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本文以经证监会审核的重大资产注入公司为研究对象,实证检验了重大资产注入对上市公司融资约束的影响。研究发现:总体而言,重大资产注入实施之后,上市公司的融资约束并没有得到明显缓解。而进一步实证分析则发现资产注入后大股东与其他外部投资者利益协同程度的高低对公司融资约束会产生重大影响。若资产注入后利益协同度较高,公司融资约束将会得到显著缓解;相反,若资产注入后利益协同度较低,公司的融资约束还可能进一步恶化,导致更严重的外部融资压力。
This article takes the major assets audited by the China Securities Regulatory Commission as the research object and empirically tests the impact of major asset injection on the financing constraints of listed companies. The study found that: Overall, after the implementation of major asset injections, the financing constraints of listed companies have not been significantly eased. Further empirical analysis finds that the degree of synergy between the interests of major shareholders and other external investors after asset injection has a significant impact on the company’s financing constraints. If the interest synergies are high after the asset injection, the company’s financing constraints will be significantly eased. Conversely, if the asset synergies are low after the asset injection, the company’s financing constraints may further deteriorate, leading to more serious external financing pressure.