中文摘要：

本文利用恰当的计量经济学模型和方法,实证研究了中国上市公司再融资资金投向变更对公司经营业绩的影响。研究结果表明,再融资资金投向发生变更的上市公司长期经营业绩显著低于再融资资金投向未发生变更的上市公司;上市公司长期经营业绩随着公司规模和股东权益在总资产中所占比例的提高而显著增加;在牛市中进行再融资的公司在其后三年内的经营业绩显著低于其他时候进行再融资的公司。

英文摘要：

This paper makes use of the appropriate econometric model and method to study the effect of changes in invstment projects of refinancing funds on the company performance in Chinese listed companies empirically.The research results show that the long-term operating performance of listed companies whose refinancing funds have changed is rather lower than that of the listed companies whose refinancing funds haven＇t changed,and the long-term operating performance of listed companies increases significantly when the size of the firm and the ratio of shareholders＇ equity in total asset increase,and the subsequent three-year average operating performances of companies which enter into the stock market by refinancing during bull market are significantly lower than those in other time.