权益再融资资金使用方式与再融资以后的经营业绩

(100084)=,,,,,,2001,=Teoh,WelchandWong(1998)1976-19891265,,,(1998),(2000)ChenandYuan(2004),,,(2003),(2003),,,(2004),;(2003),,,,?Jeanneret(2005)1984)1998,(),,,4~8%,,,,?1998)2002(),,Jeanneret(2005),23,,,,,,,,,(),,,,,,,,,:,,,;,;;,JensenandMeckling(1976),,()(),,Jensen(1986)(MoralHazard),,,,,(MyersandMa2jluf(1984),MillerandRock(1985)),,,,GrahamandHarvey(2001),(peckingordertheory),,,Jeanneret(2005)1984)1998,,,,4~8%,,,,1a:1a:1a,,,,,,,,,(2003),,,,,(2004)2000322,,;,,,(2005)24,;;(2006)IPO,IPO,,,,(2004)(2005),,,,,,,,,,,1a:1b:2000518,56,/,,,0,,,,:2:2001,1.1998)2002,,,3,,200211199819992000200120021511271641062056810518262887161132182132486551539018302321045512228150122161972055075162326771571271771204662725,Wind2.,3,,,,,,,;,,,,,,,,,;30%,50%,20%,/022594613275627Droa(%)-41794-51671-61474-111132-61282:Droa3Droa=[(roa1-roa_1)+(roa2-roa_1)+(roa3-roa_1)]/3,,-1,1,2,74%,12%,9%,5%,,,,,,,,,,,:Droa=a+b1Usage+b2First+b3Constraint+b4HB+b5Institution+b6Size+b7DCA+b8Year+E(1):Droa3Usage,,0;,1;,2;,326First,0;,1;ConstraintConstraint=(+)/;HB,BH,1,0;Institution;SizeSize=/DCATeoh,WelchandWong(1998b),(Discre2tionarycurrentaccruals),(DCA):DCAit=CAit/TA,it-1-NDCAit(2),CAit,TA,NDCACAit=$(-)-$,,,,:CAjt/TA,jt-1=a(1/TA,jt-1)+b($SALESjt/TA,jt-1)+Eit(3),SALES(3),:NDCAit=a(1/TA,it-1)+b($SALESjt-$REC)/TA,jt-1(4)Year,2001,1,01.33PearsonUsageDroaFristConstraintHBInstitutionSizeDCAUsage1Droa-0.22***1First0.06-0.16***1Constraint-0.04-0.010.24***1HB-0.060.050.0010.07*1Institution-0.08*0.05-0.08*0.27***0.07*1Size-0.03-0.15***-0.030.15***0.040.011DCA0.03-0.14***0.03-0.04-0.06-0.030.11***1:*10%;**5%;***1%2.44,(size)27,,3;,,,,,,,,,,;,;4,56,2001,,,,,4123tttintercept-2179-5110***-3109-5156***-2146-4163***Usage-1149-4196***-1127-4110***-1179-5175***First-2120-3116***First@Usage-1159-3137***Usage@year11102186***Constraint0118012701160125-0135-0155HB411811314148114141601144Institution118501472127015811610141size-4166-5175***-4164-5173***-4189-6100***dca-2131-2146**-2134-2150**-2132-2146**year11342159***11312154**610610610Adj-R212145%12165%11155%F11184***12104***12138***:;Usage,0,1,2,3;First0,1;Constraint;BHBH;Institution;Size;DCA;Year,2001,1,0**5%;***1%,,,,28,,,,,,3,,,,,2000,,,,,,,,.2000..,1:30~36,.1998..56().:,223-235,.2003..,3:60~69,.2004..,5:88~97.2003..,.2006.IPO.,3:18~30.2004..,6:1~26,.2005..,7:21~26Chen,K.C.W.andH.Yuan.2004.Earningsmanagementandcapitalresourceallocation:evidencefromChina.sac2counting2basedregulationofrightsissue.TheAccountingReview.79(July):645~665Graham,J.R.andHarvey,C.R.2001.Thetheoryandpracticeofcorporatefinance:evidencefromthefield.JournalofFinancialEconomics.60:187~243JeanneretP.2005.UseoftheProceedsandLong2termPerformanceofFrenchSEOFirms.EuropeanFinancialManagement.11(1):99~122Jensen,M.C.1986.Agencycostsoffreecashflow,corporatefinance,andtakeovers.AmericanEconomicReview.76:323~329Jensen,M.C.andMeckling,W.H.1976.Theoryofthefirm:managerialbehavior,agencycostsandownershipstruc2ture.JournalofFinancialEconomics.8:305~360Lehn,K.andPoulsen,A.1989.Freecashflowandstockholdergainsingoingprivatetransactions.TheJournalofFinance.XLIV(3):771~787Miller,M.H.andRock,K.1985.Dividendpolicyunderasymmetricinformation.JournalofFinance.40:1031~1051Myers,S.C.andMajlu,fN.1984.Corporatefinancingandinvestmentdecisionswhenfirmshaveinformationinvestorsdont'have.JournalofFinancialEconomics.13:187~221Teoh,S.,I.WelchandT.J.Wong.1998.EarningsManagementandthePost2IssueUnderperformanceofSeasonedEquityOfferings.JournalofFinancialEconomics.63~9929EnglishAbstractsofMainPapersSomeFinancialInformationmustbeemphasizedonAnalysisofFinancialreportofEnterprisesGeJiashu&ZhanMeisongGenerallyEnterprisepsFinancialReportisrecognizedaswhatshouldprovidecoreinformationabouttheenterprisepsfinancialposition,oper2ating(financial)performance,cashflow.Inordertoanalyzeandunderstandthesecoreinformation,wemustdoresearchonsomeothermainfinancialinformation,suchastheliquidity,thefinancialflexibility(financialadaptabilityorfinancialelasticity),theexpectednetcashinflow,theearningcapabilityandthemarketrisk.Thispaperattemptstomakequalitativestatementanddescriptionofthosemainfinancialinformationmentionedahead,bywhichcanhelpthereportinguserstomakeavailableandreasonabledecisions.PublicPressureandCorporateEnvironmentalDisclosure-EmpiricalStudyBasedonSonghuaRiverPollutionAccidentXiaoHua&ZhangGuoqingBasedon79A-sharechemicalindustrycompanies,whichbelongtothesameindustryasthepeacebreakerofSonghuaRiverPollutionAc2cidentofJilinChemica,lthisstudyexaminesmajorenvironmentalaccidentpmipactonthesharepriceandenvironmentaldisclosurebehaviorofin2tra-industrycompanies.Thisstudyindicatestha,tfollowingSonghuaRiverPollutionAcciden,tthecumulatedabnormalreturnsofJilinChemi2calandsamplefirmsaresignificantlynegative,andsamplefirmsweresignificantlynegative,andsamplefilmsprovidedsignificantlymoreenvi2ronmentaldisclosureintheir2005and2006annualreportsthantheydidtwoyearspriortotheacciden.tHowever,thecumulatedabnormalre2turnsarenotsignificantlyassociatedwiththeenvironmentaldisclosureofprecedingtwoyears.Therefore,thesharemarketnega