定向增发、研发支出与机构投资者——基于博彩行为的解释

Private Placement,R&D Spending and Institutional Investors——An Explanation Based on Gambling Behavior

本文以2008年—2019年定向增发融资的A股上市公司为样本,研究定向增发下研发支出对机构投资者认购新股的影响。研究发现:第一,定向增发中,公司的研发投入强度对机构投资者认购定向增发新股决策的影响呈负向;第二,与项目融资、注入资产以及引入战略投资者类型的定向增发相比,无特定目的的定向增发中,研发投入强度对机构投资者持股偏好具有负向影响,而其余三种类型中影响不显著。本文的研究有助于缓解定向增发中机构投资者与标的公司之间信息不对称的程度,为政策制定和监管部门引导机构投资者在资本市场中发挥作用提供了依据。

Taking a-share listed companies that implemented private placement from 2008 to 2019 as research samples,this paper studies the impact of R&D expenditure on institutional investors subscription of new shares in private placement.The results show that:first,the intensity of research and development investment has a negative impact on institutional investors decision to subscribe for private placement;second,compared with the private placement of project financing,asset injection and the introduction of strategic investors,in the private placement with no specific purpose,the intensity of R&D investment has a negative impact on the shareholding preference of institutional investors,while in the other three types,the impact is not significant.The research in this paper is helpful to alleviate the degree of information asymmetry between institutional investors and target companies in private placement,and provides a basis for policy making and regulatory authorities to guide institutional investors to play a role in the capital market.