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Jingdong book

政府监管与股权再融资效率:基于中国配股政策变迁的实证研究

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政府监管与股权再融资效率:基于中国配股政策变迁的实证研究

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《政府监管与股权再融资效率:基于中国配股政策变迁的实证研究》的具体研究工作按照以下三个部分展开:
第一部分(第2章):文献回顾与问题提出。《政府监管与股权再融资效率:基于中国配股政策变迁的实证研究》从法律监管与资本市场的效率、政府监管与资本市场的效率两个方面对国内外文献进行回顾和梳理。通过回顾文献,我们发现国内大量文献模仿了国外文献关于业绩下滑的几大原因,如信息不对称、自由现金流等。而从中国的实践来看,企业的再融资资格受到门槛制度制约,股权再融资资格对中国上市公司而言仍是一种稀缺资源,因此我们认为中国上市公司再融资后的业绩变化和政府监管措施有着千丝万缕的联系。
第二部分(第3章):理论分析。从配股政策变化的影响及企业行为特征变化两方面进行分析,结论是政策对企业行为产生了重要影响,企业融资后的业绩变化具有政策区间效应。
第三部分(第4、5章):实证研究。《政府监管与股权再融资效率:基于中国配股政策变迁的实证研究》将配股事前、事中监管分为盈利要求、时间间隔、产业政策、大股东配股比例、配股比例、治理结构、股利政策、投资政策八个方面,采用OLS模
型、Logistic模型等检验各类行为特征对融资效率的影响。八个方面的结论从企业业绩角度基本支持了政府监管措施的变迁:盈余门槛越高,再融资后业绩下滑得越快;产业政策支持的行业发展速度慢,较难通过负债的形式获得急需的资金;配股比例高的企业融资后业绩更差,配股比例大于30%和小于30%的企业业绩存在着显著差异;大股东配股可以明显减少企业的业绩下滑,是否采用实物配股对企业的业绩没有显著的影响;无论什么原因造成的资金用途变更,均会造成企业业绩的显著下滑;配股前发放现金股利对配股当年业绩产生正面影响,配股后每一年是否发放现金股利与该年的业绩正相关,且发放股利的企业比不发放股利的企业业绩好;关联交易、大股东资金侵占对企业产生负面影响;融资时间间隔为一年的企业业绩劣于融资时间间隔为两年、三年的企业业绩。最后,《政府监管与股权再融资效率:基于中国配股政策变迁的实证研究》对配股的事后监管措施的市场反应进行检验,结果表明事后监管没有发挥作用,违规企业具有一定的行为特点,和配股政策要求密不可分。
Catalogue


前言
1 绪论
1.1 研究背景和问题的提出
1.2 研究意义
1.3 研究范围与基本概念
1.4 研究思路、结构安排和创新

2 文献综述
2.1 股权再融资效率:问题的提出及影响因素
2.2 证券市场政府监管的理论基础
2.3 政府门槛监管、企业融资与资本市场发展
2.4 政府监管与股权再融资:中国的实践
2.5 文献回顾后的反思及启示

3 配股政策变迁及其影响分析
3.1 配股政策变迁对利益相关者的影响
3.2 监管政策与企业行为特征:基于博弈论的理论分析
3.3 监管政策变迁与配股企业行为特征:中国的实践
3.4 配股再融资后经营业绩变化的政策区间效应
3.5 本章小结

4 政府监管与股权再融资效率
4.1 政府监管与股权再融资效率的理论分析框架
4.2 分析与假设
4.3 研究设计
4.4 实证检验与结果分析
4.5 本章小结

5 违规行为事后监管的市场反应及企业的行为特征
5.1 相关文献回顾
5.2 违规行为事后监管的市场反应
5.3 违规公司的行为特征研究
5.4 本章小结

6 结论及研究展望
6.1 主要研究结论及政策评价
6.2 研究的局限性
6.3 研究展望

附表
表1各类政府监管因素的Pearson相关系数
表2第一大股东持股比例、性质与关联交易、大股东资金侵占的Pearson系数
表3违规企业行为特征各变量之间的Pearson相关系数
参考文献
后记
Book Abstract

至此我们对配股前和配股后企业的股利政策进行了研究,从以上的实证分析来看,我们认为配股前的分红要求从形式上可能造成了企业通过分红来操纵净资产收益率以迎合证监会的融资需求,但是从已经成功配股的企业的实际情况来分析,分红对企业能否顺利融资并没有产生实质和重大的影响,因此证监会对配股企业融资前的分红要求并没有产生实质的消极影响。我们进一步地对融资前的分红对企业再融资当年的业绩影响进行了研究,发现融资前一年的现金分红行为对企业再融资当年的业绩产生了积极影响,也就是说配股前现金分红的企业,配股当年的经营业绩更好,但是对股票股利并没有产生显著的影响,这个结果支持了证监会要求企业配股前进行现金分红的要求。
Introduction

本书基于法与金融理论、政府门槛监管与企业融资理论,以中国配股政策变迁作为研究背景,将企业股权再融资后的业绩判别与政府监管措施有机结合起来,选题具有较强的理论价值。研究采用了较先进的研究方法,首先,运用长窗口(1994-2004)数据研究了股权再融资后业绩变化的政策区间效应;然后,将配股政策中事前监管措施和事中监管措施科学地分为盈利要求、时间间隔、产业政策、大股东配股比例、配股比例、治理结构、股利政策、投资政策八个方面,分别检验了各种措施对企业业绩的影响;最后,作者对违规企业事后监管的市场反应进行了检验,并且对违规企业的行为特征进行了研究。实证检验结果合理、自然,得出的结论从企业业绩角度基本支持了政府监管措施的变迁。

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