募集资金投向变更对上市公司绩效的影响研究

Research on the Impact of the Change of the Orientation of Fund Raising on the Performance of Listed Companies

融资是证券市场的一个基本功能,上市公司为了自身的可持续发展,都会选择在证券市场中募集资金。募集资金的使用效率会对企业自身的经营产生影响。论文以国内有关上市公司募集资金投向变更的研究为基础,分析了上市公司募集资金变更投向的现状,说明了其募集资金的实际使用情况,阐述了导致募集资金变更的原因,并进一步分析了变更募投项目对企业绩效的影响。最后得出变更募集资金投向是一种低效率的资金使用行为。

Financing is a basic function of the securities market,listed companies for their sustainable development,will choose to raise funds in the securitiesmarket.The use efficiency of raised funds will affect the operation of enterprises themselves.Based on the research on the change of the investment in the raised funds of listed companies in China,this paper analyzes the current situation of the change in the investment in the raised funds of listed companies,explains the actual use of the raised funds,expounds the reasons leading to the change in the raised funds,and further analyzes the impact of the change in the raised funds on the enterprise performance.Finally,it is concluded that changing the direction of raised funds is an inefficient use of funds.