募资投向变更与投资者交易行为研究

文章考察了不同类型的投资者（机构、个人）在上市公司募集资金投向变更公告前后的交易特征和行为。结果发现：公司募资投向变更市场反应为负，变更事件显著导致公司未来业绩变差，这说明变更对于绩效的影响是无效率的；机构投资者表现出了显著的信息优势，整体上，机构（及共同基金）的交易行为在更大程度上体现为价值性投资；个人投资者只为机构投资者提供了流动性。研究结果具有明晰的政策含义，即监管机构在严格管控资金用途变更的同时，既要发展机构投资者，又要提升个人投资者教育。

On Change of Raised Capital Purpose and Investor Trading Behaviors

In this paper, we study the trading behaviors of different investors (the institutional and the individual) in the event of changes of the purpose of raised capital in China’s stock market. Recently, this issue has attracted the media and regulations’ attentions dramatically. However, the related academic study is still rare. We find that 1. the changing, accompanying with negative market reactions and worse future performances, looks inefficient, 2. the institutionals have the informational advantage and, on average, trading behaviors of the institutional (e.g. mutual funds) show the value-based pattern to a large extent. The individual investors only offer the liquidity for the institutional. Our research has clear policy implication, i.e. the regulations should strengthen supervision and monitoring, develop the institutional investor and improve the investor education of individual investor.