本文選題：再融資　切入點：H公司　出處：《湘潭大學》2017年碩士論文

【摘要】：我國的證券市場隨著資本市場建立之后迅速發(fā)展,融資作為證券市場活躍的一種交易方式也迅速發(fā)展著。上市公司首次公開募股后獲得資金來發(fā)展企業(yè),在遇到資金瓶頸時再融資也成了企業(yè)發(fā)展的必經之路。再融資方式發(fā)展之初還只有配股一種方式,后續(xù)發(fā)展成為了配股、增發(fā)和可轉債等多種方式。特別是股權分置改革之后定向增發(fā)這種股權再融資方式得到了迅猛發(fā)展,從2015年的統(tǒng)計數據來看,定增市場總募集金額超過了12億元,創(chuàng)造了新的記錄。本文翻閱和整理相關文獻和資料,采用案例研究和理論研究相結合的方法,在相關理論分析基礎上,簡單回顧了我國再融資制度的變遷,發(fā)現我國關于再融資的政策要求在逐步完善的基礎上均有所放松,每個階段有著不同類型的股權再融資充當主角,文章選取的時間段是在2006年股權分置改革后至今以定增作為主要的股權再融資的時期。在文獻方面,梳理了關于融資理論、股權再融資偏好、股權再融資對績效影響、業(yè)績評價體系研究文獻。目前,已有大量實證研究證明我國上市公司有股權再融資偏好。股權再融資后,上市公司業(yè)績出現顯著下滑,并且有特定項目的再融資業(yè)績下滑的程度要小于沒有特定項目的股權再融資;但具體關于不同股權再融資后如何影響企業(yè)績效的案例研究還比較少。文章選取以定向增發(fā)為主可轉債為輔的H公司作為研究對象,對案例公司的股權再融資是否也存在著上述問題展開了研究。文章通過合理設計績效的財務評估方法與績效評價指標的構建,通過分析H公司兩種股權再融資前后業(yè)績變化,剖析H公司股權再融資與績效的關系。通過對H公司股權再融資前后的財務績效指標分析得出發(fā)行可轉債會使企業(yè)的盈利能力、償債能力和成長能力降低,而有特定項目增發(fā)可以提高企業(yè)的盈利能力、償債能力和資產質量,沒有特定項目的定向增發(fā)會使企業(yè)的盈利能力、資產質量和成長能力降低。即發(fā)行可轉債和沒有特定項目的定向增發(fā)會使企業(yè)的財務績效指標下滑,而發(fā)行有特定項目的定向增發(fā)沒有使企業(yè)的財務績效指標產生明顯下滑,還提高了H公司的業(yè)績。在市場績效方面,定向增發(fā)和發(fā)行可轉債方式都能帶來良好的市場反應,提高H公司的市場績效。在非財務績效方面,股權再融資對H公司的市場份額可以帶來促進作用。文章根據結論提出相應的對策,從而幫助企業(yè)更好的完善股權再融資,確保再融資的有效進行,對H公司后續(xù)進行股權再融資具有一定的借鑒作用。
[Abstract]:With the establishment of the capital market, China's securities market is developing rapidly, and financing as an active trading mode in the securities market is also developing rapidly.After the initial public offering of listed companies to obtain funds to develop enterprises, refinancing in the face of capital bottlenecks has become the only way to the development of enterprises.At the beginning of the development of refinancing, there was only one way of rights issue, followed by a variety of ways, such as rights issue, additional issuance and convertible bonds.Especially after the reform of split share structure, the refinancing method of directional additional issuance has been developed rapidly. According to the statistical data in 2015, the total amount raised in the fixed increase market has exceeded 1.2 billion yuan, which has set a new record.This paper reviews and collates the relevant documents and materials, adopts the method of case study and theoretical research, and on the basis of relevant theoretical analysis, briefly reviews the changes of the refinancing system in China.It is found that China's policy on refinancing is relaxed on the basis of gradual improvement, with different types of equity refinancing playing the leading role in each stage.The time period chosen in this paper is fixed increase as the main period of equity refinancing after the split share structure reform in 2006.In the aspect of literature, the research literature on financing theory, equity refinancing preference, equity refinancing influence on performance, performance evaluation system is reviewed.At present, a large number of empirical studies have proved that China's listed companies have equity refinancing preferences.After equity refinancing, the performance of listed companies declined significantly, and the degree of decline of refinancing performance of specific projects was less than that of equity refinancing without specific projects.However, there are few case studies on how to affect corporate performance after different equity refinancing.This paper selects H Company, which is mainly supplemented by directional additional issuance, as the research object, and studies whether the equity refinancing of the case company also has the above problems.This paper analyzes the relationship between H company's equity refinancing and performance by analyzing the changes of performance before and after H company's two kinds of equity refinancing through reasonably designing the financial evaluation method of performance and the construction of performance evaluation index.Based on the analysis of financial performance indexes before and after H company's equity refinancing, it is concluded that issuing convertible bonds will reduce the profitability, solvency and growth ability of enterprises, and that additional issuance of specific items can improve the profitability of enterprises.The ability to repay debt and the quality of assets, without a specific item of targeted issuance, will reduce the profitability, asset quality and growth ability of the enterprise.That is to say, issuing convertible bonds and issuing additional issuance without specific items will cause the financial performance index of the enterprise to decline, but the issuance of a specific item of the issuance of the targeted issuance of the financial performance index does not cause a significant decline, but also improve the performance of H company.In terms of market performance, both directional issuance and issuance of convertible bonds can bring good market response and improve H company's market performance.In non-financial performance, equity refinancing can promote H company's market share.According to the conclusion, the paper puts forward the corresponding countermeasures to help the enterprise to perfect equity refinancing better, to ensure the effective implementation of refinancing, and to provide some reference for H company to carry out equity refinancing in the future.
【學位授予單位】：湘潭大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F406.7;F426.61

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