【摘要】：2006年5月《上市公司證券發(fā)行管理辦法》的頒布實(shí)施，不僅為定向增發(fā)股權(quán)再融資在我國資本市場的運(yùn)用奠定了法律基礎(chǔ)，，同時(shí)也使得定向增發(fā)股權(quán)再融資成為我國上市公司募集資金的最重要方式之一。2006-2008年的三年期間，300多家上市公司成功的進(jìn)行了定向增發(fā)籌集股權(quán)資金，占我國上市公司總數(shù)的15%左右。與此同時(shí)，學(xué)術(shù)界對(duì)定向增發(fā)事件的研究方興未艾，縱觀這幾年的研究，學(xué)者們的研究重點(diǎn)基本集中于定向增發(fā)事件本身的短期公告效應(yīng)、長期股價(jià)效應(yīng)、發(fā)行價(jià)格的確定及大股東利益侵占等問題，研究結(jié)論不一。本文在已有研究文獻(xiàn)的基礎(chǔ)之上，透過定向增發(fā)事件本身，試圖從另一個(gè)視角進(jìn)行更深層次的剖析。 本文選取2006-2008三年期間成功實(shí)施定向增發(fā)的上市公司為樣本，根據(jù)大股東認(rèn)購資產(chǎn)類型的不同，將所有樣本分為現(xiàn)金認(rèn)購和資產(chǎn)認(rèn)購兩種，對(duì)比分析了不同認(rèn)購方式的短期公告效應(yīng)及其對(duì)公司短期業(yè)績的影響、長期股價(jià)效應(yīng)及其對(duì)公司長期業(yè)績的影響；并在此基礎(chǔ)之上，把資產(chǎn)認(rèn)購的樣本按照資產(chǎn)評(píng)估增值率進(jìn)行分組，研究不同資產(chǎn)評(píng)估增值率的市場反應(yīng)其及對(duì)公司業(yè)績的影響。結(jié)果表明，現(xiàn)金認(rèn)購的短期公告效應(yīng)優(yōu)于資產(chǎn)認(rèn)購，但由于控股股東對(duì)上市公司資金的占用，使得現(xiàn)金認(rèn)購的短期公司業(yè)績低于資產(chǎn)認(rèn)購；在長期股價(jià)效應(yīng)方面，現(xiàn)金認(rèn)購優(yōu)于資產(chǎn)認(rèn)購，但由于上市公司大股東占用上市公司資金的問題未得到改善，導(dǎo)致現(xiàn)金認(rèn)購的長期業(yè)績低于資產(chǎn)認(rèn)購；在對(duì)資產(chǎn)認(rèn)購的樣本按照資產(chǎn)評(píng)估增值率進(jìn)行分組后，我們發(fā)現(xiàn)，資產(chǎn)評(píng)估增值率較低的一組市場反應(yīng)優(yōu)于資產(chǎn)評(píng)估增值率較高的一組，且資產(chǎn)評(píng)估增值率較低的一組公司業(yè)績也明顯較優(yōu)。
[Abstract]:The promulgation and implementation of the measures for the Administration of Securities issuance of listed companies in May 2006 not only laid a legal foundation for the use of refinancing of targeted additional equity in China's capital market. At the same time, it also makes refinancing of private additional shares one of the most important ways for Chinese listed companies to raise funds. During the three years from 2006 to 2008, more than 300 listed companies successfully raised equity funds by private placement. It accounts for about 15% of the total number of listed companies in China. At the same time, the academic circles are in the ascendant to the research of the private placement event. Throughout the past few years, the research focus of the scholars is basically focused on the short-term announcement effect and the long-term stock price effect of the directed placement event itself. The issue price determination and the major shareholder interests encroachment and so on question, the research conclusion is different. On the basis of the existing literature, this paper attempts to analyze further from another perspective through the directed placement event itself. In this paper, the listed companies that successfully implemented the directional additional issuance in 2006-2008 are selected as samples. According to the different types of assets subscribed by large shareholders, all the samples are divided into cash subscription and asset subscription. This paper compares and analyzes the short-term announcement effect of different subscription methods and its impact on the short-term performance of the company, the long-term stock price effect and its impact on the long-term performance of the company, and on the basis of this, The asset subscription samples are grouped according to the asset appreciation rate to study the market response of different asset appreciation rates and its impact on the performance of the company. The results show that the short-term announcement effect of cash subscription is better than that of asset subscription, but the short-term performance of cash subscription is lower than that of asset subscription due to the holding of funds by controlling shareholders. Cash subscription is better than asset subscription, but due to the problem that large shareholders of listed company occupy the capital of listed company, the long-term performance of cash subscription is lower than asset subscription. After grouping the asset subscription samples according to the asset valuation appreciation rate, we find that the market response of the group with lower asset valuation appreciation rate is better than that of the asset valuation appreciation rate group. In addition, the performance of a group of companies with low asset appreciation rate is also significantly better.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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