文献类型：期刊文献

中文题名：上市公司多次定向增发影响因素研究--来自中国证券市场的经验证据

英文题名：Research on the Influencing Factors of Repeated Private Placement of Listed Companies——Empirical Evidence from China's Securities Market

作者：王莉婕[1];叶陈刚[1];崔婧[2]

第一作者：王莉婕

机构：[1]对外经济贸易大学国际商学院,北京100029;[2]北京联合大学管理学院,北京100101

第一机构：对外经济贸易大学国际商学院,北京100029

年份：2021

期号：4

起止页码：76-82

中文期刊名：金融发展研究

外文期刊名：Journal Of Financial Development Research

收录：国家哲学社会科学学术期刊数据库;北大核心:【北大核心2020】；

基金：国家社会科学基金重点项目“国家治理、国家审计制度与预防惩治腐败体系创新研究”(13AZD002);北京市社科基金青年项目“北京市创业投资引导基金的投资机制与配置效应研究”(18GLC049)。

语种：中文

中文关键词：多次定向增发;固定长度窗口;财务困境

外文关键词：repeated private placements;fixed-length windows;financial distress

摘要：定向增发自2006年正式推行以来,已成为主要的股权再融资方式,多次定向增发现象也屡见不鲜。本文通过对上市公司多次定向增发影响因素的实证分析发现,与仅进行过一次定向增发的公司相比,多次定向增发公司的财务窘迫程度更加严峻;虽然成长性与投资机会较好,但资本性支出水平较低存在投资不足的情况;多次定向增发前的盈利能力也相对较差。因此,通过定向增发进行再融资成为上市公司募集资金的最佳途径。
Private placement has become the main way of equity refinancing since it was officially implemented in 2006,and the phenomenon of repeated private placements is also common.The empirical analysis of the factors influencing multiple targeted issuance of listed companies in this paper finds that the degree of financial distress of companies with repeated private placements is more severe than that of companies which have conducted only one private placement.Although the growth and investment opportunities are good,there is underinvestment in the low level of capital expenditure;the profitability before repeated private placements is also relatively poor.Therefore,refinancing through repeated private placements becomes the best way for listed companies to raise funds.