本文選題：定向增發(fā)折價(jià)率 + 信息不對(duì)稱��； 參考：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文

【摘要】：《上市公司證券發(fā)行管理辦法》的實(shí)施為我國(guó)的上市公司帶來了巨大的利益,相比沒有實(shí)施該辦法之前,定向增發(fā)的籌資金額有了爆發(fā)式的增長(zhǎng),非公開發(fā)行一躍成為國(guó)內(nèi)上市公司融資的主要手段。再加上這種方式相比其他融資方法優(yōu)勢(shì)更加明顯,越來越多的上市公司開始把目光集中在定向增發(fā)籌資方式上。因?yàn)槎ㄏ蛟霭l(fā)本身的門檻比較低,費(fèi)用也相對(duì)較少,最重要的一點(diǎn)是其在可操作性強(qiáng)的基礎(chǔ)上還能保持較高的增值效益,正是因?yàn)槎ㄏ蛟霭l(fā)具有上述優(yōu)勢(shì),越來越多的上市公司將定向增發(fā)作為首選融資方式。隨著市場(chǎng)機(jī)制的日益完善,證監(jiān)會(huì)開始把工作的重心轉(zhuǎn)移到保護(hù)投資者的利益方面,企業(yè)通過定向增發(fā)方式不但可以吸引投資者來完成公司的整體上市目標(biāo),還能夠重新調(diào)整公司的股權(quán)結(jié)構(gòu),更好地對(duì)公司進(jìn)行管理。對(duì)于正處在財(cái)務(wù)資金困難的公司來說,定向增發(fā)能夠使其在最短的時(shí)間解決公司的債務(wù)問題,或者完成融資。雖然國(guó)內(nèi)資本市場(chǎng)日益完善,但是遠(yuǎn)不如國(guó)外發(fā)達(dá)國(guó)家的成熟,為了能更好地保護(hù)投資者的利益,優(yōu)化投資者的組成結(jié)構(gòu),政府部門積極引入海外投資者到國(guó)內(nèi)市場(chǎng)投資,支持國(guó)內(nèi)資本市場(chǎng)的發(fā)展壯大。政府部門還制定了有關(guān)企業(yè)內(nèi)部控制融資方面的支持政策用來規(guī)范、監(jiān)督、引導(dǎo)國(guó)內(nèi)上市公司的發(fā)展。對(duì)于定向增發(fā)來說,定價(jià)折扣率是不可避免的現(xiàn)象,各國(guó)的研究表明折扣率的高低與監(jiān)管成本、信息對(duì)稱程度、流動(dòng)性等因素有關(guān)。我國(guó)的證監(jiān)會(huì)對(duì)于定向增發(fā)的價(jià)格有明確規(guī)定,一般情況下折價(jià)率不高于基準(zhǔn)日股價(jià)的10個(gè)百分點(diǎn),相比于國(guó)外的20%低了一半。這對(duì)于股東的合法權(quán)益和證券資本市場(chǎng)的穩(wěn)定起到了良好的保護(hù)作用。本文以信息不對(duì)稱假說、委托代理理論、公司治理理論、流動(dòng)性補(bǔ)償假說作為實(shí)證研究的理論基礎(chǔ),研究信息不對(duì)稱和發(fā)行對(duì)象類別不同對(duì)定向增發(fā)折價(jià)率產(chǎn)生了怎樣的影響,并且研究不同發(fā)行對(duì)象認(rèn)購(gòu),包括大股東、積極機(jī)構(gòu)投資者、消極機(jī)構(gòu)投資者對(duì)定向增發(fā)折價(jià)率的影響,進(jìn)一步研究了發(fā)行對(duì)象特征,包括大股東認(rèn)購(gòu)比例、大股東增發(fā)前持股比例、利益轉(zhuǎn)移指標(biāo)以及機(jī)構(gòu)投資者參與,對(duì)信息不對(duì)稱和定向增發(fā)折價(jià)的調(diào)節(jié)作用。通過回歸分析,可以得出結(jié)論:信息不對(duì)稱與定向增發(fā)折價(jià)顯著正相關(guān)。當(dāng)積極機(jī)構(gòu)投資者參與上市公司定向增發(fā)時(shí),折價(jià)率較低;當(dāng)消極機(jī)構(gòu)投資者參與上市公司定向增發(fā)時(shí),折價(jià)率較高。大股東利益輸送指標(biāo)和大股東認(rèn)購(gòu)比例,對(duì)信息不對(duì)稱與定向增發(fā)折價(jià)的關(guān)系起到正向的調(diào)節(jié)作用,機(jī)構(gòu)投資者參與對(duì)信息不對(duì)稱與定向增發(fā)折價(jià)的關(guān)系起到負(fù)向的調(diào)節(jié)作用�；谘芯拷Y(jié)論,本文提出了以下五條政策建議:(1)進(jìn)一步規(guī)范定向增發(fā)價(jià)格,增加規(guī)范條件;(2)鼓勵(lì)外部機(jī)構(gòu)投資者參與定向增發(fā)過程;(3)完善公司治理,增強(qiáng)對(duì)大股東的監(jiān)督力度;(4)完善市場(chǎng)制度,充分披露定向增發(fā)有關(guān)信息,保護(hù)外部投資者合法權(quán)益;(5)在定向增發(fā)的監(jiān)管上,監(jiān)管機(jī)構(gòu)應(yīng)對(duì)不同的認(rèn)購(gòu)方進(jìn)行分類監(jiān)管。本文較詳細(xì)地分析了信息不對(duì)稱、發(fā)行對(duì)象對(duì)定向增發(fā)折價(jià)率的影響,對(duì)投資者、上市公司以及證券監(jiān)管部門的決策有積極意義。
[Abstract]:The implementation of the securities issuance management method for listed companies has brought great benefits to the listed companies in China. Compared with the non implementation of this method, the financing amount of the targeted additional issuance has an explosive growth, and the non public issue has become the main means of financing for the domestic listed companies. More and more obvious, more and more listed companies are beginning to focus on the way of financing. Because the threshold is low and the cost is relatively small, the most important thing is that it can maintain high value-added benefits on the basis of strong operability. With the increasingly perfect market mechanism, the CSRC begins to transfer the focus of its work to the interests of protecting investors, and the enterprises can not only attract investors to complete the overall listing target of the company, but also reorganize the stock rights of the company. Structure, better management of the company. For companies in financial difficulties, the orientation increase can make it solve the debt problem of the company in the shortest time, or complete the financing. Although