期刊文献+

大股东代理问题与IPO募集资金的使用 被引量:23

Large Shareholder Agency Problem & the Use of IPO Proceeds
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摘要 本文在单一股东价值模型的基础上,引入第一大股东的代理行为,并对IPO募集资金使用情况的影响因素进行理论分析,进而提出研究假说.用中国股市A股IPO数据对假说进行检验,发现IPO募集资金的使用受到第一大股东代理行为的影响,第一大股东政治级别越高和财务杠杆越小的上市公司的募集资金投入程度显著越低.IPO募集资金的使用也受到股东价值驱动因素的影响,上市后三年平均营业利润率越高的公司,IPO募集资金投入程度显著越高. This paper proposes a shareholder value model, in the first place and then introduces the large shareholder agency problem to analyze the use of IPO proceeds. Based on the theoretical analysis, the paper goes on to develop empirical hypotheses. These hypotheses were tested with the data of type “A” share IPO in China market and found that the use of IPO proceeds was influenced by the large share- holder agency problem.
作者 陈文斌 陈小悦 Chen Wenbin, Chen Xiaoyue
出处 《南开管理评论》 CSSCI 2005年第3期 4-8,36,共6页 Nankai Business Review
基金 国家自然科学基金
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参考文献13

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共引文献124

同被引文献293

引证文献23

二级引证文献241

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