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论文编号：	12568
作者编号：	2120192802
上传时间：	2021/6/16 9:48:50
中文题目：	再融资新规下企业投资行为研究 ——基于融资约束的中介效应
英文题目：	Research on the Investment Behavior under the New Refinancing Regulations：Based on the Intermediary Effect of the Financing Constraints
指导老师：	陆宇建
中文关键字：	再融资新规；投资行为；融资约束；中介效应
英文关键字：	Refinancing Regulations; Investment Behavior; Financing Constraints; Intermediary Effect
中文摘要：	再融资新规于2017年2月17日发布，对增发等股权再融资的发行资格、筹资规模、筹资间隔等方面作出更多规范要求，目的是为了规范引导发行主体理性融资，提升资金使用效率。投资是企业持续经营和发展壮大的必要财务活动，投资效率关系到资产的保值增值以及可持续发展，融资是投资的资金保障，所以有必要研究再融资新规对企业投资行为的影响。由于再融资新规限制了企业股权再融资方式导致融资规模受限，形成融资约束，造成自由现金流减少，可以抑制企业过度投资行为，减少新增投资，促进理性投资，所以本文将融资约束作为中介效应纳入两者关系的研究；本文还进一步研究了新规对不同产权性质、企业规模和研发投入水平企业投资行为的影响。 本文基于信息不对称理论、委托代理理论、优序融资理论、债务治理理论和自由现金流理论提出假设，并选取2012年1月1日至2019年12月31日期间剔除了金融业、ST公司的A股上市公司中发布增发预案公告的企业作为研究对象并将其设置为处理组，将未发布增发预案公告的企业作为对照组，使用PSM进行样本匹配来消除内生性问题，使用DID模型检验新规政策效应，用新增投资和Richardson模型计算的残差分别衡量理性投资和投资效率，用SA指数衡量企业受融资约束程度。研究发现：（1）实施再融资新规将减少企业新增投资，促进理性投资，但是对投资效率没有显著影响；（2）融资约束对再融资新规和新增投资间的关系起到中介作用；（3）再融资新规能显著减少非国有企业、中小企业和低研发投入企业的新增投资，而国有企业、大型企业和高研发投入企业的投资行为没有显著变化。 本文研究了再融资新规对新增投资和投资效率的影响，为信息不对称影响非效率投资提供了新证据，从融资约束角度探讨了再融资新规对上市公司投资行为的作用路径，发现了不同类型企业的投资行为受新规影响的异质性，从而为新规影响投资行为的具体路径提供了直接证据。
英文摘要：	The new refinancing regulations issued on February 17, 2017 imposed many restrictions on the qualifications, scale and interval of seasoned equity offering. The purpose of the strategy is to regulate and guide issuers to raise funds rationally and make full use of funds. Investment is a necessary financial activity for the operation and development of enterprises because it’s related to the preservation and appreciation of assets. It is necessary to study the impact of new refinancing regulations on behavior of investment because financing provides revenue for investment. Due to the limits of amounts and channels arising by the regulations, financing constraints are formed which can reduce cash flow, decrease new investment and curb over investment as a result. Based on this, the financing constraints as a intermediary role is included in the research. For the further study, the dissertation discussed the differences about influence of new refinancing regulations on investment among diverse property rights, enterprise scale and R&D investment. The dissertation proposed hypotheses based on information asymmetry theory, principal-agent theory, pecking order theory, debt governance theory, free cash flow theory and selected domestic listed companies issued seasoned equity reports during January 1, 2012 to December 31, 2019 as sample for research. To make the results more reliable, the enterprises in financial industry and being special treatment were eliminated. PSM was used for sample matching to eliminate endogenous problems, DID model was used to test the policy effect of new regulations, the added investment and Richardson model were used to measure rational investment and investment efficiency respectively, and SA index was used to measure the degree of financing constraints. The results show that: (1) the implementation of new regulations on refinancing can reduce added investment and promote rational investment, but it has no significant impact on investment efficiency; (2) financing constraints play an intermediary role in the relationship between new regulations and added investment; (3) the rules can significantly reduce new investment of non-state-owned enterprises, small and medium-sized enterprises and enterprises with low R&D investment. While there are no significant changes in the investment behavior of state-owned enterprises, large enterprises and corporations with high R & D investment. The impact of the new regulations on added investment and investment efficiency which is the topic of the dissertation provides new evidence for the impact of information asymmetry on inefficient investment. From the perspective of financing constraints, this dissertation discussed the path of the new regulations on the investment behavior of listed companies, and finds the heterogeneity about the investment behavior of different types of enterprises affected by the rules, so as to provide a theoretical basis for the economic consequence of the new refinancing regulations.
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