上市公司变更再融资投向对公司业绩的影响

The Influence of Changing the Committed Investment Projects of Listed Companies′ Equity Refinance on Company Performance

以1998—2002年在中国沪深两市配股、增发后于2000-2002年期间变更再融资投向的174家上市公司为样本，通过分析再融资投向变更前三年、变更当年及后三年中每一年变更公司和配比公司业绩指标的差异，以及变更前后变更与配比公司业绩的差异程度，对变更再融资投向对上市公司经营业绩的影响进行了研究。研究结果表明：经营业绩差的上市公司容易变更再融资投向，变更投向后经营业绩非但没有好转却进一步恶化，从长期看，公司变更后的业绩呈下降趋势，与配比公司的差距也趋于扩大。

The paper is based on the performance of 174 listed companies that have changed committed investment projects from 2000 to 2002 after having allotment or adding share issue in Shanghai and Shenzhen stock exchanges in China from 1998 to 2002. The effect of changing the committed investment projects of listed companies＇ equity refinance on company performance is examined by comparing the annual performance of the changed company with mate company and by comparing the degree of difference during the changing year and three years before and after the change. The results show that listed company with bad performance is very likely to change the committed investment projects, but the after-change performance is worse. In a long run, the downtrend of after-change performance of the company is inevitable. The performance difference with the mate company also expands.