本文選題：增發(fā)再融資 + 內(nèi)部控制環(huán)境��； 參考：《南京理工大學》2012年碩士論文

【摘要】：隨著我國資本市場的不斷發(fā)展,上市公司再融資的需求不斷增加,存在強烈的股權(quán)再融資偏好,股權(quán)分置改革后,再融資的方式逐漸由配股轉(zhuǎn)為增發(fā)為主。作為一種在發(fā)達國家資本市場上運用廣泛、市場化程度較高的股權(quán)再融資方式,增發(fā)融資開始被不斷地嘗試和推廣,這對于提升我國上市公司的價值、促進經(jīng)營戰(zhàn)略上的合作與競爭,以及解決投融資問題發(fā)揮了重要的作用。 但是,在我國上市公司熱衷增發(fā)再融資的同時,大多數(shù)上市公司在增發(fā)實施后,公司績效卻不理想。國內(nèi)有不少學者對此進行研究,有的認為是上市公司非理性融資的結(jié)果,有的認為是對募集的資金使用不當造成的,有的認為是控股股東通過關(guān)聯(lián)交易、資產(chǎn)重組等行為“掏空”上市公司造成的。這些現(xiàn)象固然是造成上市公司增發(fā)再融資績效低下的重要原因,但在一定融資模式下,上市公司增發(fā)再融資績效低下的原因,一方面與證券監(jiān)管部門、投資者和中介機構(gòu)等外部控制相關(guān),另一方面與上市公司的組織結(jié)構(gòu)、企業(yè)文化、人力資源政策等內(nèi)部控制環(huán)境因素相關(guān)。本文正是在此基礎(chǔ)上,分析上市公司內(nèi)部控制環(huán)境實施情況,探討上市公司增發(fā)再融資行為的績效,并從內(nèi)部控制環(huán)境角度對規(guī)范上市公司增發(fā)再融資行為、提高增發(fā)再融資績效提出一定的建議。 文章第一部分分析了增發(fā)再融資的特點、條件及在我國的發(fā)展歷程,并從理論角度分析了增發(fā)再融資績效低下的原因。第二部分分析了內(nèi)部控制環(huán)境理論的發(fā)展和現(xiàn)階段的具體因素,綜述了國內(nèi)外學者對內(nèi)部控制環(huán)境及企業(yè)績效方面的文獻,為分析內(nèi)部控制環(huán)境和增發(fā)再融資績效的關(guān)系提供理論依據(jù)。實證部分,選取2007年A股實行增發(fā)融資的上市公司為樣本,先根據(jù)理論部分對內(nèi)部控制環(huán)境建立評價模型,對樣本企業(yè)的內(nèi)部控制環(huán)境進行了整理評價；接下來根據(jù)相關(guān)文獻研究結(jié)果選取兩個指標來分析上市公司的增發(fā)再融資績效,并對其做了初步統(tǒng)計；最后建立了內(nèi)部控制環(huán)境與增發(fā)再融資績效的實證模型,驗證了兩者之間存在顯著的正相關(guān)關(guān)系。 根據(jù)理論和實證兩方面的研究結(jié)果,文章最后從監(jiān)管者如何更好的監(jiān)督審查企業(yè)的再融資行為,管理者如何更好的管理企業(yè)、提高增發(fā)再融資業(yè)績,投資者如何更好的分析企業(yè)表現(xiàn)、選擇投資對象等提供了建議。
[Abstract]:With the development of capital market in China, the demand for refinancing of listed companies is increasing, and there is a strong preference for equity refinancing. After the reform of split share structure, the way of refinancing is gradually changed from rights issue to additional issuance. As a kind of equity refinancing method which is widely used in the capital market of developed countries and has a high degree of marketization, the additional issuance financing has been tried and popularized constantly, which will promote the value of listed companies in our country. Promoting cooperation and competition in management strategy and solving the problem of investment and financing play an important role. However, while China's listed companies are keen to issue more shares and refinance, the performance of most listed companies is not satisfactory after the implementation of additional issuance. There are many domestic scholars who study this, some think it is the result of irrational financing of listed companies, some think it is the result of improper use of the raised funds, some think that the controlling shareholder is the result of related party transactions. Assets reorganization and other acts of "emptying" of listed companies caused by. Of course, these phenomena are the important reasons for the low performance of additional issuance and refinancing of listed companies, but under a certain financing mode, the reasons for the low performance of additional issuance and refinancing of listed companies are on the one hand, and the securities regulatory authorities, on the one hand, On the other hand, it is related to the organizational structure, corporate culture, human resource policy and other internal control environmental factors of listed companies. On this basis, this paper analyzes the implementation of the internal control environment of the listed companies, discusses the performance of the additional issuance and refinancing behavior of the listed companies, and from the perspective of the internal control environment, discusses the regulation of the additional refinancing behavior of the listed companies. In the first part, the author analyzes the characteristics, conditions and development process of refinancing in China, and analyzes the reasons for the low performance of refinancing in theory. The second part analyzes the development of the internal control environment theory and the specific factors of the present stage, and summarizes the domestic and foreign scholars' literature on the internal control environment and enterprise performance. It provides a theoretical basis for analyzing the relationship between internal control environment and refinancing performance. In the empirical part, we select the listed companies of A shares in 2007 to carry out additional issuance and financing as the sample. Firstly, we set up the evaluation model of the internal control environment according to the theoretical part, and collate and evaluate the internal control environment of the sample enterprises. Then according to the research results of related literature, this paper selects two indicators to analyze the performance of refinancing of listed companies, and makes preliminary statistics. Finally, it establishes an empirical model of internal control environment and refinancing performance. According to the results of theoretical and empirical studies, this paper examines the refinancing behavior of enterprises from the perspective of how regulators better supervise and examine the refinancing behavior of enterprises, and how managers can better manage the enterprises. To improve the performance of refinancing, investors how to better analyze the performance of enterprises, choose investment objects and so on to provide suggestions.
【學位授予單位】：南京理工大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 王立勇;內(nèi)部控制系統(tǒng)評價的定量分析模型[J];財經(jīng)研究;2004年09期

