作者：薛爽,杨静
摘要/Abstract
本文分别按照IPO募集资金是否投资于主营业务、是否投向招股说明书的承诺项目和资金是否闲置进行分类来研究资金的运用对资金使用效率和后续再融资（指IPO后首次配股）成本的影响。我们用上市公司IPO当年和之后3年的会计业绩来衡量资金的使用效率，用市场对配股公告的反应、配股的发行费用率和配股折价幅度来衡量再融资成本。研究发现，IPO募集资金用于主营业务的发展、按照计划投向承诺项目、资金被充分运用所产生的效率要分别高于资金用于非主营业务（多元化）、改变资金投向和资金闲置的情况。而且，资金使用效率对后续再融资成本将产生影响，使用效率高的公司后续融资成本低，表现在市场负面反应较小，发行费率较低和配股折价幅度较小等方面。本文的研究结果对证券监管部门、投资银行和上市公司都具有启示作用。
How the IPO-fund is used? Is it invested in the core business or the projects laid out in the prospectus? Is there any slack fund? This may affect the investment efficiency and the cost of the following equity financing. We take the accounting performance in the IPO and post-IPO years as the proxy of investment efficiency. To measure the cost of financing, the abnormal return during the SEO announcement, the underwriter spread and the SEO discount rate are used. The empirical results show that i) the efficiency is higher when the IPO-fund is invested in the core business rather than invested in non-core business; the efficiency is higher when IPO-fund is invested according to prospectus’s plan rather than when the plan is changed; the slack fund has negative effect on the investment efficiency. ii) the higher the IPO-fund efficiency, the lower the cost of the following equity financing ,that is, the less negative market reaction, the lower underwriter spread and the lower discount rate.