本文關(guān)鍵詞：新三板定向增發(fā)價(jià)格的影響因素研究　出處：《西南財(cái)經(jīng)大學(xué)》2016年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 定向增發(fā) 新三板 價(jià)格影響因素 做市商制度 利益輸送

【摘要】：新三板是我國多層次資本市場(chǎng)的重要組成部分,也是實(shí)現(xiàn)我國經(jīng)濟(jì)改革、產(chǎn)業(yè)轉(zhuǎn)型的重要助推力量。自2013年全國中小企業(yè)股份轉(zhuǎn)讓系統(tǒng)有限責(zé)任公司成立以來,新三板取得了令人驚嘆的高速發(fā)展成果,截至2015年末,新三板已經(jīng)成為了極具規(guī)模的全國性股權(quán)交易中心,掛牌公司數(shù)量達(dá)到5190家。新三板的發(fā)展借鑒的是美國納斯達(dá)克市場(chǎng)的運(yùn)作及發(fā)展模式,開創(chuàng)了我國股權(quán)市場(chǎng)的許多首次,如首次將做市商交易制度引入股權(quán)市場(chǎng),首次在我國股權(quán)市場(chǎng)中引入分層機(jī)制,以及首次推出公司可向高層次股權(quán)市場(chǎng)進(jìn)行轉(zhuǎn)板的轉(zhuǎn)板機(jī)制試點(diǎn),可見新三板的成長(zhǎng)不僅體現(xiàn)在規(guī)模的擴(kuò)大上,更體現(xiàn)在機(jī)制的更新與完善中。發(fā)展新三板是解決我國中小企業(yè)融資難問題的有效途徑。在傳統(tǒng)的銀行貸款等間接融資方式下,中小企業(yè)常因?yàn)橐?guī)模小、資質(zhì)一般等原因難以獲得銀行貸款。在直接融資方式下,我國對(duì)企業(yè)債和公司債的發(fā)行主體規(guī)定了較高的標(biāo)準(zhǔn),中小企業(yè)難以實(shí)現(xiàn)債權(quán)融資；而我國A股市場(chǎng)的上市標(biāo)準(zhǔn)同樣嚴(yán)苛,中小企業(yè)的股權(quán)融資需求也沒有出路。但是新三板的出現(xiàn)及發(fā)展為我國中小企業(yè)實(shí)現(xiàn)股權(quán)融資打下了堅(jiān)實(shí)的基礎(chǔ)。新三板重點(diǎn)服務(wù)于我國中小企業(yè),因此掛牌標(biāo)準(zhǔn)較低,對(duì)公司的財(cái)務(wù)情況也無限制要求,旨在為中小企業(yè)融資提供便利。新三板不僅為中小企業(yè)提供了股權(quán)融資的平臺(tái),還不斷拓寬股權(quán)融資的方式,如實(shí)施定向增發(fā)機(jī)制以及優(yōu)先股試點(diǎn),其中新三板公司運(yùn)用最多且最便捷的股權(quán)融資方式就是定向增發(fā)。截至2015年末,新三板公司共實(shí)施定向增發(fā)次數(shù)為3620次,累計(jì)融資金額達(dá)到1389.8億人民幣,其中97%以上的定向增發(fā)時(shí)間為2014-2015年。隨著新三板市場(chǎng)的發(fā)展、公司數(shù)量的提升,定向增發(fā)的規(guī)模也逐步提高,這表明新三板的功能和作用越來越被市場(chǎng)所了解和接受,新三板公司采用定向增發(fā)方式進(jìn)行股權(quán)融資的途徑得到了高效的利用,也表明新三板在解決中小企業(yè)融資問題以及實(shí)現(xiàn)經(jīng)濟(jì)改革和產(chǎn)業(yè)轉(zhuǎn)型中初見成效。但是在看到優(yōu)勢(shì)及成就的同時(shí),也要看到不足和問題。由于新三板的掛牌標(biāo)準(zhǔn)低,使得掛牌公司的數(shù)量眾多且質(zhì)量參差不齊,而新三板各種機(jī)制及規(guī)則的不完善,也導(dǎo)致新三板當(dāng)前的監(jiān)管力度不足、監(jiān)管效率低下,由此引起市場(chǎng)的信息不對(duì)稱情況嚴(yán)重。同樣的問題在定向增發(fā)中也有體現(xiàn),新三板公司進(jìn)行定向增發(fā)無需申請(qǐng)和審批,監(jiān)管層也沒有制定有效的控制標(biāo)準(zhǔn)和監(jiān)督審查機(jī)制,盡管實(shí)現(xiàn)了定向增發(fā)的快速便捷,但同時(shí)也為一些不法行為提供了方便,甚至出現(xiàn)公司通過財(cái)務(wù)造假、項(xiàng)目造假等方式完成定向增發(fā),從而達(dá)到在資本市場(chǎng)“圈錢”的目的。在我國經(jīng)濟(jì)改革的大背景下,新三板的發(fā)展受到了國內(nèi)外市場(chǎng)的極大關(guān)注,而新三板定向增發(fā)也是學(xué)者們重點(diǎn)關(guān)注和積極研究的重要方向。由于新三板流動(dòng)性不足、新興行業(yè)多以及信息不對(duì)稱等情況,綜合導(dǎo)致了新三板公司股票定價(jià)難的問題,股票市價(jià)難以反映公司真實(shí)價(jià)值,定價(jià)問題由此成為新三板亟待解決的問題之一,而新三板定向增發(fā)價(jià)格的確定同樣屬于定價(jià)問題的研究范疇。當(dāng)前新三板中低價(jià)定增的現(xiàn)象嚴(yán)重,2元以下的低價(jià)定增次數(shù)在總體中占比15.68%,不合理的低價(jià)定增可能會(huì)導(dǎo)致利益輸送的情況,損害中小股東的利益,更有甚者可能會(huì)影響整個(gè)市場(chǎng)的發(fā)展,將新三板變成企業(yè)“圈錢”與利益輸送的工具。但是新三板對(duì)于定向增發(fā)的定價(jià)并沒有具體規(guī)定與限制,由此引發(fā)了市場(chǎng)的思考,在已實(shí)施的定向增發(fā)中,定增公司是按照什么原則進(jìn)行定價(jià),定價(jià)是否合理,影響定向增發(fā)定價(jià)的因素有那些等問題都成為了思考重點(diǎn)。本文正是基于當(dāng)前的經(jīng)濟(jì)熱點(diǎn),而將新三板定向增發(fā)作為研究方向,主要研究?jī)?nèi)容為新三板定向增發(fā)的定價(jià)問題,即定向增發(fā)價(jià)格的影響因素分析。對(duì)新三板定向增發(fā)價(jià)格的影響因素進(jìn)行研究,既是為了對(duì)已實(shí)施定增價(jià)格的合理與否提供評(píng)價(jià)指標(biāo),為新三板監(jiān)管層建立起定向增發(fā)價(jià)格的評(píng)價(jià)機(jī)制提供參考依據(jù)；也希望能夠?qū)ふ矣绊懚ㄏ蛟霭l(fā)價(jià)格的因素,為之后新三板公司在定向增發(fā)定價(jià)時(shí)選用何種定價(jià)指標(biāo)提供參考,對(duì)公司股票如何定價(jià)起到一定的借鑒作用；除此之外新三板公司的定向增發(fā)價(jià)格特征能夠一定程度地體現(xiàn)公司定增中存在的問題,以及反映市場(chǎng)情況,對(duì)評(píng)價(jià)市場(chǎng)現(xiàn)象和公司行為提供依據(jù),以期起到管中窺豹,可見一斑的作用。