农业上市公司IPO募集资金投向变更动因研究——一个Logistic回归模型

研究了农业上市公司IPO募集资金变更的影响因素，通过构建Logistic回归模型，发现该行业中非流通股持股比例越高，公司首发募集资金规模越大，公司越容易变更募集资金投向；公司息税前利润越高，越不容易随意变更募集资金投向。而农业上市公司闲置资金、公司规模和再发行哑变量对募集资金是否变更没有显著影响。实证结果证实了农业上市公司中存在大股东委托代理问题，对于IPO资金的使用存在一定的随意性。

An Empirical Study on the Change of IPO Investment Project in Agricultural Listed Company——A Logistic Regression Model

This paper studies the influence factors of the change of IPO investment project in agricultural listed companies. The empirical analysis of Logistic regression shows that non-circulation stock ratio and IPO scale have positive effect on the change, while the earning before interest and tax has negative effect on the change. But the monetary fund, asset scale and the dummy variable of second equity offerings have no effect on the change. Based on the empirical analysis, the paper finds the large shareholder agency problem exists in agricultural listed companies and results in the change of IPO investment project.