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本文对我国上市公司配股资金的使用情况进行分析。研究发现,配股资金的闲置对上市公司的业绩没有产生明显的影响,配股资金闲置少的公司配股后的长期会计业绩要差于配股资金闲置多的公司,而配股资金闲置少的公司配股后的长期市场业绩好于配股资金闲置多的公司。配股资金被大股东占用对公司的长期会计业绩与市场业绩均带来负面的影响。大股东占款多的公司配股后的长期会计业绩与市场业绩均差于大股东占款少的公司。变更配股资金投资项目对公司的长期会计业绩与市场业绩有显著的负影响。配股资金投资项目变更公司配股后的长期会计业绩与市场业绩显著差于配股资金投资项目未变更公司。
This article analyzes the use of allotment funds of listed companies in our country. The study found that the idle shares allotted no significant effect on the performance of listed companies. The long-term accounting performance after the placement of shares with less idle funds was worse than that of the unallocated allotment funds. After the placement of shares with fewer idle funds Long-term market performance better than placement funds idle more companies. Allotment of share capital by major shareholders has a negative impact on the company’s long-term accounting performance and market performance. The long-term accounting performance and market performance of companies with large shareholders ’shareholdings after the rights issue are both worse than the companies with less major shareholders’ shareholdings. The change of allotment funds investment projects have a significant negative impact on the company’s long-term accounting performance and market performance. Allotment of funds investment projects change After the placement of shares of the company’s long-term accounting performance and market performance was significantly worse than the allotment of funds investment projects did not change the company.