本文選題：定向增發(fā) + 資產(chǎn)注入　； 參考：《浙江工商大學(xué)》2012年碩士論文

【摘要】：目前,定向增發(fā)已迅速超過配股和公開增發(fā)新股成為我國上市公司股權(quán)再融資市場上的主要手段,而資產(chǎn)注入類是定向增發(fā)中一個主要的類別。隨著全流通時代的到來,大股東和流通股東的利益趨于一致,大股東的財富由其持有的股票價值決定,基于財富效應(yīng),大股東有通過注入資產(chǎn)使優(yōu)質(zhì)資產(chǎn)證券化,做大做強(qiáng)上市公司的動力。實證研究表明,控股股東有通過定向增發(fā)新股向上市公司注入劣質(zhì)資產(chǎn)來進(jìn)行“掠奪”的現(xiàn)象,也可能存在控股股東虛增注入資產(chǎn)價值進(jìn)行利益輸送的現(xiàn)象。所以,資產(chǎn)注入類定向增發(fā)這一雙重關(guān)聯(lián)交易行為到底對如何影響上市公司績效是值得我們深入探討的問題,本文的研究目的就是大股東實施這一行為到底是為了獲得控制權(quán)私有收益還是真心壯大上市公司。 本文采取規(guī)范研究和實證研究相結(jié)合的方法,以2006年1月1日至2009年8月31日滬深兩市A股已成功實施資產(chǎn)注入類定向增發(fā)的105家公司為樣本進(jìn)行研究。本文基于信息不對稱、代理理論、交易費(fèi)用與資產(chǎn)專用性、隧道挖掘與“支持”等理論,提出本文相應(yīng)的5個假設(shè)。再在理論分析及研究假設(shè)的基礎(chǔ)上,構(gòu)建多元回歸模型。然后,運(yùn)用EXCEL. SPSS、EVIEWS等軟件進(jìn)行數(shù)據(jù)處理,運(yùn)用事件研究法對樣本公司定向增發(fā)注入資產(chǎn)后兩年的時間窗里的市場表現(xiàn)(即股價效應(yīng))進(jìn)行研究,檢驗這些公司在定向增發(fā)中注入的資產(chǎn)質(zhì)量是否優(yōu)質(zhì)以及資產(chǎn)的定價是否合理。本文是使用經(jīng)行業(yè)調(diào)整的持有超額收益(使用個股月收益率計算)作為市場績效的替代變量進(jìn)行實證檢驗的。同時考慮股權(quán)集中度變化、解決關(guān)聯(lián)交易程度等因素對市場績效的影響�？紤]到結(jié)果的穩(wěn)健性,本文還擬采用CAR、凈資產(chǎn)收益率等指標(biāo)來替換長期持有期超額收益率指標(biāo),對模型進(jìn)行實證檢驗。最后,結(jié)合實證結(jié)果和我國的制度背景,從公司治理、證券監(jiān)管、信息披露等視角提出政策意見與建議。 實證結(jié)果表明：(1)增發(fā)后24個月的持有超額收益為正,說明資產(chǎn)注入類定向增發(fā)在長期表現(xiàn)出正的市場績效。(2)注入相關(guān)資產(chǎn)的定向增發(fā)持有超額收益顯著好于非相關(guān)資產(chǎn)。(3)持有超額收益率與增發(fā)對象是否僅包括大股東之間顯著正相關(guān),即增發(fā)對象僅包括大股東時的長期市場績效要顯著優(yōu)于還包括其他方的定向增發(fā)。(4)持有超額收益率與最終控制人持股比例變化率顯著正相關(guān),說明資產(chǎn)注入類定向增發(fā)中股權(quán)集中度的增加會提高持有超額收益率,提升公司股票價格,使市場出現(xiàn)一個良好的表現(xiàn)。(5)關(guān)聯(lián)交易的解決程度與資產(chǎn)注入類定向增發(fā)的長期市場績效的負(fù)相關(guān)關(guān)系并不明顯。
[Abstract]:At present, the main means of equity refinancing of listed companies in our country is to exceed the rights issue and public new issue quickly, and the asset injection is one of the main types in the directional issuance. With the arrival of the full circulation era, the interests of the major shareholders and the circulating shareholders tend to converge. The wealth of the majority shareholders is determined by the value of the shares they hold. Based on the wealth effect, the majority shareholders make the high-quality assets securitized through the injection of assets. Bigger and stronger listed company's motive force. The empirical study shows that the controlling shareholder has the phenomenon of "plunder" by injecting the inferior assets into the listed company through the directional new issue of new shares, and may also have the phenomenon of the controlling shareholder inflating the value of the assets to carry out the benefit transmission. Therefore, the dual related party transaction behavior of asset injection type directional issuance is a problem that we should discuss deeply how to affect the performance of listed companies. The purpose of this paper is whether the large shareholders implement this behavior in order to gain the private income of control or to strengthen the listed company. This paper adopts the method of combining normative research with empirical research, taking 105 companies which have successfully implemented the asset injection type directional issuance between January 1, 2006 and August 31, 2009, as a sample. Based on the theories of information asymmetry, agency theory, transaction cost and asset specificity, tunnel excavation and "support", this paper puts forward five hypotheses. On the basis of theoretical analysis and research hypothesis, a multivariate regression model is constructed. Then, use excel. SPSS EVIEWS and other software data processing, using the event research method to sample companies after the targeted issuance of assets into the time window of the market performance (that is, stock price effect). Test the quality and pricing of the assets they inject into the IPO. This paper uses the industry-adjusted holding excess return (using the monthly return on individual stocks) as an alternative variable to market performance for empirical testing. At the same time, we consider the change of equity concentration and resolve the influence of related transaction degree on market performance. Considering the robustness of the results, this paper also intends to use CAR, ROE and other indicators to replace the long-term excess return index, and make an empirical test of the model. Finally, based on the empirical results and the institutional background of our country, this paper puts forward some policy suggestions and suggestions from the perspectives of corporate governance, securities supervision and information disclosure. The empirical results show that the excess return held in 24 months after the increase is positive. It shows that the long-term positive market performance of the asset injection type of directional additional issuance. (2) the directional additional issuance of the relevant assets is significantly better than that of the non-related assets. 3) the excess return on holding and the object of issuance only include large stocks. There is a significant positive correlation between the east, That is to say, the long-term market performance is significantly better than that of other parties when only large shareholders are included.) there is a significant positive correlation between the excess return held and the change rate of the ultimate controlling person's shareholding ratio. It shows that the increase of equity concentration will increase the excess return on holding and increase the stock price of the company. There is no significant negative correlation between the degree of settlement of related party transactions and the long-term market performance of asset injection type directional placement.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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