政治关联、股权融资与变更募集资金投向——基于中国上市公司的实证研究

Political Connection,Equity Financing, and Alteration of Financing Capitals——Empirical Evidence from Chinese Listed Companies

相比非政治关联企业,政治关联企业能够获得较多的募集资金额度,并且较少出现变更募集资金投向的情况。这说明,政治关联可以起到抑制募集资金变更的作用。进一步的研究表明,在政治关联企业中,发生募集资金投向变更后的企业绩效更好。

The paper finds that,compared with the non-political connection companies,connected companies are less likely to alter the financing capital.This result indicates that the political connection can restrain the altering of the fund capital.Further investigation also shows that altering the financing capital improves the performance in connected companies.