司。本文首次发现,自由现金流假说能很好解释我国上市公司配股后长期业绩下滑的影响因素,公司配股前的自由现金流量越多,公司配股后的业绩下降得越快,公司的股权集中度低与投资水平低的上市公司,配股后业绩下降得越快。另外,公司的成长性越高,资产规模越大,公司配股后业绩下降的更快。

This paper mainly investigates the changes and causes of operating performance of China's firms conducting rights issues. It is documented that , rights issuers experience a sharp, statically significant decrease in post-offering operating performance; from the pre-offering years to the post-offering year 2, the operating performance of issuing firms is higher than that of the non-issuer matched by industry, asset size, and operating performance, however, in the year 3 following the offering, the operating performance of issuing firms is lower than that of the non-issuer. In the years after the offering, the median issuer's operating performance rapidly deteriorates relative to the non-issuer. Consistent with the implication of the free cash flow hypothesis, the decline in post-offering operating performance is greater for issuing firms that have higher pre-offering free cash flow, and issuing firms with high ownership concentration that invest more in new assets perform better than issuing firms with low ownership concentration that do less. Among rights equity issuers, firms with more growth opportunities have larger post-offering performance declines. Finally, firm size appears to have negative impact on the post-offering performance for issuers.