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配股是我国上市公司筹集资金的重要渠道和方式,然而综观我国10年配股历史,直观的感觉是配股资金的使用效率实在难以令人满意。本文选取我国127个上市公司为样本,应用回归分析的方法对上市公司配股资金的使用效率进行实证分析。结果表明,我国上市公司配股资金的使用效率确实低下,严重扭曲了配股机制。文章进一步分析了我国上市公司配股融资过程中出现的问题和根源,指出在配股融资过程中,上市公司存在更改募集资金投向,大股东通过放弃配股权“合法”转移中小股东财富,“重筹资、轻使用”等问题,并指出导致这些问题的根本原因在于制度环境的不完善。
Rights issue is an important channel and way of raising funds for listed companies in our country. However, when we look at the history of placement of shares in China for ten years, the intuitive feeling is that the utilization efficiency of rights issue is really unsatisfactory. This paper selects 127 listed companies in our country as a sample, and applies regression analysis method to make an empirical analysis of the efficiency of the use of allotment funds of listed companies. The results show that the use efficiency of the allotment of listed companies in China is indeed low, seriously distorting the rights issue mechanism. The article further analyzes the problems and causes in the process of placement of shares of listed companies in our country. It points out that in the process of placement of shares, the listed companies have to change the way to raise funds, and the major shareholders transfer the “small and medium shareholders” wealth by “ Light use ”and other issues, and pointed out that the root cause of these problems is the imperfect institutional environment.