本文采用了非參數(shù)檢驗(yàn)和參數(shù)檢驗(yàn)相結(jié)合的方法,既對(duì)單個(gè)因素與新三板定向增發(fā)價(jià)格的關(guān)系進(jìn)行了探究,也分析了多個(gè)因素對(duì)定增價(jià)格的共同影響,在單因素影響分析階段,采用了描述性統(tǒng)計(jì)和獨(dú)立樣本秩和檢驗(yàn),多因素分析則采用多元線性回歸的方式。從新三板市場(chǎng)和制度的特殊性出發(fā),本文選用了股票轉(zhuǎn)讓方式、發(fā)行對(duì)象和公司財(cái)務(wù)指標(biāo)作為定向增發(fā)價(jià)格影響因素的研究方向,而每一個(gè)研究方向中又選用了特定的因素和指標(biāo)。其中股票轉(zhuǎn)讓方式是新三板區(qū)別于我國其他股權(quán)交易中心的重要特征,新三板采用協(xié)議轉(zhuǎn)讓和做市轉(zhuǎn)讓相結(jié)合的股票交易制度,這一特殊性為本文的影響因素選擇提供了現(xiàn)實(shí)基礎(chǔ)。同時(shí)基于做市商制度,新三板公司定向增發(fā)中也出現(xiàn)了一類特殊的定增對(duì)象——做市商。通過對(duì)選取的影響因素與定向增發(fā)價(jià)格之間關(guān)系的實(shí)證研究發(fā)現(xiàn)：股票轉(zhuǎn)讓方式、發(fā)行對(duì)象及財(cái)務(wù)指標(biāo)對(duì)定增價(jià)格都具有顯著影響。本文由六個(gè)部分組成。第一章為全文導(dǎo)論,介紹了本文的研究背景及意義,闡述了研究?jī)?nèi)容及方法,并對(duì)創(chuàng)新之處進(jìn)行了總結(jié)。第二章為文獻(xiàn)綜述,從定增價(jià)格折價(jià)率、定增價(jià)格影響因素和定增的經(jīng)濟(jì)后果三個(gè)方面進(jìn)行梳理,每方面都整理了一些國內(nèi)外學(xué)者的相關(guān)研究及結(jié)果,并在此基礎(chǔ)上提出本文可以借鑒的研究方向及理論。第三章簡(jiǎn)述了定向增發(fā)的內(nèi)涵及新三板的發(fā)展進(jìn)程,并對(duì)我國新三板定向增發(fā)的情況進(jìn)行了分析總結(jié)。從制度的角度對(duì)比了我國A股市場(chǎng)與新三板定向增發(fā)之間的制度差異,從現(xiàn)狀的描述中得出我國新三板定向增發(fā)的具體情況和發(fā)展趨勢(shì)。第四章對(duì)新三板定向增發(fā)的價(jià)格以及相關(guān)影響因素進(jìn)行了分析。從定向增發(fā)價(jià)格的絕對(duì)值和相對(duì)值兩方面分析了價(jià)格的分布情況,更是引入了行業(yè)的因素,研究不同行業(yè)定增以及定增價(jià)格之間的差異。第五章采用多元線性回歸的方法分析多因素與定增價(jià)格之間的相互關(guān)系,以及影響方向及程度大小。第六章從實(shí)證結(jié)果出發(fā),結(jié)合新三板的具體情況分析結(jié)論中體現(xiàn)的新三板現(xiàn)象及問題,并給出一定的政策建議,最后從科學(xué)研究和實(shí)際發(fā)展兩個(gè)角度對(duì)新三板的未來進(jìn)行展望。本文可以得出以下結(jié)論：1.新三板不同行業(yè)之間的定向增發(fā)價(jià)格存在差異,高新技術(shù)或高成長(zhǎng)性行業(yè)的公司定向增發(fā)價(jià)格高于傳統(tǒng)行業(yè)公司,如信息技術(shù)、醫(yī)療保健、可選消費(fèi)和金融行業(yè)。2.股票轉(zhuǎn)讓方式與定向增發(fā)的價(jià)格存在顯著關(guān)系,公司轉(zhuǎn)為做市轉(zhuǎn)讓方式后的定增價(jià)格顯著高于轉(zhuǎn)做市前。這是由于做市公司股票的流動(dòng)性高于協(xié)議公司,定增價(jià)格中的流動(dòng)性補(bǔ)償減少,價(jià)格提高。且新三板信息不對(duì)稱的程度較高,投資者甄別成本大,轉(zhuǎn)而通過公司做市與否來鑒別公司質(zhì)量,這種方式容易導(dǎo)致做市商與公司勾結(jié)操縱股價(jià)的情況。3.發(fā)行對(duì)象包含做市商和公司關(guān)聯(lián)關(guān)系方時(shí)的定向增發(fā)價(jià)格顯著地低于不包含這類對(duì)象時(shí)的定增價(jià)格。向做市商進(jìn)行極端低價(jià)定增,可能會(huì)導(dǎo)致做市商不良行為的出現(xiàn),而不會(huì)盡責(zé)的履行做市商的義務(wù)。4.公司財(cái)務(wù)指標(biāo)對(duì)定向增發(fā)價(jià)格具有顯著的影響。當(dāng)公司盈利能力越強(qiáng)、運(yùn)營(yíng)能力越好、償債能力越強(qiáng)以及資產(chǎn)結(jié)構(gòu)越合理時(shí),其定向增發(fā)的價(jià)格越高。說明已實(shí)施定向增發(fā)的價(jià)格一定程度上體現(xiàn)了公司經(jīng)營(yíng)情況,具有一定的合理性。5.新三板定增中存在向公司關(guān)聯(lián)關(guān)系方進(jìn)行利益輸送的情況。當(dāng)公司向其關(guān)聯(lián)關(guān)系方進(jìn)行定增時(shí),大股東持股比例越大則定增價(jià)格越低,由此大股東通過低價(jià)定增實(shí)現(xiàn)利益向關(guān)聯(lián)關(guān)系方的轉(zhuǎn)移�？梢灶A(yù)測(cè)大股東對(duì)公司的控制權(quán)越強(qiáng),則公司利益輸送的可能性越大,從而中小股東的利益受到損害的可能性提高；新三板的發(fā)展是創(chuàng)新與問題并存的,而新三板的定向增發(fā)制度也是在發(fā)展變化中不斷完善。當(dāng)前新三板存在的問題和不足并不是相互孤立的,因此解決方法也不能完全割裂。要實(shí)現(xiàn)新三板定向增發(fā)定價(jià)的規(guī)范化、合理化,減少利益輸送的情況,除了要健全定向增發(fā)制度,還要積極完善包括信息披露機(jī)制、監(jiān)管機(jī)制、處罰機(jī)制等其他方面,提高市場(chǎng)整體的有效性,以實(shí)現(xiàn)各個(gè)機(jī)制之間相互輔助、相互促進(jìn),共同推動(dòng)新三板的健康成長(zhǎng)和發(fā)展壯大,而市場(chǎng)整體效率的提高、制度的完善才能從根本上解決新三板定向增發(fā)中的不合理定價(jià)問題,以及其他方面的不足。
