本文選題：股權(quán)分置改革 + 股權(quán)再融資　； 參考：《河南大學(xué)》2013年碩士論文

【摘要】：上市公司通過(guò)證券市場(chǎng)進(jìn)行再融資，是其持續(xù)發(fā)展和擴(kuò)大規(guī)模的重要途徑，也是證券市場(chǎng)發(fā)揮優(yōu)化資源配置功能的必要手段。自股權(quán)分置改革以來(lái)，定向增發(fā)已經(jīng)成為我國(guó)資本市場(chǎng)最活躍的股權(quán)再融資工具。中國(guó)證監(jiān)會(huì)的統(tǒng)計(jì)數(shù)據(jù)顯示，從2006年開(kāi)始，我國(guó)A股市場(chǎng)使用定向增發(fā)進(jìn)行再融資，無(wú)論在發(fā)行次數(shù)還是籌資規(guī)模都遠(yuǎn)超過(guò)了其他再融資工具。定向增發(fā)之所以如此受到市場(chǎng)的青睞，是因?yàn)槠渚哂衅渌谫Y工具不可替代的優(yōu)勢(shì)。首先，定向增發(fā)具有“一簡(jiǎn)三低”的特征；其次，定向增發(fā)的新股有一定時(shí)間的鎖定期，可以減少對(duì)二級(jí)市場(chǎng)的沖擊；再次，定向增發(fā)可以通過(guò)注入優(yōu)質(zhì)資產(chǎn)，整合關(guān)聯(lián)企業(yè)，提升上市公司業(yè)績(jī)；最后，定向增發(fā)還可以通過(guò)引入機(jī)構(gòu)投資者改善公司治理結(jié)構(gòu)。 定向增發(fā)這一股權(quán)融資方式最早出現(xiàn)于美國(guó)。西方學(xué)者對(duì)此問(wèn)題的研究始于Wruck(1989)，其從股權(quán)集中的角度進(jìn)行了分析，認(rèn)為定向增發(fā)反映了投資者對(duì)發(fā)行人的良性監(jiān)督。而后，HertzelSmith (1993)運(yùn)用信息不對(duì)稱理論，解釋了上市公司通過(guò)折價(jià)發(fā)行吸引機(jī)構(gòu)投資者，有效解決上市公司投資不足問(wèn)題。這兩個(gè)觀點(diǎn)構(gòu)成了現(xiàn)代公司金融理論研究定向增發(fā)的基礎(chǔ)和主流。由于我國(guó)資本市場(chǎng)起步較晚，國(guó)外學(xué)者對(duì)此問(wèn)題的研究基本不涉及我國(guó)情況，而我國(guó)學(xué)者對(duì)定向增發(fā)的研究定性分析多，定量分析少。本文將在理論分析的基礎(chǔ)上，收集整理2006—2010年實(shí)施定向增發(fā)的上市公司數(shù)據(jù)，并通過(guò)實(shí)證的方法研究定向增發(fā)事件對(duì)我國(guó)上市公司業(yè)績(jī)的影響。 當(dāng)前，國(guó)內(nèi)外關(guān)于定向增發(fā)對(duì)上市公司業(yè)績(jī)影響的研究多集中于短期股價(jià)的公告效應(yīng)，形成的研究結(jié)論也較為一致，這正是本文實(shí)證研究的第一部分內(nèi)容。本文對(duì)短期股價(jià)公告效應(yīng)的研究采用了事件研究法和單變量T檢驗(yàn)的方法，實(shí)證表明定向增發(fā)對(duì)短期業(yè)績(jī)具有顯著為正的公告效應(yīng)，，具體表現(xiàn)為定向增發(fā)事件窗口期內(nèi)上市公司股價(jià)的超額收益率顯著為正，包括單日平均超額收益率AAR及窗口期內(nèi)累計(jì)超額收益率CAR，即AAR0，CAR0。 本文實(shí)證研究的第二部分是關(guān)于定向增發(fā)事件對(duì)上市公司長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)的影響。研究發(fā)現(xiàn)，采用購(gòu)買持有收益方法可驗(yàn)證跟我國(guó)上市公司實(shí)施定向增發(fā)后兩年內(nèi)總體表現(xiàn)強(qiáng)勢(shì)特征，這與美國(guó)股市私募發(fā)行后公司長(zhǎng)期業(yè)績(jī)表現(xiàn)不佳的結(jié)論相反。并且對(duì)于全部定向增發(fā)樣本，上市公司定向增發(fā)前后五年的經(jīng)營(yíng)業(yè)績(jī)要顯著優(yōu)于配比公司。此外，并沒(méi)有直接證據(jù)支持大股東將定向增發(fā)作為掏空上市公司進(jìn)而實(shí)現(xiàn)利益輸送的工具。對(duì)于這方面的研究中美兩國(guó)資本市場(chǎng)存在巨大差異，說(shuō)明了美國(guó)的普遍性結(jié)論未必適合我國(guó)，這也正是本文研究目的所在。 針對(duì)上述結(jié)論，本文提出如下建議：加強(qiáng)對(duì)定向增發(fā)事項(xiàng)的審批和監(jiān)管、提高向大股東增發(fā)的標(biāo)準(zhǔn)和監(jiān)管、合理引導(dǎo)規(guī)范機(jī)構(gòu)投資者發(fā)揮作用、增強(qiáng)中小投資者的理性投資觀念、建立完善的信息披露機(jī)制。
[Abstract]:The refinancing of the listed companies through the stock market is an important way for its continuous development and expansion. It is also a necessary means for the securities market to optimize the allocation of resources. Since the split share reform, the directional increase has become the most active refinancing tool in the capital market of China. The statistical data of China Securities Regulatory Commission (CSRC) shows that Since 2006, the A share market in China has been refinancing using the targeted additional issuance, which is far more than other refinancing tools in terms of the number of issuance and the scale of financing. The reason why the orienteering is so favored by the market is because it has the irreplaceable advantages of other financing tools. First, the orientation addition has a "one simple three low". Secondly, the new new shares have a certain time lock period, which can reduce the impact on the two level market; thirdly, the directional addition can be injected into the high quality assets, integrate the related enterprises and improve the performance of the listed companies. Finally, the orientation addition can also improve the corporate governance structure by introducing the institutional investors.