the domestic capital market is becoming more and more perfect, it is far less mature than the foreign developed countries, in order to better protect the interests of investors, To optimize the composition of investors, government departments actively introduce overseas investors to domestic market investment and support the development of domestic capital markets. Government departments have also formulated support policies on internal control financing for enterprises to standardize, supervise and guide the development of domestic listed companies. The rate is an inevitable phenomenon. The research of each country shows that the discount rate is related to the cost of supervision, the degree of information symmetry and the liquidity. In our country, the price of the targeted additional issuance is clearly defined. In general, the discount rate is not higher than the 10 point of the benchmark day's share price, which is half as low as that of the foreign 20%. The legitimate rights and interests of the shareholders and the stability of the securities capital market have played a good protective role. This paper takes the information asymmetry hypothesis, principal-agent theory, corporate governance theory and liquidity compensation hypothesis as the theoretical basis of empirical research. And the influence of the subscriptions of different distribution objects, including large shareholders, positive institutional investors and negative institutional investors on the rate of discount discount, has been further studied, including the proportion of subscriptions for large shareholders, the proportion of the stock holders before the increase of shareholders, the index of interest transfer and the participation of institutional investors, and the information asymmetry and the information asymmetry. According to the regression analysis, we can draw a conclusion that information asymmetry is significantly positively correlated with the directional increase discount. When the positive institutional investors participate in the listed companies' directional addition, the discount rate is low; when the negative institutional investors participate in the listed companies' directional addition, the rate of discount is higher. The proportion of subscribing to large shareholders plays a positive regulatory role in the relationship between information asymmetry and directional increase discount. Institutional investors' participation in the relationship between asymmetric information and directional increase discount plays a negative regulatory role. Based on the conclusion of the study, the following five policy suggestions are put forward: (1) further standardize the price of directional increase. Add the standard conditions; (2) encourage the external institutional investors to participate in the Orienteering process; (3) improve the corporate governance and strengthen the supervision of the large shareholders; (4) perfect the market system, fully disclose the relevant information of the orientation addition and protect the legitimate rights and interests of the external investors; (5) the regulatory agencies should classify the different subscribers in the direction of the regulation. In detail, this paper analyses the effect of information asymmetry on the discount rate of directional issuance, which is of positive significance to the decisions of investors, listed companies and the securities regulatory authorities.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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