دانلود مقاله ISI انگلیسی شماره 51939
عنوان فارسی مقاله

حاکمیت شرکتی داخلی و استفاده از IPO بیش از تامین مالی: شواهدی از چین

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51939 2012 19 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Internal corporate governance and the use of IPO over-financing: Evidence from China
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : China Journal of Accounting Research, Volume 5, Issue 3, September 2012, Pages 231–249

کلمات کلیدی
حاکمیت شرکتی داخلی؛ IPO بیش از تامین مالی؛ سرمایه گذاری بیش از حد - سرمایه گذاری غیر سرمایه
پیش نمایش مقاله
پیش نمایش مقاله حاکمیت شرکتی داخلی و استفاده از IPO بیش از تامین مالی: شواهدی از چین

چکیده انگلیسی

In this paper, we describe how Shenzhen A-share listed companies used funds raised in over-financed IPOs during the 2006–2010 period. In exploring the relationship between internal corporate governance and the use of funds raised in over-financed IPOs, we find that the use of such funds to engage in severe over-investment behavior is prevalent among listed companies. Reasonable internal corporate governance mechanisms can effectively alleviate over-investment problems listed companies encounter in using funds raised in over-financed IPOs. However, the same individual serving as both chairman and CEO leads to funds raised in over-financed IPOs being over-invested. Moreover, executives driven by high levels of monetary compensation are more likely to use funds raised in such IPOs to engage in over-investment. We find that improving the balance of power between shareholders will help alleviate the over-investment of excess IPO funds. In addition, the over-investment problem is less severe in state-controlled listed companies than in their non-state-controlled listed counterparts. This study provides policy recommendations for Chinese securities regulators to ensure listed companies use funds raised in over-financed IPOs both rationally and effectively.

خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.