本文關(guān)鍵詞：中小板上市公司IPO超募對經(jīng)濟(jì)增加值（EVA）影響的實(shí)證研究　出處：《浙江工商大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 超募 超募率 經(jīng)濟(jì)增加值 EVA 經(jīng)營業(yè)績

【摘要】：在我國證券市場上,一級市場定價(jià)過高,導(dǎo)致企業(yè)IPO嚴(yán)重超募、二級市場上廣大中小投資者的權(quán)益難以得到保障。針對這一問題,2009年5月以來,A股市場先后經(jīng)歷了四輪新股發(fā)行體制改革,四輪改革的難點(diǎn)、重點(diǎn)都在于如何完善詢價(jià)和申購報(bào)價(jià)的約束機(jī)制,正確引導(dǎo)一級市場的定價(jià)趨向合理。企業(yè)超募現(xiàn)象的存在,必然會(huì)對其經(jīng)營業(yè)績造成影響,本文在前人研究的基礎(chǔ)上,從股東價(jià)值創(chuàng)造的角度出發(fā)引入了經(jīng)營業(yè)績評價(jià)方法——經(jīng)濟(jì)增加值(EVA),根據(jù)EVA的變化來衡量企業(yè)IPO超募對企業(yè)創(chuàng)造價(jià)值的能力帶來的影響。 首先,本文分別介紹了研究背景、理論基礎(chǔ)、前人研究成果、中小板的超募狀況以及經(jīng)濟(jì)增加值(EVA),并回答了在眾多業(yè)績評價(jià)方法中,本文為什么要選擇EVA進(jìn)行研究�？梢哉f該部分的介紹為后文的進(jìn)一步研究作了必要的鋪墊。 其次,在接下來的篇章中,本文主要做了如下研究： (1)以一家超募率高、具有代表性的中小板企業(yè)——海普瑞(股票代碼：002399)為例,從微觀角度研究超募對企業(yè)EVA、盈利能力、營運(yùn)能力等方面造成的影響。結(jié)果發(fā)現(xiàn),巨額超募不僅造成了EVA的大幅下滑,同時(shí)還導(dǎo)致“海普瑞”盈利能力、營運(yùn)能力、發(fā)展能力的下降,而這三項(xiàng)“能力”的下降,正是導(dǎo)致“海普瑞”EVA大幅下滑的“幫兇”之一；超募雖然增強(qiáng)了“海普瑞”的償債能力,但由于財(cái)務(wù)杠桿使用不足,股權(quán)資本成本上升,從而成為降低其EVA水平的又一個(gè)重要原因�！昂Ｆ杖稹钡某忌鲜胁粌H沒有為股東創(chuàng)造價(jià)值,反而成了摧毀股東價(jià)值的“機(jī)器”。 (2)為了研究“海普瑞現(xiàn)象”是否具有普適性,本文選取了2009年—2012年在中小板上市的324家樣本公司,從“大樣本”的宏觀角度進(jìn)行了研究。在該部分的研究中,筆者先后對樣本公司的EVA值進(jìn)行了描述性統(tǒng)計(jì)分析、超募率和上市前后EVA回報(bào)率變化值的相關(guān)性分析、回歸分析。結(jié)果顯示,超募程度越大,企業(yè)上市后經(jīng)濟(jì)增加值(EVA)下降越明顯,并且還得出了超募率上升1%,EVA就下降1.101%的量化關(guān)系。 最后,本文并沒有止步于這一結(jié)論,而是進(jìn)一步探索了為什么超募會(huì)造成企業(yè)EVA水平的下降。根據(jù)上文對“海普瑞”的研究,筆者認(rèn)為超募可能會(huì)對企業(yè)的盈利能力、營運(yùn)能力、償債能力、發(fā)展能力產(chǎn)生影響,而這四項(xiàng)能力的變化,在某種程度上決定了EVA水平的高低。為了驗(yàn)證這種判斷,本文對它們之間的關(guān)系做了進(jìn)一步研究。 根據(jù)本文最終的回歸結(jié)果可知：1、超募確實(shí)降低了企業(yè)的盈利能力、營運(yùn)能力,從而導(dǎo)致企業(yè)EVA水平的下降；2、超募雖然增強(qiáng)了企業(yè)的償債能力,但由于股權(quán)資本成本高于債務(wù)資本成本,根據(jù)資本資產(chǎn)定價(jià)模型可知,股權(quán)資本比例的上升會(huì)導(dǎo)致企業(yè)EVA水平的下降；3、超募對企業(yè)短期的發(fā)展能力沒有明顯的影響。
[Abstract]:In the securities market of our country, the pricing of the primary market is too high, which leads to the serious over-raising of IPO and the difficulty of protecting the rights and interests of the majority of small and medium-sized investors in the secondary market. In view of this problem, since May 2009. A-share market has experienced four rounds of new issue system reform, four rounds of reform difficulties, the focus is on how to improve the inquiry and purchase price constraints. Correctly guide the pricing of the primary market to be reasonable. The existence of the phenomenon of enterprise overcapitalization will inevitably have an impact on its business performance, this paper on the basis of previous studies. From the point of view of shareholder value creation, this paper introduces the evaluation method of business performance-Economic value added (EVA). According to the change of EVA, the impact of corporate IPO super-raising on the ability to create value is measured. First of all, this paper introduces the research background, theoretical basis, previous research results, the status of over-raising of small and medium-sized boards and economic value added, and answers in a number of performance evaluation methods. The introduction of this part can be said to pave the way for further research. Secondly, in the next chapter, this paper mainly does the following research: Taking a representative small and medium-sized board enterprise with a high over-raising rate as an example, the paper studies the profitability of EVAs from the micro perspective of a typical small and medium-sized board enterprise (stock symbol: 0: 002399). The results show that the huge overcapitalization not only caused a sharp decline in EVA, but also led to a decline in the profitability, operating capacity and development capacity of "Capri". The decline of these three "abilities" is one of the "accomplices" that led to the sharp decline of "Capri" EVA; Over-raising has increased the solvency of Capri, but the cost of equity capital has risen due to underuse of financial leverage. This has become another important reason for lowering the level of EVA. Instead of creating value for shareholders, Capri's over-listing has become a "machine" to destroy shareholder value. In order to study the universality of the "Capri phenomenon", this paper selects 324 sample companies listed on the small and medium-sized board from 2009 to 2012. In this part of the study, the author has carried on the descriptive statistical analysis to the sample company's EVA value. The correlation analysis and regression analysis of the rate of overoffering and the change of EVA return before and after listing. The result shows that the greater the degree of over-raising, the more obvious the decline of economic added value (EVA) after listing. Moreover, the quantitative relationship between the increase of over-raising rate and the decrease of EVA by 1.101% is obtained. Finally, this paper does not stop at this conclusion, but further explore why the corporate EVA level will decline. According to the above study of "Haipri". The author thinks that over-raising may have an impact on the profitability, operating capacity, solvency and development ability of the enterprise, and the changes of these four capabilities. To a certain extent, the level of EVA is determined. In order to verify this judgment, the relationship between them is further studied in this paper. According to the final regression result of this paper, we can see that the overraising has really reduced the profitability and operation ability of the enterprise, thus leading to the decline of the EVA level of the enterprise. 2. Although over-raising enhances the solvency of the enterprise, the cost of equity capital is higher than the cost of debt capital, according to the capital asset pricing model. The increase of equity capital ratio will lead to the decline of EVA level of enterprises; 3, exceed raise to enterprise short-term development ability has no obvious influence.
【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】：2014
【分類號】：F275;F832.51

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