[Abstract]:The new board is an important part of the multi-level capital market in China, but also the realization of China's economic reform, boost power industry transformation. Since 2013 the National SME share transfer system of limited liability company since its establishment, the new board has achieved rapid development achievements amazing, as of the end of 2015, the new board has become a national the very size of the equity trading center, listed company reached number 5190. The development of three new board is a reference from the operation and development mode of the Nasdaq market, created many of China's equity market for the first time, such as the market maker trading system into the equity market, first introduced the hierarchical mechanism in China stock market, and launched the first the company can turn board transfer mechanism pilot to the high level of equity market growth, visible three new board is not only reflected in the expansion of the scale, but also in the Update and improve the mechanism. The development of the new board is to solve the financing problems of small enterprises in China. The effective way in the traditional way of indirect financing such as bank loans, often because of the small size of small and medium-sized enterprises, the general qualification and other reasons it is difficult to obtain bank loans. In direct financing, China's corporate bonds and corporate bonds the issuer imposes a higher standard of small and medium-sized enterprises, it is difficult to achieve debt financing; and the Chinese A stock market listing standards as stringent, small and medium-sized enterprises equity financing demand and there is no way out. But the new board and the development of China's small and medium-sized enterprises to achieve equity financing and lay a solid foundation. The new board key service in the small and medium-sized enterprises of our country, so the listing standard is low, no restrictions on the financial situation of the company, to provide financing for small and medium-sized enterprises. The new board not only for small and medium-sized enterprises to provide stock The right financing platform, but also continue to broaden the way of equity financing, such as the implementation of the private placement mechanism and preferred stock pilot, including the use of three new board of the company's equity financing is the largest and most convenient placement. At the end of 2015, the new three board company implemented a total placement number is 3620 times, the cumulative amount of financing reached 138 billion 980 million yuan. The orientation of more than 97% additional time for 2014-2015 years. With the development of the new third market, the number of firms, the size of the private placement have gradually increased, suggesting that the function and role of the new board is increasingly understood and accepted by the market, the new board by way of private placement by way of equity financing are efficient use, also shows that the new board in solving the financing problem of small and medium-sized enterprises and the implementation of economic reform and industrial restructuring in the initial results. But after seeing the advantages and achievements of the At the same time, but also to see the shortcomings and problems. Due to the listing standards of the new three low, making a large number of listed company and the quality is uneven, and the new board of various mechanisms and rules is not perfect, also led to the new board the current lack of supervision, supervision efficiency is low, resulting