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中文摘要：
本文研究了中国股市公司治理与募集资金投向变更之间的关系。我们考察上市公司募集资金投向变更是否提高了资金使用效率。结果表明，公司募集资金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，这说明变更对绩效的影响是无效率的。进一步的研究显示，公司治理水平较差的公司更倾向于变更募集资金投向。
英文摘要：
We examine the relation between corporate governance and change of the purpose of raised capital in China＇s stock market. Based on two competing hypotheses, we test whether changes of capital raised purpose is efficient. Results show that the changing, accompanying with negative market reactions and worse future performances, looks inefficient. We further find that the worse corporate governance is, the more finns change the purpose of raised capital. Our conclusion is robust to both blue-chip stocks and others.
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