本文選題：定向增發(fā)　切入點(diǎn)：財(cái)務(wù)績(jī)效　出處：《河北大學(xué)》2014年碩士論文

【摘要】：2006年股權(quán)分置改革完成，證監(jiān)會(huì)開(kāi)啟上市公司定向增發(fā)新股的大門(mén)，頒布的《上市公司證券發(fā)行管理辦法》正式對(duì)定向增發(fā)做出全面解釋。定向增發(fā)憑借其容易達(dá)到的標(biāo)準(zhǔn)，立即成為上市公司滿足融資需求的新寵，直至今日仍然熱度不減，依舊是上市公司進(jìn)行股權(quán)融資的首選。但是另一方面，現(xiàn)有的資料顯示，我國(guó)上市公司定向增發(fā)產(chǎn)生較晚，沒(méi)有外國(guó)那種成熟的運(yùn)作模式和相關(guān)法律法規(guī)，尚處于摸索階段。由于沒(méi)有系統(tǒng)的操作模式，導(dǎo)致現(xiàn)在很多上市公司都只是照搬國(guó)外經(jīng)驗(yàn)，而缺少對(duì)定向增發(fā)的全面、理性認(rèn)識(shí)，，從而導(dǎo)致定向增發(fā)過(guò)程出現(xiàn)漏洞，定向增發(fā)效果不盡如人意。從目前我國(guó)的現(xiàn)狀來(lái)看，認(rèn)真研究定向增發(fā)對(duì)中國(guó)上市公司財(cái)務(wù)績(jī)效的影響，總結(jié)出一套適合中國(guó)上市公司定向增發(fā)的經(jīng)驗(yàn)教訓(xùn)，是上市公司改善財(cái)務(wù)狀況的迫切需要，也是提高資本市場(chǎng)效率和活力、明確資本市場(chǎng)發(fā)展方向的根本保證。因此，研究上市公司定向增發(fā)財(cái)務(wù)績(jī)效，同時(shí)結(jié)合企業(yè)生命周期理論，從不同視角審視上市公司定向增發(fā)的影響，為上市公司在企業(yè)融資方面起到參考作用。 本文在對(duì)相關(guān)理論進(jìn)行梳理的基礎(chǔ)上，闡述了定向增發(fā)的定義、原則、程序、目的，以及定向增發(fā)的優(yōu)勢(shì)、弊端。同時(shí)，探討了生命周期理論的定義、劃分標(biāo)準(zhǔn)、劃分方法，并以生命周期理論為切入點(diǎn)研究定向增發(fā)的意義。本文將生命周期理論和定向增發(fā)理論相融合，通過(guò)Dickinson現(xiàn)金流組合法對(duì)定向增發(fā)的上市公司進(jìn)行五個(gè)階段的劃分，分階段衡量定向增發(fā)對(duì)上市公司的業(yè)績(jī)影響。通過(guò)因子分析法構(gòu)造一個(gè)定向增發(fā)的綜合得分模型，對(duì)財(cái)務(wù)指標(biāo)體系中的14個(gè)指標(biāo)進(jìn)行降維，劃分為五個(gè)公共因子，以此獲得財(cái)務(wù)業(yè)績(jī)的綜合得分，從而對(duì)不同生命周期上市公司定向增發(fā)的財(cái)務(wù)績(jī)效進(jìn)行對(duì)比、衡量。本文經(jīng)研究認(rèn)為處于不同生命周期的上市公司定向增發(fā)將產(chǎn)生不同的財(cái)務(wù)績(jī)效影響，而且成長(zhǎng)期的上市公司定向增發(fā)產(chǎn)生的短期財(cái)務(wù)績(jī)效影響最為顯著。
[Abstract]:In 2006 the completion of the share reform, the Commission on the private placement of listed company shares issued "gate, issuance of securities of listed companies management measures on the formal issuance of make a comprehensive interpretation of directional private placement. With its easy to reach the standard, immediately became a listed company to meet the financing needs of the market, until today still alive, is still the listed company equity financing choice. But on the other hand, the existing data show that the private placement of Listed Companies in China have not late, the mode of operation and the relevant laws and regulations that foreign mature, is still in the exploratory stage. Due to the lack of system operation mode, resulting in many listed companies are now just copy foreign experience, and the lack of the placement of the comprehensive, rational knowledge, which leads to loopholes in the process of private placement, private placement is not satisfactory. At present in China The current situation, carefully study the impact of the private placement on the financial performance of listed companies China, summarizes the experience for a Chinese private placement of listed companies, is an urgent need to improve the financial situation of listed companies, but also improve the efficiency of capital market and vitality, fundamental guarantee to clear the capital market development direction. Therefore, the research orientation of listed companies the issuance of financial performance, combined with the enterprise life cycle theory, examine the influence from different perspectives of listed companies private placement, for listed companies to play a reference role in enterprise financing.
Based on the review of relevant theories, expounds the definition of the private placement program, purpose, principle, and advantage of private placement disadvantages. At the same time, discusses the definition, theory of life cycle division standard, classification, and the life cycle theory as the starting point to study the significance of the private placement. The integration of life cycle theory and the theory of private placement, five stages of the private placement of listed companies through the Dickinson cash flow combination method, phase to measure the impact of the private placement of listed company's performance. Through factor analysis, the comprehensive score method to construct a private placement model, to reduce the dimensionality of the 14 indicators of financial indicators in the system, divided into five common factors, in order to get the comprehensive score of financial performance, so the placement of different life cycle oriented financial performance of listed companies compared to measure. This paper believes that the private placement of listed companies with different lifecycle will produce different financial performance, and the short-term financial performance of the growth oriented listed companies is most significant.

【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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本文編號(hào)：1660958