本文關(guān)鍵詞：我國上市公司再融資方式與市場績效研究　出處：《西北大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)再融資 市場回報率 配股 增發(fā) 可轉(zhuǎn)換債券

【摘要】：股權(quán)再融資是我國上市公司近年來募集資金的一種重要方式,尤其是在當(dāng)今經(jīng)濟(jì)快速發(fā)展的時代,在深滬兩市上再融資的上市公司數(shù)目逐年增加,其融資金額也在逐年增加。但是,上市公司在我國這樣的制度背景下適合什么樣的再融資方式、企業(yè)的經(jīng)營績效在經(jīng)過再融資后會發(fā)生什么樣的變化、如何才能規(guī)范企業(yè)的融資過程,并使得募集到的資金能被合理利用,這都是目前學(xué)術(shù)界比較關(guān)注的問題。目前對于資本市場的研究,國內(nèi)外學(xué)者的的研究焦點(diǎn)集中在企業(yè)的再融資行為問題研究,而與國外學(xué)者研究不同國內(nèi)學(xué)者對于再融資行為的研究,主要是從以下三個方面提出的,分別是融資結(jié)構(gòu)與企業(yè)價值、融資偏好問題和企業(yè)再融資對業(yè)績的影響。 本文以2007年和2008年在深滬兩市只進(jìn)行過一次再融資的100家上市公司為樣本,按其所選擇的再融資方式將其分為三類,在考察區(qū)間內(nèi)對所選擇的四個會計指標(biāo)和兩種市場回報率的變化,分別進(jìn)行了T檢驗與Wilcoxon符號秩檢驗。同時還對這三種再融資方式下的超額回報率進(jìn)行了橫向分析,結(jié)果發(fā)現(xiàn)上市公司在通過配股、增發(fā)和發(fā)行可轉(zhuǎn)換債券后,其業(yè)績水平比反而有下降的趨勢。通過配股和增發(fā)方式進(jìn)行再融資的企業(yè),在經(jīng)過再融資一年后其各會計指標(biāo)均出現(xiàn)明顯下滑,而發(fā)行可轉(zhuǎn)換債券的上市公司在發(fā)展經(jīng)營方面的表現(xiàn)要比配股和增發(fā)好。 針對文章的研究結(jié)果和我國證券市場的現(xiàn)狀,本文分析了造成我國上市公司再融資效率不高的原因,并提出一系列相關(guān)的政策建議,爭取規(guī)范和改進(jìn)我國上市公司的再融資行為,促進(jìn)我國證券市場的快速發(fā)展。
[Abstract]:Equity refinancing is an important way for Chinese listed companies to raise funds in recent years. Especially in the era of rapid economic development, the number of listed companies refinancing in Shenzhen and Shanghai stock markets has increased year by year. The amount of financing is also increasing year by year. However, what kind of refinancing mode is suitable for the listed companies in the background of our system, and what kind of changes will take place in the business performance of the enterprises after refinancing. How to regulate the financing process of enterprises and make the raised funds can be used reasonably, which is the current academic concern. The current research on the capital market. The research focus of domestic and foreign scholars is on the refinancing behavior of enterprises, and the research on refinancing behavior of different domestic scholars is mainly put forward from the following three aspects. They are financing structure and enterprise value, financing preference problem and the influence of enterprise refinancing on performance. This paper takes 100 listed companies that have only refinanced in Shenzhen and Shanghai Stock Exchange on 2007 and 2008 as samples, and divides them into three categories according to their choice of refinancing methods. The changes of the four accounting indicators and the two kinds of market returns are investigated. T-test and Wilcoxon sign rank test are carried out respectively. At the same time, the excess returns under these three refinancing methods are analyzed horizontally, and the results show that the listed companies are through the rights issue. After additional issuance and issuance of convertible bonds, their performance level has a downward trend. After a year of refinancing, the accounting indicators of the companies refinancing through the way of rights issue and additional issuance are obviously declining. The convertible bonds issued by listed companies in the development of business performance is better than rights issue and additional issuance. In view of the research results and the current situation of China's securities market, this paper analyzes the causes of the inefficient refinancing of listed companies in China, and puts forward a series of relevant policy recommendations. Strive to standardize and improve the refinancing behavior of listed companies in China to promote the rapid development of our securities market.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.5;F275

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本文編號：1366850