摘要
本研究基于2013—2023年沪深证券交易所非金融类上市公司的面板数据,运用双重差分模型和事件研究法对“股权再融资绩效下降之谜”进行了系统性再检验。实证研究发现:上市公司在实施股权再融资后确实存在显著的绩效下滑现象,且这种负向效应具有持续性,在融资后第五年仍未明显减弱;通过分时段稳健性检验发现,自2019年再融资政策放宽以来,融资企业的绩效下降趋势更加显著;机制检验表明,股权再融资后双重代理成本同步上升是企业绩效下降的主要原因;异质性分析显示,较高的控股股东持股比例、机构投资者持股比例以及国有产权属性能够有效缓解再融资的负面经济效应,而较高的管理层持股比例则会加剧这一效应。研究结论为当前经济新常态下优化资本市场融资功能、支持实体经济发展和实施创新驱动发展战略提供了重要的政策启示。
Based on the panel data of non-financial listed companies in Shanghai and Shenzhen stock exchanges from 2013 to 2023,this study systematically re-examines the"mystery of declining performance of equity refinancing"by using double-difference modeling and event study method.The empirical study found that there is indeed a significant performance decline in listed companies after the implementation of equity refinancing,and this negative effect is persistent and has not been significantly weakened in the fifth year after the financing;the time-phased robustness test finds that the performance decline trend of financing firms has become more significant since the relaxation of refinancing policy in 2019;the mechanism test indicates that the simultaneous rise in dual agency costs after equity refinancing is the main reason for the decline in firm performance;heterogeneity analysis shows that higher controlling shareholder ownership,institutional investor ownership,and state-owned property attributes are effective in mitigating the negative economic effect of refinancing,while higher management ownership exacerbates this effect.The findings of the study provide important policy insights for optimizing the financing function of the capital market,supporting the development of the real economy and implementing the innovation-driven development strategy under the current new economic normal.
作者
吕峻
李莎
Lv Jun;Li Sha(Institute of Quantitative and Technological Economics,Chinese Academy of Social Sciences,Beijing 100732,China;Project Evaluation and Strategic Planning Research and Consulting Center,Chinese Academy of Social Sciences,Beijing 100732,China;School of Applied Economics,University of Chinese Academy of Social Sciences,Beijing 102401,China)
出处
《金融发展研究》
北大核心
2025年第4期3-14,共12页
Journal Of Financial Development Research
基金
国家社会科学基金重大项目“人工智能技术变革对我国经济社会发展的影响及对策研究”(24&ZD049)
中国社会科学院重大国情调研项目“新形势下民营中小型科技企业投融资状况调研”(2024GQZD007)。
关键词
股权再融资
治理机制
事件分析法
代理成本
资本市场
equity refinancing
governance mechanisms
event analysis
agency costs
capital markets
作者简介
吕峻,中国社会科学院数量经济与技术经济研究所,中国社会科学院项目评估与战略规划研究咨询中心,研究员,研究方向为企业财务和公司金融;李莎,中国社会科学院大学应用经济学院,研究方向为公司金融与估值。
