本文選題：定向增發(fā) + 因子分析��； 參考：《東北財經大學》2012年碩士論文

【摘要】：自2006年5月8日證監(jiān)會頒布并實施《上市公司證券發(fā)行管理辦法》以來,市場的再融資功能迅速恢復,由于定向增發(fā)的門檻低、審核程序簡易、專業(yè)機構投資者容易溝通等優(yōu)點,定向增發(fā)逐漸成為我國上市公司再融資、收購資產的重要手段和當前中國證券市場的熱點。西方的成熟資本市場的定向增發(fā)廣為流行是在20世紀90年代開始的。如美國定向增發(fā)融資從1990年的81億美元增長到了2000年的1539億美元,并且定向增發(fā)融資是初創(chuàng)性企業(yè)、財務出現(xiàn)困境的企業(yè)以及尋求收購融資的上市公司的一種重要的資金來源。 國外的大量研究采取了事件研究法對定向增發(fā)時的公告效應進行分析,如最早的研究始于Wruck(1989),他發(fā)現(xiàn)定向增發(fā)在事件發(fā)生后存在正的公告效應,它的超額收益率為4.5%；國內方面章衛(wèi)東等(2008)對國內定向增發(fā)研究也得出短期內具有正的公告效應。但是,國內外大部分研究集中于股價的短期公告效應、定價問題、財富效應,尤其是國內,鑒于實施時間較短,較少有學者研究定向增發(fā)的長期經營績效。因此,本文嘗試對實施定向增發(fā)的上市公司的長期經營績效方面進行研究,并將其經營績效與二級市場表現(xiàn)結合起來說明目前國內市場并不是有效市場。 本文以2009年的定向增發(fā)的上市公司作為研究對象,采用反映公司的盈利能力、償債能力、營運能力和發(fā)展能力的12個指標,通過因子分析法對他們在發(fā)行前1年以及發(fā)行后2年的績效進行分析,得出其績效得分,并對針對不同發(fā)行對象及目的上市公司的得分績效比較分析,發(fā)現(xiàn)實施定向增發(fā)的上市公司長期經營業(yè)績存在下滑的現(xiàn)象,然后運用事件研究法,對針對機構投資者進行定向增發(fā)的股票在一年解禁后一個月的市場平均股價表現(xiàn)與增發(fā)價格進行對比,并分析存在差別的原因,最后對全文結論進行總結并簡要進行原因的分析,并提出一些決策建議。 本文主要包括以下幾個部分：第一章為引言,主要探討當前國內外定向增發(fā)的背景以及寫作思路和方法,對定向增發(fā)的相關理論發(fā)展歷程和國內外研究情況進行梳理總結；第二章為理論概述和特點,對定向增發(fā)的發(fā)展狀況以及引起其發(fā)展所具備的特點進行歸納總結,并對本文中用到的理論基礎進行說明介紹；第三章為定向增發(fā)發(fā)行對象與動機,對參與增發(fā)對象進行分類并為下文分析提供基礎,并相應指出中美定向增發(fā)之間的不同；第四章為實證分析,采用因子分析對長期經營績效進行研究,并對不同發(fā)行對象和動機的經營績效進行比較分析,并單獨針對機構投資者發(fā)行的股份在一年后解禁的情況下二級市場股價超額收益率進行研究分析；第五章為研究結論與政策建議。
[Abstract]:Since May 8, 2006, the Securities Regulatory Commission promulgated and implemented the "measures for the Administration of Securities issuance of listed companies", the refinancing function of the market has been rapidly restored. Professional institutional investors are easy to communicate with each other, and directional placement has gradually become an important means of refinancing and asset acquisition of listed companies in China and a hot spot in the current Chinese securities market. The western mature capital market orientated additional issuance was widely popular in the 1990 s. For example, in the United States, private placement increased from $8.1 billion in 1990 to $153.9 billion in 2000, and private placement financing is an important source of funding for start-ups, financially troubled companies and listed companies seeking acquisition financing. A large number of foreign studies have adopted the event study method to analyze the effect of public announcement in the process of directional placement. For example, the earliest research started in Wruckle 1989. he found that there is a positive effect of announcement after the incident. Its excess yield is 4.5 and Zhang Weidong et al. 2008) also has positive announcement effect in the short term. However, most of the studies at home and abroad focus on the short-term announcement effect of stock price, pricing problem, wealth effect, especially in China. In view of the short implementation time, there are few scholars who study the long-term performance of directional placement. Therefore, this paper attempts to carry on the research on the long-term operating performance of the listed company that implements the directional additional offering, and combines its operating performance with the secondary market performance to prove that the domestic market is not an efficient market at present. In this paper, the listed companies listed in 2009 are used as the research object, and 12 indicators reflecting the profitability, solvency, operating capacity and development ability of the company are adopted. This paper analyzes their performance one year before the issue and two years after the issue by factor analysis, obtains the performance score, and compares the performance of the listed companies with different issuing objects and objectives. It is found that the long-term operating performance of the listed companies with directional additional issuance has declined, and then the event research method is used. This paper compares the market average stock price performance of one month after the lifting of the ban for institutional investors, and analyzes the reasons for the difference. Finally, the conclusion of the paper is summarized and the reasons are analyzed briefly, and some decision suggestions are put forward. This article mainly includes the following several parts: the first chapter is the introduction, mainly discusses the background, writing thought and method of the domestic and foreign directional additional issuance, combs and summarizes the related theory development course and the domestic and foreign research situation of the directional additional issuance; The second chapter is the theoretical overview and characteristics, the development of directional additional issuance and the characteristics of its development are summarized, and the theoretical basis used in this paper is introduced; the third chapter is the object and motivation of the targeted additional issuance. Classifying the participants and providing the basis for the following analysis, and pointing out the differences between China and the United States. Chapter four is empirical analysis, the use of factor analysis to study long-term business performance, It also makes a comparative analysis on the operating performance of different issuing objects and motivations, and separately analyzes the excess return rate of stock price in the secondary market under the situation that the shares issued by institutional investors are lifted after a year; The fifth chapter is the conclusion of the research and policy recommendations.
【學位授予單位】：東北財經大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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本文編號：1828622