本文關鍵詞： 定向增發(fā) 公司績效 實證研究　出處：《華東理工大學》2014年碩士論文　論文類型：學位論文

【摘要】：自2006年股權分置改革順利完成,以及證監(jiān)會出臺了《上市公司證券發(fā)行管理辦法》,對上市公司定向增發(fā)首次做出明文規(guī)定以來,定向增發(fā)在我國上市公司中蓬勃發(fā)展。 而定向增發(fā)具有諸多如發(fā)行受限制條件較少、審批程序較為簡單、發(fā)行成本較低、發(fā)行周期相對較短等公開增發(fā)和配股融資所不具備的優(yōu)勢,并且在為企業(yè)籌集項目投資或者日常經(jīng)營活動所需資金的同時,還是企業(yè)引入戰(zhàn)略投資者、整體上市的有力手段,因此逐漸成為我國上市公司股權再融資的首選方式。 但由于在我國證券市場上定向增發(fā)興起時間較短,和它相關的法律法規(guī)、審核制度以及監(jiān)管等都還不是十分健全,且我國證券市場有其自身的特殊性,國外學者的相關研究成果并不能完全適用于我國資本市場。而目前國內(nèi)學者對定向增發(fā)主要關注其公告效應、定向增發(fā)的動機、折價問題以及利益輸送等問題,對于定向增發(fā)對上市公司財務績效的影響研究則較少。僅有的對定向增發(fā)財務績效的實證研究也主要集中在股權分置時期,而經(jīng)過幾年的發(fā)展,定向增發(fā)行為日趨成熟,投資者也變得更為理性,因此就近幾年定向增發(fā)對上市公司財務績效的影響進行實證研究具有重大的現(xiàn)實意義。另外,現(xiàn)有的針對定向增發(fā)對上市公司業(yè)績影響的研究,大多停留在分析增發(fā)前后上市公司整體績效的變化情況。而對于定向增發(fā)的認購對象、折價程度、投資者認購方式等因素與定向增發(fā)企業(yè)業(yè)績的相關性的研究,尚未得出一致的結論。 因此,本文以滬深A股市場2009至2010年實行定向增發(fā)的上市公司為研究樣本,采用2008-2012年的相關財務數(shù)據(jù),從定向增發(fā)的特征出發(fā),通過建立回歸模型,分析研究定向增發(fā)認購對象(包括區(qū)別大股東和機構投資者,以及區(qū)別戰(zhàn)略投資者和財務投資者)、折價率、投資者認購方式等因素對上市公司業(yè)績的可能影響。研究結果發(fā)現(xiàn),上市公司定向增發(fā)后當年業(yè)績有所上升,中長期業(yè)績回落；大股東及其關聯(lián)投資者的參與對上市公司定向增發(fā)后的業(yè)績表現(xiàn)有促進作用；引入戰(zhàn)略投資者的公司定向增發(fā)后業(yè)績與僅引入財務投資者的公司相比并未顯著提高；定向增發(fā)折價程度越大,公司增發(fā)后業(yè)績表現(xiàn)越好；投資者以資產(chǎn)等非現(xiàn)金方式認購增發(fā)股份的公司業(yè)績表現(xiàn)明顯優(yōu)于投資者以現(xiàn)金方式認購的公司。根據(jù)以上結論,本文進而提出更有針對性的解釋和政策建議。
[Abstract]:Since the successful completion of the reform of the split share structure in 2006 and the issuance by the Securities Regulatory Commission (CSRC) of the measures for the Administration of Securities issuance of listed companies, since the first explicit regulation on the additional directional issuance of listed companies, the directional additional issuance has flourished in the listed companies in our country. Directional additional issuance has many advantages, such as less restricted conditions of issuance, simpler examination and approval procedures, lower issuance costs, shorter issuance cycles, and so on, which do not have the advantages of public additional issuance and rights issue financing. At the same time, it is also a powerful means for enterprises to introduce strategic investors and overall listing, so it has gradually become the preferred way of equity refinancing of listed companies in our country. However, due to the short rise time of directional additional issuance in China's securities market, the relevant laws and regulations, auditing system and supervision are not very sound, and our securities market has its own particularity. The related research results of foreign scholars can not be fully applied to China's capital market. At present, domestic scholars mainly pay attention to the announcement effect, motivation, discount problem and profit transmission of directional additional issuance. The only empirical research on the financial performance of the listed companies is mainly focused on the period of split share structure, but after several years of development, the behavior of private placement is becoming more and more mature. Investors also become more rational, so it is of great practical significance to study the impact of private placement on the financial performance of listed companies in recent years. In addition, the existing research on the impact of private placement on the performance of listed companies is of great practical significance. Most of them stay in the analysis of the changes of the overall performance of the listed companies before and after the additional offering. However, the research on the correlation between the subscription object, the discount degree, the investor subscription mode and the performance of the listed company, and so on, A unanimous conclusion has not yet been reached. Therefore, this paper takes the listed companies in Shanghai and Shenzhen A-share market from 2009 to 2010 as the research samples, adopts the relevant financial data from 2008 to 2012, starts from the characteristics of directional additional offerings, and establishes a regression model. This paper analyzes the possible influence on the performance of listed companies by the factors such as distinguishing between large shareholders and institutional investors, as well as between strategic investors and financial investors, discount rate, investor subscription mode, etc. The performance of the listed company in the year after the placement has increased and the long-term performance has fallen; the participation of the majority shareholders and their associated investors has promoted the performance of the listed company after the placement. Compared with the companies that only introduce financial investors, the performance of the companies with the introduction of strategic investors is not significantly improved, the greater the discount degree of directional placement is, the better the performance of the companies is after the issuance. The performance of the investors who subscribe for additional shares by non-cash means such as assets is obviously better than that of the companies which are subscribed by the investors in the form of cash. According to the above conclusions, this paper puts forward more targeted explanations and policy suggestions.
【學位授予單位】：華東理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51

【參考文獻】

相關期刊論文 前10條

1 張力上;黃冕;;我國A股市場定向增發(fā)定價的實證研究[J];財經(jīng)科學;2009年09期

2 何麗梅;;上市公司定向增發(fā)研究述評[J];財會通訊;2010年09期

3 徐斌;俞靜;;究竟是大股東利益輸送抑或投資者樂觀情緒推高了定向增發(fā)折扣——來自中國證券市場的證據(jù)[J];財貿(mào)經(jīng)濟;2010年04期

4 李菊;;定向增發(fā)類型對上市公司業(yè)績影響的實證研究[J];東北財經(jīng)大學學報;2009年03期

5 朱紅軍;何賢杰;陳信元;;定向增發(fā)“盛宴”背后的利益輸送:現(xiàn)象、理論根源與制度成因——基于馳宏鋅鍺的案例研究[J];管理世界;2008年06期

6 賀薇;;我國上市公司定向增發(fā)短期財務績效實證研究[J];經(jīng)營管理者;2011年01期

7 陳滿依;;定向增發(fā)動機對上市公司經(jīng)營績效的影響[J];財會通訊;2013年15期

8 屈艷芳;郭敏;;國有企業(yè)引進戰(zhàn)略投資者的風險分析與防范策略[J];河北經(jīng)貿(mào)大學學報;2008年01期

9 魏琪;曾勝;周后紅;;我國上市公司增發(fā)資金使用效率的實證分析[J];華東經(jīng)濟管理;2007年02期

10 許榮;劉洋;;效率促進還是掏空——大股東參與定向增發(fā)的效應研究[J];經(jīng)濟理論與經(jīng)濟管理;2012年06期

，

本文編號：1555286