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本文以1998～2008年间在中国A股主板市场IPO上市的公司为样本,利用Logistic回归模型和多元线性回归模型,对中国上市公司IPO股权融资资金投向变更行为的影响因素进行实证研究。研究结果表明,公司规模、盈利能力、独立董事的比例与变更IPO募集资金投向呈负相关;股权集中度、资金闲置比率、上市时机资与变更IPO募集资金投向呈正相关。在前面分析的基础上,本文最后提出了完善各类市场机制、加强对募集资金使用的监管、加强对募集资金使用的内部管理以及改善上市公司法人治理结构等一系列政策建议。
This article takes the companies listed in the IPO of China’s A-share mainboard market from 1998 to 2008 as samples, and uses Logistic regression model and multivariate linear regression model to make empirical research on the influencing factors of IPO equity financing of listed companies in China. The results show that the scale of the company, profitability, the proportion of independent directors and the IPO funds raised to change the orientation is negatively correlated; equity concentration, idle funding rate, listing opportunities and IPO funding to raise funds was positively correlated. Based on the above analysis, the paper finally proposes a series of policy recommendations such as perfecting various market mechanisms, strengthening the supervision over the use of raised proceeds, strengthening the internal management of the use of raised proceeds and improving the corporate governance structure of listed companies.