發(fā)布時(shí)間：2018-02-26 19:14

  本文關(guān)鍵詞： 股權(quán)再融資 財(cái)務(wù)業(yè)績(jī) 影響因素　出處：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：股權(quán)再融資(Seasoned-Equity-Offering)近年來(lái)一直是國(guó)內(nèi)外理論和實(shí)務(wù)研究的熱門領(lǐng)域。在我國(guó),20世紀(jì)90年代末期以來(lái),隨著增發(fā)新股方式的出現(xiàn),上市公司的股權(quán)再融資方式不再僅是單一的配股,在資金全球化的推動(dòng)下不少上市公司為了開發(fā)新項(xiàng)目、多元化發(fā)展等對(duì)資金的需求也在不斷增長(zhǎng),更多的融資選擇為上市公司提供了更加便利的融資環(huán)境和更多發(fā)展壯大的機(jī)會(huì)。股權(quán)融資與債務(wù)融資相比具有彈性大、融資額高等優(yōu)越性,因而成為了很多上市公司的首選融資方式。這些公司融資后的財(cái)務(wù)狀況也成為利益相關(guān)者關(guān)心的重要問題,融資后是否能給上市公司帶來(lái)更多盈利機(jī)會(huì)和利潤(rùn)前景,其業(yè)績(jī)的變化都?xì)w因于哪些重要因素等都是本文即將深入探討的問題。關(guān)于股權(quán)再融資后業(yè)績(jī)變化的相關(guān)問題已有不少研究成果,但大多數(shù)是關(guān)于股價(jià)變化等市場(chǎng)反應(yīng)的結(jié)論,對(duì)于融資后的長(zhǎng)期財(cái)務(wù)業(yè)績(jī)至今尚未得到一致結(jié)果,且影響業(yè)績(jī)變化的相關(guān)因素仍鮮有研究者涉足,本文基于對(duì)此研究空白的探索,嘗試總結(jié)出影響上市公司股權(quán)再融資后業(yè)績(jī)的變化情況以及相關(guān)影響因素。 本文以滬深兩市2001年～2004年實(shí)行配股和增發(fā)的121家A股上市公司作為研究樣本,以其融資前兩年至融資后六年的9年時(shí)間作為觀察期,對(duì)多種不同財(cái)務(wù)指標(biāo)進(jìn)行統(tǒng)計(jì)量描述和非參數(shù)檢驗(yàn),得出業(yè)績(jī)變化趨勢(shì)的相關(guān)結(jié)論,并通過信息不對(duì)稱理論、股權(quán)結(jié)構(gòu)理論、代理理論以及盈余管理假說等理論為依托,提出相關(guān)假設(shè),利用多元線性回歸模型將樣本數(shù)據(jù)分別從短期和長(zhǎng)期進(jìn)行回歸分析,歸納出可能的影響因素。 研究結(jié)論表明：上市公司在融資后普遍存在短期財(cái)務(wù)績(jī)效不佳,且業(yè)績(jī)不及融資前,與同期未進(jìn)行再融資的配比樣本相比,業(yè)績(jī)也并不具有優(yōu)勢(shì)；但經(jīng)過三年左右的調(diào)整期,從長(zhǎng)期來(lái)看并未出現(xiàn)持續(xù)滑坡。從影響因素方面,融資額與凈資產(chǎn)的比例不協(xié)調(diào)是影響企業(yè)融資后短期業(yè)績(jī)低下的重要原因,這也反應(yīng)出我國(guó)上市公司的“圈錢”動(dòng)機(jī)；而股權(quán)集中度和公司規(guī)模對(duì)融資后的長(zhǎng)期業(yè)績(jī)有顯著影響,股權(quán)越集中的公司融資后的長(zhǎng)期業(yè)績(jī)?cè)讲睢⒁?guī)模越大的公司在融資后能夠較好地發(fā)揮資金的有效性,外部監(jiān)督作用的發(fā)揮和對(duì)企業(yè)信息披露的高要求,使大公司的長(zhǎng)期業(yè)績(jī)要明顯好于小公司。最后分別從外部和內(nèi)部提出政策建議以及針對(duì)公司治理問題的相關(guān)改進(jìn)措施。
[Abstract]:Equity refinancing (Seasoned-Equity-Offering) has been a hot field of theoretical and practical research at home and abroad in recent years. Since the end of 90s of 20th century, with the emergence of new equity issuance, the equity refinancing of listed companies is no longer a single rights issue. Driven by the globalization of funds, many listed companies are also increasing their demand for capital in order to develop new projects and diversify their development. More financing options provide a more convenient financing environment and more opportunities for the development of listed companies. Compared with debt financing, equity financing has the advantages of greater flexibility and higher financing. As a result, it has become the preferred financing method for many listed companies. The financial situation of these companies after financing has also become an important issue of concern to stakeholders. Whether the financing can bring more profit opportunities and profit prospects to listed companies, The changes of its performance are all attributed to some important factors which will be discussed in this paper. There have been a lot of research results on the changes of performance after equity refinancing, but most of them are conclusions of market reaction such as stock price changes. For the long-term financial performance after financing has not yet been consistent results, and the factors affecting performance changes are rarely involved, this paper based on this research blank exploration, This paper tries to summarize the changes of performance of listed companies after equity refinancing and the related factors. From 2001 to 2004, 121 A-share listed companies listed in Shanghai and Shenzhen stock markets were used as the research samples, and the 9-year period from two years before financing to six years after financing was taken as the observation period. Based on the statistical description and nonparametric test of various financial indicators, this paper draws a conclusion on the trend of performance change, and relies on information asymmetry theory, equity structure theory, agency theory and earnings management hypothesis. The related hypothesis is put forward, and the sample data are regressed from short and long term by using multivariate linear regression model, and the possible influencing factors are concluded. The results show that the short-term financial performance of listed companies is generally poor after financing, and the performance is not as good as that before financing, compared with the matching sample without refinancing in the same period, the performance has no advantage, but after about three years of adjustment period, In the long run, there has not been a sustained decline. In terms of influencing factors, the disharmony between the amount of financing and net assets is an important reason for the low short-term performance of enterprises after financing, which also reflects the motivation of "circle money" of listed companies in China. The degree of ownership concentration and the size of the company have a significant impact on the long-term performance after financing, the more concentrated shares of the company's long-term performance after financing, the larger the size of the company after financing can play a better role in the effectiveness of the funds. The exertion of external supervision function and the high requirement to enterprise information disclosure make the long-term performance of large company obviously better than that of small company. Finally, the paper puts forward the policy suggestion from outside and inside, and the related improvement measures aiming at the problem of corporate governance.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1539316