|
|
Study on Ownership, Private Placement and Capital Allocation Efficiency of Listed Companies |
LIU Binbin |
|
|
Abstract Taking the data of China A’s stock marketfrom 2006 to 2012 as samples, this paper investigates the effect of the difference of subscribing modes and bidding bodies of private placement of state-owned and private listed companies on the capital allocation efficiency. The results show that the private placement of private listed companies with ROA above market mean level can contribute to improvement of the capital allocation efficiency which will be even higher if it is subscribed with cash compared with non-cash; private placement of state-owned listed companies can barely influence the capital allocation efficiency. Moreover, participation of the controlling stock holders in the subscribing of new-issued stock can help to improve the capital allocation efficiency among those private companies with ROA below market mean level. Finally, several policy suggestions are put forward based on the results above.
|
Received: 04 November 2014
Published: 15 May 2015
|
|
Corresponding Authors:
LIU Binbin
E-mail: binbinliu163@163.com
|
|
|
|
[1] |
韩立岩,蔡红艳. 我国资本配置效率及其与金融市场关系评价研究[J]. 管理世界,2002, (1): 65-70.
|
[2] |
苏力勇、欧阳令南. 分红派现、股权再融资与股票市场股权资金配置效率[J]. 证券市场导报,2009, (5): 68-77.
|
[3] |
朱凯,万华林,陈信元. 控股权性质、IPO与银行信贷资源配置[J]. 金融研究,2010, (5): 179-190.
|
[4] |
祝继高、陆正飞. 产权性质、股权再融资与资源配置效率[J]. 金融研究,2011, (1): 131- 148.
|
[5] |
Abiad A., Oomes N., Ueda K., The Qulity Effect: Does Financial Liberalization Improve the Allocation of Capital[J]. Journal of Development Economics, 2008, 87(2): PP. 270-282.
|
[6] |
Megginson W. L., Netter J.M.. From State to Market: A Survey of Empirical Studies on Privatization[J]. Journal of Economic Literature, 2001, 39(2): 321-389.
|
[7] |
方军雄. 所有制, 制度环境与信贷资金配置[J]. 经济研究,2007, (12): 82-92.
|
[8] |
吕品, 王大俊. 我国不同所有制工业企业的资本配置效率比较研究[J]. 产经评论,2011, (4):40-48.
|
[9] |
Shaw E.S.. Financial Deepening in Economic Growth[M]. New York: Oxford University Press, 1973.
|
[10] |
Mckinnon.R.I.. Money and Capital in Economic Development[M]. Washington DC:The Brookings Institution, 1973.
|
[11] |
Arrow, Kenneth,J.. What Has Economics to Say about Racial Discrimination[J]. Journal of Economic Perspectives, 1998, 12(2):91-100.
|
[12] |
Friedman E., Johnson S., Mitton T.. Propping and Tunneling[J]. Journal of Comparative Economics, 2003, 31(4): 732-750.
|
[13] |
Baek, J., J.K. Kang, I. Lee. Business Group and Tunneling: Evidence from Private Securities Offerings by Korean Chaebols[J]. Journal of Finance 2006, 61(5): 2415-2449.
|
[14] |
Barclay M. J., Holderness C. G., Sheehan D P.. Private Placements and Managerial Entrench- ment[J]. Journal of Corporate Finance, 2007, 13(9): 461-484.
|
[15] |
Wruck K.H., Wu Y.L.. Relationships, Corporate Governance, and Performance: Evidence from Private Placements of Common Stock[J]. Journal of Corporate Finance, 2009, 15(1): 30- 47.
|
[16] |
张祥建, 郭岚. 资产注入、大股东寻租行为与资本配置效率[J]. 金融研究,2008, (2):98-112.
|
[17] |
颜淑姬. 资产注入—利益输入或利益输出[J],商业经济与管理,2012, (3): 75-84.
|
[18] |
Miguel A.D., Pindado J. and Torre C., Ownership Structure and Firm Value: Evidence from Spain[J]. Strategic management Journal, 2004, 25(12): 1199-1207.
|
[19] |
Pindado J., Chabela T.. Effect of Ownership Structure on Underinvestment and Overinvestment: Empirical Evidence from Spain[J]. Accounting & Finance, 2009, 49(2): 363-383.
|
[20] |
赵琼, 任薇. 上市公司股权结构与综合经营绩效的相关性分析—基于我国上市公司2001-2005年数据[J]. 经济问题,2008,(1):74-77.
|
[21] |
周冀翔. 股权结构与公司绩效:基于动态内生性视角的经验证据[J]. 经济管理,2012, (1):71-82.
|
|
|
|