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论文编号：	1291
作者编号：	2120071940
上传时间：	2009/6/16 10:48:35
中文题目：	权益再融资资金使用方式与大股东
英文题目：	An Empirical Study on the Usag
指导老师：	孙广平
中文关键字：	权益再融资;大股东占款;资金投向
英文关键字：	seasoned equity offering;major
中文摘要：	融资是证券市场的一个基本功能。上市公司从证券市场上融资，是为了投资于更好的项目，最大化公司的价值。但是在我国存在许多上市公司为了“圈钱”盲目融资，没有很好的投资项目，导致大量的募集资金的闲置。上市公司在证券市场上大肆“圈钱”，大股东占用上市公司资金、“掏空”上市公司的例子不在少数。大股东及其他关联方占用上市公司资金的现象，是上市公司治理的致命风险，这已经成了我国证券市场的一大顽疾，不仅拖垮了众多的上市公司，损害了广大中小股东的合法权益，而且也阻碍了证券市场的健康发展。 　　本文从募集资金使用方式角度研究大股东占款，分析募集资金使用方式和募集资金投向和进度变更对大股东占款的影响。首先回顾了国内外这个领域的已有研究成果，并对大股东占款和上市公司增发配股的相关性进行了理论分析，根据前人研究成果，建立了回归方程，对中国资本市场2001-2005年进行增发配股的250家上市公司进行了实证检验，结果发现有具体投资项目的大股东占款显著低于没有具体投资项目的大股东占款，这说明没有具体投资项目的再融资资金使用受到的监督较弱。此外，我们还发现我国上市公司存在募集资金大面积、大规模的变更现象。如果上市公司在实际使用募集资金的过程中，为顺应不断变化的市场以及适应产业结构调整的需要而变更募集资金的投向，同时又能实现股东价值最大化，这种变更无可厚非，但现实是相当多的上市公司频繁变更募集资金投向，这已成为一种非正常现象。同时，我们还发现募集资金投向和进度变更与大股东占款存在正相关关系，即权益再融资资金投向和进度发生变更，上市公司越倾向于高的大股东占款。
英文摘要：	Raising funds is a basic function of securities markets. Raising funds is to collect money for investing on better projects and maximizing the company value. However, in China, there are lots of companies that raising money blindly in order to collect more money. Blindly raising money leads to lots of idle money. Many listed companies have financed vigorously in the securities markets, majoritiy shareholders have occupied the capital of listed companies, “tunllelled” listed companies. Shareholders and other related parties occupy the funds of listed companies, which is listed on the fatal risk of corporate governance, not only caused the collapse of a large number of listed companies, harmed the legitimate rights and interests of minority shareholders, but also hampered the healthy development of the securities market. 　　The artile tries to find the relations between the majority shareholders capital occupying and the usage of seasoned equity offering funds, and the relations between the majority shareholders capital occupying and the change of the investment projects and schedule. This artile first reviewed the domestic and forgeign research and the relevance between majority shareholders capital occupying and seasoned equity offering, and then establish regression equation on the basis of the actual situation of China’s securities markets. We selected the listed companies who had implemented seasoned equity offering in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2001 to 2005 as the researeh samples. We find that the majority shareholders capital occupying of the seasoned equity offering companies who have specific investment projects is significantly lower than that of no investment project. This shows that there are less supervision in seasoned equity offering funds of no sepcial investment projects. We found the phenomenon of the domestic listed companies change the usage of proeeeds in a large scale . The listed companies change the investment projects in order to comply with the changing market, as well as to adapt to the needs of industrial restructuring, which is nothing. But the reality is a considerable number of listed companies change the investment projects, which is a non-normal phenomenon. We also found that if the listed companies change the investment projects and schedule, they have higher majority shareholders capital occupying.
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