in the asymmetric information market seriously. The same problem in orientation is also reflected additional, three new board companies private placement without application and approval, regulators have not established effective control standards and supervision mechanism, although the placement of the fast and convenient, but also provides convenience for some illegal behavior, even through the way of financial fraud, fraud and other projects the completion of the private placement in the capital market, so as to achieve the purpose of raising moneymadly. In the background of China's economic reform, the development of three new board by the domestic and foreign markets Of great concern, and the important direction of the new three panel placement is the scholars focus attention and positive research. The new board due to lack of liquidity, emerging industries and information asymmetry, led to the synthesis of new board stock pricing problem, the stock market is difficult to reflect the real value of the company, the pricing problem has become one of the new three problems to be solved, and three new board placement pricing research category also belong to the pricing problem. The current price set by the new board phenomenon seriously, at a given increase in the number of 2 yuan in total accounted for more than 15.68%, unreasonable price increase may lead to the transfer of benefits, small damage the interests of the shareholders, even may affect the development of the market, the new board will become the enterprise "quanqian" and tunneling tool. But the new board for directional placement The pricing and no specific provisions and limitations, which caused the market thinking, has been implemented in the directional placement, set by the company in accordance with the principle of what is the pricing, pricing is reasonable, the influence factors of private placement pricing have those problems have become the focus of thinking. This research is based on the current economic hot spots, and the three new board placement as the direction of research, the main research contents for the pricing problem of three new board placement, private placement price factors. Analysis of three new board placement factors affect the price of both in order to have been implemented to increase in price is reasonable or not to provide the evaluation index, establish the evaluation mechanism of private placement the price to provide a reference for the new board regulators; also hopes to find the factors that affect the price of private placement, after the new board company in the private placement price selection What the price index for reference, a reference to the role of company stock pricing; in addition to the new board of the directional issuance price characteristics to a certain extent reflect the problems existing in the company will increase, and reflect market conditions, provide the basis for the evaluation of the market phenomenon and corporate behavior, in order to see only a small part. Remarkable effect. This paper uses the method of non parametric test parameters and test combination, not only on the relationship between individual factors and three new board placement price was