文献类型：期刊文献

中文题名：定向增发陷入“资本诅咒”陷阱了吗?——基于融资约束视角的研究

英文题名：Does Private Placement Fall into the Trap of “Capital Curse”?——Study from the Perspective of Financial Constraints

作者：刘超[1];阮永平[1,2];郑凯[1]

机构：[1]华东理工大学商学院;[2]华东理工大学商学院公司财务研究所

年份：2019

期号：7

起止页码：87

中文期刊名：国际金融研究

外文期刊名：Studies of International Finance

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；社科基金资助期刊;CSSCI:【CSSCI2019_2020】；

基金：国家自然科学基金项目“IPO市场机制异化的定价后果研究”(71672057)、“衍生金融工具的使用、风险信息披露与投资者的风险感知和投资决策——基于心理和行为视角的研究”(71702104)资助

语种：中文

中文关键词：定向增发;融资约束;资本诅咒;非理性投资;银行信贷

外文关键词：Private Placement;Financial Constraints;Capital Curse;Irrational Investment;Bank Credit

摘要：本文以2007-2017年我国实施定向增发的A股上市公司为研究样本,实证检验了定向增发对企业融资约束的影响。研究发现,定向增发后,企业非理性投资增加,融资需求上升,进而导致融资约束显著加剧。当有机构投资者参与时,可以缓解其融资约束加剧现象。定向增发对不同产权性质企业融资约束的影响具有非对称性,只有民营企业融资约束呈现加剧趋势。进一步探究差异原因时发现,民营企业不仅定向增发本身受到歧视,而且定增后信贷融资能力下降,具体表现为信贷融资成本上升和信贷规模下降,而国有企业信贷融资能力则无明显变化。本文研究表明,定向增发陷入了"资本诅咒"陷阱,这为进一步推动资本市场供给侧改革和提高资源配置效率提供了经验证据。
Using firm-level data of Shanghai and Shenzhen A-share listed firms of private placement in China from2007 to 2017, this paper examined the impact of PIPEs on corporate financial constraints. The results showed that corporate financial constraints significantly increased after private equity financing with the strong investment hunger and more urgent financing needs. The participation of institutional investors can help mitigate rising financial constraints. What’s more, private placement have asymmetric effects on the financial constraints of the different enterprises. Compared with the state-owned enterprises, the financial constraints of non-state-owned enterprises aggravated more seriously. Further investigation of possible causes for these differences showed that non state-owned companies got less resources by private placement, and this refinancing method mainly embodied a substitute financing mechanism for bank credit. In addition, empirical tests also showed that after private placement, companies ran into the problem of irrational investment, which provided more evidence that an irrational pursuit for rapid growth caused by private placement would lead to tighter financial constraints. The main results remain relevant when we used PSM-DID method to address endogeneity concerns. This paper demonstrated the unreasonable supply structure of capital market, and private placement had fallen into the trap of capital curse. Corresponding policy suggestions have been proposed in this paper to optimize the captial supply structure and improve the efficiency of resource allocation in private placement market.