This equity financing mode is first appeared in the United States. Western scholars began to study this problem in Wruck (1989). It was analyzed from the point of view of ownership concentration. It was considered that the directional increase reflected the investors' benign supervision to the issuer. And then, HertzelSmith (1993) explained the adoption of information asymmetry theory to explain the adoption of the listed companies. The discount issue attracts institutional investors to effectively solve the problem of underinvestment of listed companies. These two views constitute the basis and mainstream of the directional addition to the research of modern corporate financial theory. Because of the late start of the capital market in China, the research of foreign scholars on this problem is not related to the situation of our country, but the research of Chinese scholars on the orientation increase There are many qualitative analysis and few quantitative analysis. On the basis of theoretical analysis, this paper collects and collects the listed companies' data from 2006 to 2010, and studies the impact of the directional issuance event on the performance of Listed Companies in China through an empirical method.
At present, the research on the impact of targeted additional issuance on the performance of listed companies is mostly focused on the announcement effect of short-term stock prices, and the results of the research are also consistent. This is the first part of the empirical study. This paper uses the event study method and the single variable T test method to study the short-term stock price announcement effect. It shows that the directional increase has a positive announcement effect on the short-term performance, which shows that the excess return on the stock price of the listed company is positive, including the average daily excess rate of return AAR and the cumulative excess return CAR in the window period, that is, AAR0, CAR0.
The second part of the empirical study is about the impact of the directional issuance event on the long-term performance of the listed companies. The study found that the adoption of the purchase and holding method can verify the strong overall performance characteristics of the listed companies following the implementation of the targeted issuance of the listed companies in China, which is not good for the long-term performance of the company after the private placement of the US stock market. In addition, there is no direct evidence to support the large shareholders as a tool for carrying out the listed companies as a hollowed out listed company, and the capital market of China and the United States exist in this field. The great difference shows that the universal conclusion of the United States is not necessarily suitable for China, which is the purpose of this study.
In view of the above conclusions, the following suggestions are put forward: to strengthen the examination and approval and supervision of the issue of directional increase, to improve the standards and supervision of the increase to the large shareholders, to guide the institutional investors to play the role rationally, to enhance the rational investment concept of the small and medium investors and to establish a perfect information disclosure mechanism.

【學(xué)位授予單位】：河南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275

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1 朱曉紅;我國(guó)上市公司定向增發(fā)動(dòng)機(jī)與后果研究[D];復(fù)旦大學(xué);2008年

本文編號(hào)：1789678