本文關(guān)鍵詞： 定向增發(fā) 認購對象 認購方式 長期股價　出處：《浙江財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：近年來，定向增發(fā)新股在我國上市公司再融資方式中所占的比重越來越大。但是由于定向增發(fā)在我國大范圍出現(xiàn)的時間還不長，所以在樣本數(shù)據(jù)獲取方面的局限性較大，關(guān)于定向增發(fā)對上市公司長期股價影響的研究也比較少。那么，定向增發(fā)對上市公司長期股價是否會有正面影響呢？含有大股東及關(guān)聯(lián)股東參與的定向增發(fā)的長期股票價格表現(xiàn)是否要好于僅含非關(guān)聯(lián)股東參與的定向增發(fā)的長期股票價格表現(xiàn)呢？以非現(xiàn)金資產(chǎn)認購的定向增發(fā)的長期市場反應(yīng)是否要好于以現(xiàn)金資產(chǎn)認購的定向增發(fā)呢？本文將在前人研究的基礎(chǔ)上，進一步深入探討這三個問題，以為我國定向增發(fā)的監(jiān)管及政策制定提供一些參考。這也是本文的目的及意義所在。 文章首先從定向增發(fā)法律法規(guī)的發(fā)展歷程、特征、運行模式及現(xiàn)階段存在的問題等方面對我國定向增發(fā)的基本情況作了簡要描述，也為接下來對定向增發(fā)與長期股價關(guān)系的研究做好了鋪墊。 本文先從理論上分析推導(dǎo)了定向增發(fā)與我國上市公司長期股價存在的關(guān)系：1）上市公司內(nèi)部投資人及機構(gòu)投資者以其擁有的信息優(yōu)勢，在認購定向增發(fā)的股份時向外部投資人傳遞了該公司發(fā)展良好的信號，同時定向增發(fā)認購股份存在較長的鎖定期，增強了對公司經(jīng)理人的監(jiān)督，降低了股東與經(jīng)理人之間的代理成本，對公司長期業(yè)績產(chǎn)生積極影響，刺激二級市場股票買入并長期持有。因此推導(dǎo)出定向增發(fā)對上市公司的長期股價有正效應(yīng)；2）大股東及關(guān)聯(lián)股東比非關(guān)聯(lián)股東更具有信息優(yōu)勢，且其認購的定向增發(fā)股份的鎖定期要更長，，對公司經(jīng)理人監(jiān)督的意愿和能力也更強，所以大股東及關(guān)聯(lián)股東參與定向增發(fā)比非關(guān)聯(lián)股東的參與能傳遞更加積極有利的信號。因此，我們推導(dǎo)得出含有大股東及關(guān)聯(lián)股東參與的定向增發(fā)的長期股票價格表現(xiàn)要好于僅含非關(guān)聯(lián)股東參與的定向增發(fā)的長期股票價格表現(xiàn)的結(jié)論；3）通過注入非現(xiàn)金資產(chǎn)的方式認購定向增發(fā)股份降低了上市公司關(guān)聯(lián)交易和同業(yè)競爭的幾率，同時還能通過資源整合以實現(xiàn)規(guī)模經(jīng)濟與范圍經(jīng)濟，降低交易成本，而且大股東持股比例的進一步提高，也降低了其“掏空”幾率，促使注入優(yōu)質(zhì)資產(chǎn)，公司價值得到長期的提升。因此，我們推導(dǎo)得出以非現(xiàn)金資產(chǎn)認購的定向增發(fā)的長期市場反應(yīng)好于以現(xiàn)金資產(chǎn)認購的定向增發(fā)的結(jié)論。 在根據(jù)相關(guān)理論及文獻推導(dǎo)出以上結(jié)論之后，文章進行了實證分析以驗證該結(jié)論是否適用于我國上市公司的情況。本文收集了2006年到2010年之間實行定向增發(fā)的樣本公司的相關(guān)財務(wù)及股票價格數(shù)據(jù)，利用SPSS分析軟件對經(jīng)過處理的數(shù)據(jù)進行描述性統(tǒng)計和回歸分析，研究定向增發(fā)后上市公司股價的長期表現(xiàn)、向不同對象進行定向增發(fā)的長期股價表現(xiàn)及以不同認購方式進行定向增發(fā)的長期股價表現(xiàn)，對各變量之間的關(guān)系進行實證分析，進一步驗證了理論推導(dǎo)中提出的三個假設(shè)，增強結(jié)論的可信程度。 最后是對經(jīng)過理論推導(dǎo)及實證檢驗的結(jié)論的實際應(yīng)用。文章根據(jù)我國上市公司所處環(huán)境的實際情況，為相關(guān)部門對定向增發(fā)的政策制定及監(jiān)督提出了一些可行的建議。由于定向增發(fā)時在股權(quán)分置改革開始后才大量出現(xiàn)的，而在這之后的股價波動比較大，所以在研究時不能排除其他干擾因素的影響。這也是在以后研究中要進一步改進的地方。
[Abstract]:In recent years, the private placement of new shares in China's listed companies refinancing means increasing the proportion. But because the private placement appeared on a large scale in China is not a long time, so in the sample data acquisition aspects of the limitations, research about the impact of the private placement of Listed Companies in the long-term stock price is relatively small so, whether private placement will have a positive impact on the long-term stock price of listed companies? With long-term stock performance oriented big shareholders and related shareholders to participate in the issuance of the price is better than the long-term stock only containing oriented non associated shareholders to participate in the issuance of the price performance? Long-term market reaction to the non cash assets of additional directional subscription is better than to subscribe in cash assets placement? This paper will be on the basis of previous studies, further explore these three issues, that China's private placement supervision And provide some reference for policy making. This is the purpose and significance of this article.
This article first briefly describes the basic situation of China's private placement, including the development process, characteristics, operation mode and existing problems of private placement, and also lays a foundation for further research on the relationship between private placement and long-term stock price.
This paper first theoretically derived and the existence of private placement of Listed Companies in China long-term stock price: 1) listed companies investors and institutional investors with its own information superiority, to subscribe for a private placement of shares to outside investors to pass the good signal the development of the company, at the same time, private placement subscription shares lock period long, to enhance the supervision of managers, reduce agency costs between shareholders and managers, have a positive impact on the long-term performance of the company, to stimulate the two stock market long-term buy and hold. So the derived placement has a positive effect on the long-term stock price of listed companies; 2) large shareholders and the shareholders of non related shareholders has more information advantage, and directed its subscription of additional shares to lock up period is longer, the willingness and ability of company managers is also stronger, so big The East and the shareholders to participate in the private placement of non associated shareholders can transfer more positive signal. Therefore, we derive long-term stock containing directional shareholders and the shareholders to participate in the issuance of the price performance is better than the long-term stock containing only the shareholders to participate in the non directional by the price performance of the conclusion; 3) by injection the non cash assets of the way for the private placement of shares to reduce the probability of the related transactions of the listed companies and the competition in the industry, but also through the integration of resources to achieve economies of scale and scope, reduce transaction costs, and further improve the proportion of large shareholders, but also reduces the probability of "tunneling", to inject quality assets, company value long term improvement. Therefore, we deduce the long-term market reaction to the non cash asset directional subscription issuance on cash assets. The conclusion of the Orienteering of purchase.
鍦ㄦ牴鎹浉鍏崇悊璁哄強鏂囩尞鎺ㄥ鍑轟互涓婄粨璁轟箣鍚

本文編號：1498362