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我国证券市场增发新股的总体容量一再攀升,而另一方面增发新股所筹资金的使用效率不高,并存在大量变更资金使用用途的行为。本文通过行为金融学的市场时机理论等来分析这一矛盾,认为上市公司非理性增发行为的深层次原因是:由公司治理结构和股市发展程度决定的公司经理和投资者行为的非理性。因此建议在完善上市公司法人治理结构的同时,注意对公司经理的监督并健全激励机制,最终使公司经理行为理性化。
The overall capacity of new shares issued in China’s securities market has risen again and again. On the other hand, the utilization of the proceeds raised by the issuance of new shares is not efficient and there are a large number of changes in the use of funds. This paper analyzes the contradiction through the market timing theory of behavioral finance and so on, and thinks that the deep reason of the irrational issuance of listed companies is the irrationality of corporate managers and investors’ behaviors, which are determined by the corporate governance structure and the degree of development of the stock market. Therefore, it is suggested that while perfecting the corporate governance structure of listed companies, we should pay attention to supervising the company managers and perfecting the incentive mechanism, finally rationalize the manager behavior of the company.