| The alternation of the raise funds investment direction is that a listed company after raising funds not accordance with the prospectus or allotment instructions to use the raise funds behavior. Investors read a listed company in the prospectus or allotment instructions is usually feeling of listed company promised project extremely high yield, low risk, a good prospect in the characteristics, which the investors get the investment. However, many companies in raising funds after gaining, namely to" suddenly turn hostile". Between2006to2010, the number of listed companies which alter of the raise funds investment direction is more than100, and in2011the number have the blowout, which is3.5times of the number in2010. In2006, listed companies in raising funds for change amount is15.185billion yuan, but the change amount of funds raised in2011was116.595billion yuan which is7.68times that of2006. From the number of listed companies which alter the raise funds investment direction as well as the change amount of raised funds, the listed companies alter the investment direction arbitrarily is need to resolve problems urgently by our country securities market. Therefore, strengthening the change of listed companies in raising funds into research, putting forward relevant countermeasures and suggestions to improve the listed companies in raising funds use efficiency, to improve the quality of listed companies, and to stimulate the development of the security market healthy in our country, which has important practical significance.Based on the background, in the review and summary on listed companies at home and abroad, this article summarized the alternation of the raise funds investment direction, with2006to2011years of objective data as the foundation, took our country’s listed companies in raising funds to change number, amount, types on the descriptive statistics, took the alternation of the raise funds investment direction factors on the theoretical analysis, made an empirical research on the influence of the factors and the consequences of the alternation of the raise funds investment direction. Based on the1341listed companies of2006-2010Shenzhen and Shanghai stock exchanges for the base of case study sample to study contents:(1) The listed company ownership structure, capital sufficient degree, debt levels, growth ability, asset size with the correlation of listed companies altered the raise funds investment direction.(2)The performance of listed company whit the alternation of the raise funds investment direction behavior of correlation exists. Empirical analysis results: the largest shareholding ratio of the largest shareholder and the alternation of the raise funds investment direction is negative related rather than positive correlation; the company cash sufficient degree and the alternation of the raise funds investment direction is no correlation; the debt levels and the alternation of the raise funds investment direction is significant positive correlation; the better ability to grow, the less chance of the company to alter the raise funds investment direction; the larger size of the company, the more difficult to alter the raise funds investment direction. The empirical research found the consequences of alternation of the raise funds investment direction:the alternation of the raise funds investment direction made the enterprise performance decline. The outbreak of raising funds to alter the investment direction on one hand is the challenge of our current supervision system and the supervisory ability; On the other hand, it reflects there still exist many problems in our imperfect securities market system that we need to pay more attention to. So this paper has made suggestions that proposed to shorten funds in place time, perfect the information disclosure system, reduce government intervention, increase supervision, establish investment decision-making mechanism, strengthen the awareness of shareholder and other related countermeasures and Suggestions. |
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