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本文以2007—2012年我国沪深A股市场的定向增发公司为样本,通过双重差分法考察了择时融资对企业经营业绩的影响。研究发现,定向增发会导致企业经营业绩下滑,而择时融资企业的下滑更加明显;大股东行为会影响择时融资与经营业绩之间的作用关系,对于大股东参与认购的定向增发公司来说,择时融资对经营业绩的负面影响更加突出;如果募集资金被用于并购,那么择时融资将不会对经营业绩产生显著影响。本文的研究说明,只有强化对募集资金使用的内部控制,实体经济才能从资本市场的繁荣中获益。
In this paper, we take the private placement of listed companies in China’s Shanghai and Shenzhen A-Shares from 2007 to 2012 as a sample, and examine the impact of timing financing on the business performance through double difference method. It is found that private placement can lead to the decline of business performance, while the decline of select-time financing enterprises is more obvious. The behavior of large shareholders will affect the relationship between time-selective financing and business performance. For the private placement of large shareholders , Timing financing has a more prominent negative impact on business performance. If raised funds are used for M & A, timing financing will not have a significant impact on business performance. The research in this article shows that only by strengthening the internal control over the use of funds raised can the real economy benefit from the prosperity of capital markets.