Ownership, Private Placement and Corporate Performance
- 管理学院－已发表论文 
定向增发自推出后,取得了飞速发展,成为当前我国上市公司最主要的股权再融资方式。从不同产权性质考察上市公司进行定向增发的意愿以及定向增发对上市公司业绩的影响,在当前国企改革不断推向前进、大力发展直接融资的时代背景下具有重要的现实意义。以2011—2014年完成定向增发发行的A股上市公司为样本,实证结果发现,相比于国有上市公司,民营上市公司更有意愿进行定向增发;不管是在短期还是在长期,民营上市公司进行定向增发的业绩都比国有上市公司好。这说明民营上市公司定向增发的资本配置效率更高,更有动机通过定向增发来改善公司业绩。Since their implementation in 2006, private placements have grown rapidly, becoming the primary channel of equity refinancing. At present, the reform of state-owned enterprises and direct financing are constantly pushed forward, it＇s crucial to study listed companies＇ private placements with property rights of different natures. This paper used the data on the private placements of listed companies in the period of 2011-2014 as samples to study the tendency and performance of listed companies on the basis of different natures of ownership. We found that China＇s privately-owned listed companies are more inclined than state-owned listed companies to carry out private placements. What＇s more, in both the short- and long-terms, private listed companies performed better than their state-owned counterparts by private placements.