超募、投资机会与公司价值
财经研究 2015 年 第 41 卷第 09 期, 页码:
摘要
参考文献
摘要
资本市场的不完美常常导致公司融资资金与投资资金的错配,IPO超募的存在为我们研究此情形下公司投资机会对公司价值的影响提供了理想的背景。文章选取2008-2010年间在上交所和深交所上市的532家A股公司作为研究样本,对是否应当使用超募资金进行投资以及超募资金投资与公司价值之间的关系进行了研究。结果表明,使用超募资金进行投资存在自由现金流的代理问题,但是具有不同投资机会的公司超募资金使用效率不同,对于具有良好投资机会的公司,超募资金可以改善公司业绩,股票市场表现也较好。文章认为,对于具有良好投资机会的公司,应该鼓励其使用超募资金进行投资,从而推动实体经济的发展。
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[2]黄志忠,张程睿.IPO超募、过度投资与公司价值[J].证券市场导报,2013,(8):18-22.
[3]夏芸,徐欣.公司内部治理与IPO超募资金的使用——来自中国证券市场的研究[J].证券市场导报,2012,(10):28-34.
[4]谢获宝,谭郁,惠丽丽.上市公司IPO超募与投资效率研究——基于创业板市场的经验证据[J].证券市场导报,2014,(1):19-25.
[5]Bergstresser D. Discussion of “Overinvestment of free cash flow”[J]. Review of Accounting Studies, 2006,11(2-3): 191-202.
[6]Blanchard O J, LopezdeSilanes F, Shleifer A. What do firms do with cash windfalls?[J]. Journal of Financial Economics, 1994, 36(3): 337-360.
[7]Doukas J. Overinvestment, Tobin’s q and gains from foreign acquisitions[J]. Journal of Banking and Finance, 1995, 19(7): 1285-1303.
[8]Fan J P H, Wong T J, Zhang T. Politically connected CEOs, corporate governance, and postIPO performance of China’s newly partially privatized firms[J]. Journal of Financial Economics, 2007, 84(2): 330-357.
[9]Fazzari S, Hubbard R G, Petersen B C. Financing constraints and corporate investment[J]. Brookings Papers on Economic Activity, 1988,19(1): 141-195.
[10]Jensen M C. Agency costs of free cash flow, corporate finance, and takeovers[J]. American Economic Review, 1986, 76(2): 323-329.
[11]Kaplan S N, Zingales L. Do investmentcash flow sensitivities provide useful measures of financing constraints?[J]. Quarterly Journal of Economics, 1997,112(1): 169-215.
[12]Lang L H P, Stulz R, Walkling R A. A test of the free cash flow hypothesis: The case of bidder returns[J]. Journal of Financial Economics, 1991, 29(2): 315-335.
[13]McConnell J J, Servaes H. Equity ownership and the two faces of debt[J]. Journal of Financial Economics, 1995, 39(1): 131-157.
[14]Richardson S. Overinvestment of free cash flow[J]. Review of Accounting Studies, 2006,11(2-3): 159-189.
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邢 斌, 徐龙炳. 超募、投资机会与公司价值[J]. 财经研究, 2015, 41(9): 0.
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