中文摘要：

中国上市公司再发行后业绩恶化与其投资行为不当有关，文章分析了股权结构、大股东圈钱、融资受限等因素对投资不当行为的影响．以1998--2001年配股样本进行实证检验，结果发现再发行前的资金储备程度越高，大股东参与再发行程度越低，募集资金滥用的可能性也越大，而大股东持股比例、股权制衡因素则对资金滥用可能性的影响不显著．这表明由于融资受限引起的资金储备动机和大股东圈钱动机是影响中国上市公司募集资金滥用的主要原因．文中的政策意义在于，再发行审批时应把再发行前的资金储备比例作为一个审批指标，并要求大股东积极参与再发行。以减少上市公司的再发行圈钱行为．

英文摘要：

This paper analyzes the effect of ownership structures, expropriation of minor shareholders and financing constraints on the mis-investement of SEO proceeds. Using 439 rights offering samples from 1998 to 2001 in China stock market, we find that the higher the financial slack before SEO, the more likely the abuse of the raised fund. And the lower the subscription ratio of large shareholders, the more likely the abuse of the raised fund. However, the concentration of ownership doesn＇ t significantly affect the mis-investment behavior. Our results show that financing constraints and expropriation of minor shareholders are two key factors affecting the mis-investment behavior.