發(fā)布時間：2018-01-17 03:33

  本文關(guān)鍵詞：我國上市公司大股東參與定向增發(fā)與公司成長性研究　出處：《吉林大學》2017年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 定向增發(fā) 公司成長性 溢價認購 再融資新規(guī)

【摘要】：自2006年我國實施定向增發(fā)制度以來,由于定向增發(fā)信息披露要求低、審核程序簡便、融資額受限少等優(yōu)勢,在上市公司再融資方式選擇過程中,定向增發(fā)已經(jīng)成為上市公司首選,且其融資規(guī)模呈現(xiàn)逐年遞增的狀態(tài)。僅2016年全年定向增發(fā)募集資金總額就高達1.71億元,超過同年以IPO方式募集資金總額的十倍,其融資情況可見一斑。然而,在定向增發(fā)規(guī)模高速發(fā)展的同時,一些不容忽視的問題也暴露出來,而且已引起市場投資者和學術(shù)界廣泛的詬病,尤其是增發(fā)價格不合理、增發(fā)價格確定基準日與實施日之間存在較大折價、存在無風險套利空間等,此外,定向增發(fā)過程中暴露出來的過度融資問題、上市公司通過定向增發(fā)向利益投資者進行利益輸送問題,使得定向增發(fā)成了一些上市公司圈錢的工具,也引起了投資者極大的不滿。為此,2017年2月17日中國證監(jiān)會出臺了《關(guān)于修改〈上市公司非公開發(fā)行股票實施細則〉的決定》,進一步對上市公司定向增發(fā)融資行為的監(jiān)管進一步細化和規(guī)范。我國上市公司在定向增發(fā)定價過程中存在折價。我國按照不低于定價基準日前二十個交易日的平均價格作為發(fā)行底價,再融資新規(guī)出臺前,定價基準日可以由上市公司在董事會決議公告日、股東大會決議公告日和發(fā)行期首日中任意選擇。但是真正認購時,市場價格與定價基準日相比會存在一定折價,因此,實施時認購價格與市場價格相比存在兩種情況:一是大多數(shù)上市公司在實施時定向增發(fā)價格會低于實施日市場價格,屬于折價認購,在這種情況下,大股東參與定向增發(fā),不僅可能享受解禁后的資本利得,維護自身的控制權(quán),而且如果公司成長性更好的話,還可以分享更多的公司成長帶來的好處;二是市場中的特殊現(xiàn)象,實施時,定向增發(fā)價格高于實施日市價,此時大股東以及其他特定定向增發(fā)對象的認購行為則屬于溢價認購,尤其是大股東認購還要面臨三年的解禁期,此時大股東在未來解禁時是否能獲得正的資本利得存在著很大的不確定性,而且從近年來事情實際情況看,獲利的可能性微乎其微,溢價認購在一定程度上又會增加大股東的投入,那么,其認購的動機到底是什么呢。從信號傳遞理論來講,大股東參與公司增發(fā)融資,會向市場傳遞一個其對公司未來前景和成長性充滿信心的信號,在一定程度上有助于公司融資成功。然而信號傳遞畢竟不一定是真正的事實,也不能保證公司真有很好的成長性,比如大股東僅僅是為了傳遞這樣一個正向信號,為了保證融資而參與認購即是如此。因此,本文將關(guān)注以上兩種不同情況下大股東參與定向增發(fā)認購行為與公司成長性的關(guān)系,以期對大股東參與定向增發(fā)的真實動機進行考察,為投資者決策和政府部門的監(jiān)管提供有益的參考。本文首先從總體研究,針對有大股東參與和無大股東參與的全樣本,接下來,針對有大股東參與的樣本,進一步分為大股東折價認購和溢價認購兩種情況,運用Probit回歸分析,對大股東認購的動因進行研究;最后,針對大股東溢價認購的現(xiàn)象,運用多元回歸分析,對大股東溢價認購的動因進行分析。研究過程中,本文采用了理論與實證研究相結(jié)合的研究方法,在理論方面,本文將定向增發(fā)相關(guān)理論與公司成長性理論結(jié)合,系統(tǒng)闡述了研究機理及途徑。在實證方面,本文在對數(shù)據(jù)進行收集、整理和剔除后,以2012-2014年上市公司的數(shù)據(jù)為研究樣本,建立二元選擇模型和多元回歸模型,運用相關(guān)指標對本文提出的假設(shè)進行實證研究。本文得到如下結(jié)論:(1)上市公司成長性對大股東參與認購定向增發(fā)沒有顯著的積極影響,大股東參與并非基于公司的未來成長,而只是為了證明自己對公司的信心,向其他投資者傳遞積極的信號;(2)通過進一步研究發(fā)現(xiàn),大股東折價和溢價認購與公司成長性均無顯著的相關(guān)性,說明無論大股東認購定向增發(fā)新股的目的是為了表明對上市公司的信心,還是為了謀取控制權(quán)收益,大股東的參與并沒有基于上市公司在定向增發(fā)后的長期業(yè)績增長;(3)即使在溢價認購時會面臨更高的風險,大股東仍然積極參與認購,我們認為可能的解釋有三種:一是放棄短期收益,著眼于長期利益,即看中公司成長性以及由此帶來的長期利益;二是大股東為了保證公司增發(fā)的成功,通過參與僅僅是為了向市場傳遞一個對公司未來有信心的信號,而只是象征性地認購一點而已;三是通過定向增發(fā)進行利益輸送,獲得控制權(quán)收益。因此,針對上市公司定向增發(fā)過程中的問題,本文認為,應(yīng)明確資金使用意圖,避免過度融資,同時加強發(fā)行門檻和對實施定向增發(fā)后公司業(yè)績的監(jiān)管。
[Abstract]:Since the implementation of the private placement system since 2006 in China, because the private placement information disclosure requirements, the audit process is simple, less the amount of financing limited advantage, re financing of Listed Companies in the selection process, private placement has become the first choice of listed companies, and its financing scale has been increasing state. Only the year 2016 private placement to raise funds a total of up to 171 million yuan, more than the same year IPO to raise ten times the total amount of funds, the remarkable financing situation. However, in the rapid development of the scale of private placement at the same time, some problems can not be ignored also exposed, and the market has attracted investors and academia widely criticized, especially the issuing price is not reasonable. There is a big discount between the issuance price to determine the base date and the date of implementation, there is no risk of arbitrage space, in addition, revealed excessive financing to the private placement process The problem of listed companies through private placement, transfer of benefits to the interests of investors, the private placement to some shareholders of listed companies, investors also caused great dissatisfaction. Therefore, in February 17, 2017 Chinese Commission issued a decision on Amending the < > "rules for the implementation of non listed companies issuing shares to the public, further additional financing the behavior of the listed company oriented to further refine and standardize the supervision of Listed Companies in China. The issuance of discount pricing process in our country. According to the directional average price of twenty before not less than the benchmark price on the trading day as the issue price, financing new regulations promulgated, the pricing benchmark by Listed Companies in the announcement board resolution the arbitrary choice, the announcement day of the decision and on the first day of issue of the general meeting of shareholders. But the real time of subscription, the market price will exist compared with the pricing benchmark Some discount, therefore, the implementation of the subscription price and the market price in two ways: one is the majority of Listed Companies in the implementation of directional issuance price will be lower than the market price discount to implement, subscription, in this case, the large shareholders to participate in the private