挂牌、股权融资与公司业绩——来自新三板挂牌公司的证据

本文采用双重差分法把新三板市场"挂牌上市"对企业的影响分拆成"挂牌效应"和"融资效应"。本文发现:"挂牌效应"没有导致新三板挂牌公司财务费用降低,而只是导致了新三板挂牌企业持有更多的现金。企业在新三板挂牌之后盈利水平下降,原因是管理者为了追求"融资效应"进行盈余管理。此外,挂牌后的企业对研发的投入都有显著提高,但只有获得融资的企业研发质量有显著上升。因此,本文认为政府应该增加定向贷款支持,加速企业创新;放开行政管制,发展企业债市场;完善股票市场制度,促进资源优化配置;同时企业应该完善公司治理结构,理性面对挂牌。

In this paper, we employ the DID method to separate the impact of the ＂listing＂ in NEED market on NEEQ firms into ＂listing effect＂ and ＂financing effect＂. We find that listing effect does not lead to the lower financing expenses, but the higher cash holdings. And the profitability of firms has declined after being listed because managers manage earnings in pursuit of ＂financing effect＂. In addition, after listing, the firms have made more investments in R＆D, but only the financing enterprises have significantly improved R＆D quality. Therefore, the paper puts forward some suggestions that the government should increase the support of targeted loans to accelerate the innovation of firms; liberalize administrative controls to develop the corporate bond market; and improve the stock market system and promote optimal allocation of resources. Enterprises should improve the corporate governance structure and rationally face the process of listing.