上市公司募集资金闲置与投资绩效低迷之关联性研究——基于调查问卷的分析

The Correlation between Idle Raised Fund and Low Investment Performance of Listed Companies in China——An Analysis on a Questionnaire Survey

基于问卷调查的结果,采用结构方程模型研究我国上市公司募集资金闲置与投资绩效低迷之间的关联性,结果表明:我国上市公司闲置募集资金与投资绩效低迷之间存在显著的相关性;在募集资金闲置的表现形式上,上市公司多偏向采用委托理财、投资国债以及购买其他公司股票,而很少会将募集资金存入银行或者拆借给大股东或其他关联单位;当募集资金闲置导致投资绩效低迷时,上市公司应主要从公司内部治理的角度寻找原因,诸如投资决策过程缺乏民主、对项目的控制和反馈失效以及项目管理人员能力不足;而非一味强调政府干预过多以及外部市场环境变化过快。

Based on a questionnaire survey, this paper discusses the correlation between the idle raised fund and the low investment performance of listed company in China by structural equation modeling. The results are as following： there is a significant correlation between idle raised fund and low investment performance ;Among various manifestation of idle raised fund, listed companies incline to change the fund to mandatory financing, national debt investing and purchasing other stocks, seldom did they use raised fund to depositing in bank or lending to large shareholders or other correlative units; If low investment performance is proved to be caused by raised fund idleness, the listed companies should make their way through improving corporate governance, namely, to find if there are problems in democracy lack in investment decision making process, invalidity of project＇s control and feedback and capability deficiency of project manager; and overemphasis on over intervene of government and rapid change of outer market circumstance is not a wise way.