协同效应、紧箍咒效应与上市公司的资本配置效率——基于后股权分置时代大股东资产注入行为

随着股权分置改革的成功推进和全流通时代的到来,大股东倾向于通过注入优质资产来提升上市公司的财富协同效应、盈利预期和股票价格,而在锁定期结束后,大股东将可能重新表现出隧道行为。探讨了大股东向上市公司注入优质资产的协同效应、紧箍咒效应,以及动态变化特征。研究结果表明:①在后股权分置时代,优质资产注入对大股东、中小股东和整个社会的财富产生积极的影响,注入资产的优质程度越高,上市公司在资本配置过程中产生的协同效应就越大。②由于大股东的机会主义行为倾向,限售股解禁后,大股东将会通过隧道行为侵害上市公司的财富,高质量的资产注入将为解禁后的大股东带来更多的收益。因此,后股权分置时代大股东的资产注入行为本质上还是为自身利益服务的,当限售股的锁定期结束后,套在大股东头上的"紧箍咒"消失,大股东的机会主义行为将会重新出现。

Synergistic Effect, Inhibiting Magic Phrase Effect and Capital Allocation Efficiency of Listed Firms

With the arriving of full listing time of China’s stock markets,large shareholders tend to promote the value synergistic effect,earning expectation and stock price through asset injection.However,after lock-up period large shareholders will carry out tunneling behaviors again.We develop a model to analyze the synergistic effect and inhibiting magic phrase effect of asset injection through private placement.In the Post Split-Share-Structure era,the synergistic effect of asset injection has positive influence on the wealth of shareholders and entire society.We found that the benefit of large shareholders increases with the quality of asset injection,and large shareholders can obtain profitable return if they inject high quality asset which has higher synergistic effect.The results also show that,due to the tendency of speculative behavior,large shareholders would snatch the wealth of listed firms after lock-up period,while high quality asset injection will bring more return for large shareholders.Therefore,after the Post Split-Share-Structure era,asset injection of large shareholders will be done in the interest of themselves essentially.The inhibiting magic phrase effect above the head of large shareholders will disappear,and the speculative behavior of large shareholders will reoccur.