2 畢金玲;;股權(quán)再融資問題研究思想脈絡及其演變[J];財會通訊;2009年17期

3 孟林;任志宏;;內(nèi)部控制評價量化模型探析——基于公司治理的視角[J];東北財經(jīng)大學學報;2007年06期

4 章衛(wèi)東,夏新平;論我國上市公司治理對股權(quán)再融資績效的影響[J];當代財經(jīng);2005年08期

5 葉紅雨,曾芒;我國A股市場增發(fā)資金使用效率實證研究[J];廣西金融研究;2005年07期

6 李明輝;論內(nèi)部公司治理與內(nèi)部控制[J];廣西會計;2002年11期

7 賀有為;;上市公司股權(quán)再融資問題[J];合作經(jīng)濟與科技;2008年22期

8 陸滿平;上市公司增發(fā)新股的國際比較與借鑒[J];宏觀經(jīng)濟研究;2002年05期

9 耿建新,劉文鵬;我國上市公司再融資與股權(quán)結(jié)構(gòu)優(yōu)化問題研究[J];經(jīng)濟理論與經(jīng)濟管理;2001年09期

10 李康,楊興君,楊雄;配股和增發(fā)的相關(guān)者利益分析和政策研究[J];經(jīng)濟研究;2003年03期

相關(guān)碩士學位論文 前10條

1 楊文峰;上市公司增發(fā)新股融資效果及改進對策研究[D];中南大學;2003年

2 翟敬;我國上市公司增發(fā)新股與企業(yè)績效分析[D];北京化工大學;2006年

3 李賀敏;我國上市公司再融資方式及其業(yè)績研究[D];南京財經(jīng)大學;2006年

4 王佳;企業(yè)文化與績效關(guān)系的實證研究[D];吉林大學;2007年

5 王劍峰;J上市公司內(nèi)部控制環(huán)境研究[D];天津大學;2007年

6 武文龍;我國上市公司定向增發(fā)股權(quán)再融資實證研究[D];天津大學;2008年

7 尹芬;新COSO報告下企業(yè)內(nèi)部控制評價體系設計[D];廣東外語外貿(mào)大學;2009年

8 許興云;中國上市公司定向增發(fā)與公開發(fā)行選擇的動因研究[D];廈門大學;2009年

9 操振;我國上市公司股權(quán)再融資績效實證分析[D];江西財經(jīng)大學;2009年

10 張宏亮;企業(yè)內(nèi)部控制環(huán)境的執(zhí)行研究[D];重慶交通大學;2010年

，

本文編號：2001706