explored, also analyzed the influence of many factors on the price will increase, in single factor analysis, using descriptive statistics and independent sample rank test, multivariate analysis using multivariate linear regression method. Starting from the particularity of the new third board market and the system, we choose the way of transfer of shares, issue and public Our financial index as the research direction of the private placement price influence factors, and the direction of each study and selection of specific factors and indicators. The stock transfer mode is an important feature of the new board is different from China's other equity trading center, the new board adopted the transfer agreement and the transfer market combined with the stock trading system, the a special offer the realistic basis for the factors that influence the choice of. At the same time based on market maker system, three new board company placement also appeared in a special class of object set by market makers. Through empirical research on the relationship between the factors and the private placement price discovery selection effect: the way of transfer of shares, issue and financial indicators have a significant impact on the price will increase. This paper consists of six parts. The first chapter is the introduction, introduces the research background and significance, elaborated The research contents and methods, and the innovations are summarized. The second chapter is literature review, from the price set by the discount rate, the price set by the three aspects of the influence factors and increase the economic consequences of carding, every aspect of finishing the related research and results of some scholars at home and abroad, and on the basis of this study this paper can be used for reference and direction of theory. The third chapter introduces the development process of the connotation of the private placement and the new board, and on China's three new board placement summarized and analyzed. From the angle of institution system compares the differences between A stock market in China and the new three board placement, the specific circumstances and the development trend of China's three new board placement from the description of the current situation. The fourth chapter factors of three new placement price and related effects are analyzed. The absolute value of the additional price from the orientation and the relative value of two Analysis of the distribution of the price, it is the introduction of industry factors of different industry and increasing differences between the price will increase. In the fifth chapter, by the method of multiple linear regression analysis of multiple factors and the relationship between the price will increase, and influence the direction and extent of size. In the sixth chapter, from the angle of empirical analysis, combined with the the new three new board analysis conclusion and reflects problems, and gives some policy suggestions, and finally prospects the future of the new board from two aspects of scientific research and practical development. The following conclusions can be drawn: orientation between 1. different sectors of the issuance of the