中国上市公司过度融资对公司创新影响——基于募投资金变更数据的研究

The Effect of Chinese Listed Companies’ Over-Financing on Corporate Innovation Based on the Alteration of Financing Capital

在中国IPO及SEO采取核准制的背景下,上市公司变更募集资金投向行为较为突出.不同于以往研究,文章以将募集资金投向变更为补充资金流动性为切入点,探究了上市公司募集资金投向变更行为的目的及其对公司创新能力的影响.研究发现,伴随原募集资金投向变更为补充资金流动性,公司理财产品投入随之增加,同时,对于公司治理水平较差的上市公司,其募集资金投向变更后买入理财产品的行为将严重影响上市公司创新能力的提升,这也是限制企业长期发展的重要原因之一.

The alteration of listed companies＇ financing capital is relatively frequent against the background of IPO or SEO adopting approval system. Different from previous research, this paper investigates the aim of change in investment project and its effect on corporate innovation based on the behavioral study of changing the project for supplying financial liquidity. As shown in the study, when the investment of financing capital is altered to supply financial liquidity, the investment in financing product increase accordingly. Especially for the listed company whose level of corporate governance is low, the alteration of financing capital and the investment in financing product would badly affect the improvement of corporate innovation,which has become an important reason of restricting long-term development of listed companies.