定向增发企业多元化扩张对“SEO业绩之谜”的影响研究

以2007~2019年实施定向增发的A股上市公司为研究样本,从多元化经营视角分析定向增发企业业绩下滑的原因。研究发现,定向增发后,企业多元化经营程度显著加深,且这一趋势在民营企业中表现更明显;定向增发企业在融资后的多元化经营行为会显著提高企业财务风险,并导致其全要素生产率下降。进一步研究还发现,大股东机会主义动机和管理层过度自信,是企业加深多元化经营的主要原因;定向增发企业通过多元化经营,更倾向于涉入非相关行业和产业政策所扶持的行业。

Research on the Influence of Diversification of Private Placement Companies on "SEO Performance Puzzle"

Using firm-level data of Shanghai and Shenzhen A-share listed firms of private placement from 2007 to 2019,from the perspective of diversification,this paper analyzes the reasons of the declining performance of private placement enterprises.The results show that①Enterprises have a significantly higher degree of diversification after the private placement,and this trend is more pronounced in non-state-owned enterprises.②The diversification of private placement enterprises after financing will not only increase the financial risk but also lead to a decline in corporate performance.③Further study reveals that the opportunist motivation of major shareholders and the overconfidence of management are the main reasons for the diversification of enterprises.In addition,private placement enterprises are more inclined to get involved in non-related industries and industries supported by industrial policies through diversification after private placement.