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Internal corporate governance and the use of ipo over-financing:Evidence from China

China Journal of Accounting Research 2012年第3期5卷 231-249页

作者： Xin Xu Yun Xia School of Accounting Zhongnan University of Economics and Law School of International Business

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 overfinanced 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 nonstate-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.

关键词： Internal corporate governance ipo over-financing over-investment Non-capital investment

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