placement, not only can enjoy after the lifting of the ban on capital gains, to maintain control of their own but, if the growth of the company better, you can also share the benefits of more growth; two is a special phenomenon in the market, the implementation of the private placement, the price is higher than the market price at the implementation date, shareholders and other specific private placement subscription behavior object belongs to a premium subscription, especially large shareholders to subscribe to facing three years ban, the largest shareholder in the future whether the ban can obtain capital gains there is great uncertainty, but from the actual situation in recent years. Look at the situation, very little possibility of profit, premium subscription will increase shareholders' investment, to a certain extent, then, what is the motivation of the subscription. From the signal transmission theory, a major shareholder to participate in additional financing, will transfer to the market a signal of the company's future prospects and growth of confidence and contribute to the success of corporate finance to a certain extent. However, the signal transmission after all is not the true facts, also can not guarantee the company's growth very good, such as the largest shareholder is simply to convey a positive signal, in order to ensure financing and participate in the subscription that is the case. Therefore, this paper will focus on more than two different case of large shareholders to participate in the subscription of additional directional relationship between behavior and the growth of the company, with a view to the real motive of large shareholders to participate in the private placement of investors and the government decision-making department Provide a useful reference to door supervision. This paper studies in general, for large shareholders to participate in the free and full sample, the large shareholders to participate in the next, for large shareholders to participate in the sample, further divided into large shareholder discount and premium subscription subscription of two cases, using Probit regression analysis, causes of large shareholders to subscribe for to conduct the study; finally, according to the shareholders a premium subscription phenomenon, using multiple regression analysis, motivation of large shareholders a premium subscription for analysis. In the process of research, this paper uses the research method of combination of theory and empirical research, in theory, the placement theory of growth theory and combined with the company, this system the research on the mechanism and approach. In the empirical analysis, based on the collection of data, sorting and removed, the 2012-2014 listed company data as the study sample, establish two yuan selection model and The multiple regression model, using the parameters related to the hypothesis of empirical research. The paper gets the following conclusions: (1) the growth of listed companies of large shareholders to participate in the subscription of the private placement have a significant positive impact, shareholder participation is not based on the company's future growth, and just to prove their confidence in the company, positive transfer a signal to other investors; (2) through further study found that the large shareholder discount and premium subscription and company growth have no significant correlation, indicating whether major shareholders to subscribe for the private placement of new shares the purpose is to show confidence in the listed companies, or in order to reap the benefits of control, large shareholders and no long-term performance based on the listed companies in the private placement of growth; (3) even in the premium subscription will face a higher risk of major shareholders, is still actively involved in the subscription, we may think The explanation has three kinds: one is to give up short-term gains, focus on long-term interests, which saw the company growth and the long-term interests of the shareholders; two is to ensure the issuance of the company's success, only by participating in the future of the company to send a signal to the market confidence, but only a symbolic subscription a little; three is through private placement for the transfer of benefits, obtain control benefits. Therefore, the private placement of Listed Companies in the process of the problem, this paper argues that the use of funds should be clear intention, avoid excessive financing, while strengthening the threshold issue and on the implementation of the private placement of the performance of the company's supervision.

【學位授予單位】：吉林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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