new board price differences, high-tech company oriented or high growth industry placement price is higher than the traditional industries, such as information technology, healthcare,.2. stock transfer and optional consumer financial industry and to increase There was a significant relationship between the price, the price set by the company to make the city the way the transfer after the transfer market is significantly higher than before. This is due to the liquidity of stock market liquidity is higher than the agreement, will increase the price of compensation for a reduction in the price increase. And three new board information asymmetry degree is high, the cost of screening large investors. Turn to the company market and not to identify the company's quality, this way is easy to cause the market maker and the company colluded with the control of the price.3. issued the market maker and the company contains directional relationship when the additional price significantly lower than does not contain the object when the price increases are extremely low. To set by the market maker there may be leading maker of bad behavior, and fulfill the obligations of market makers of.4. company's financial indicators not responsible of private placement has significant effect on price. When the company can profit Operation ability is stronger, better, more strong solvency and asset structure more reasonable, the placement price higher. The price of private placement has been implemented to a certain extent reflects the operation of the company, with the new board rationality of.5. a constant transfer of benefits to the company related party has increased. When the company to its relationship to increase, the greater proportion of large shareholders is set by the price is low, the large shareholders through the low price set by the transfer of interests to related party. Can predict the major shareholder of the company's control power is stronger, the greater the possibility of conveying the interests of the company thus, the possibility of improving the interests of minority shareholders suffer; the development of three new board is the coexistence of innovation and problem oriented, three new board placement system is also constantly improve in the development and changes in the new board. Problems and shortcomings are not mutually isolated, so the solution can not be completely separated. To achieve standardization, three new board placement pricing reasonable, reduce the transfer of benefits, in addition to improve the private placement system, but also actively perfect information disclosure mechanism, supervision mechanism, punishment mechanism and other aspects, to improve the effectiveness of the overall market, to achieve the various mechanism between mutual support, mutual promotion, and jointly promote the healthy growth and development of three new board expansion, and improve the overall efficiency of the market, the perfection of the system in order to solve the problem of unreasonable pricing issuance in the new board orientation fundamentally, and the lack of other issues.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.51

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