IPO 募资双重管制与资源配置——基于自然实验的经验证据

本文探讨我国首发市场中针对募集资金的两种管制政策的交互效应对资源配置的影响.研究结果发现,募资用途和募资额度管制的交互作用会导致募资不足,从而加大公司上市后融资约束的程度,进而引起投资不足. 2009年放开募资额度管制后,公司的融资约束得到缓解,但持有过量的超募资金又会引发过度投资.进一步研究发现,企业持有的超募资金与其长期绩效呈倒U型关系.本文的研究结论对目前处于酝酿中的IPO注册制的相关政策制定和制度设计具有参考意义.

IPO dual regulations and resource allocation: Evidence from natural experiments

This study examines the interactive effect of two fund-raising regulation policies on resource allocation in China''s new stock issuance market. The findings show that the joint effect of regulations on fund usage and the amount of fund raised is likely to lead to fund insufficiency. This will cause financial constraints, and hence under-investment. Since 2009 when regulations on the amount of fund raised were loosened, firms'' financial constraints have been eased. But excessive funds might trigger over-investment. Further analysis indicates that there is an inverse U-shaped relationship between the amount of excessive fund a firm holds and its long-term performance. These conclusions can provide references for policy making and system design of the coming IPO register system.