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本文以1997—2000年沪、深两市实施了配股的A股公司为样本,分析了配股资金的使用情况;采用实证研究的方法,从会计业绩和股票回报率业绩两个方面研究了配股资金使用的不同行为对公司业绩的影响。研究发现配股资金用于改善财务结构的公司业绩要差于投资特定项目公司;关联交易对公司业绩没有产生明显影响;投资项目变更、进度变更对公司业绩有明显的负影响。
This paper analyzes the use of allotment funds based on the A-share companies that implemented allotment in Shanghai and Shenzhen in 1997-2000. By using the empirical research method, the paper studies the allotment funds from two aspects: accounting performance and stock return performance The impact of the different behaviors used on the company’s performance. The study found that the performance of the company that rationed shares was used to improve the financial structure was worse than that of the investment-specific project company. The related party transactions did not have a significant impact on the company’s performance. The change of investment project and schedule change had a significant negative impact on the company’s performance.