本文選題：定向增發(fā)　切入點：外部投資者　出處：《復(fù)旦大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：定向增發(fā)作為一種新的上市公司融資方式在近幾年得到了長足的發(fā)展和廣泛的關(guān)注。在2006年至2011年間,參與定向增發(fā)的機構(gòu)投資者獲得了較高的收益,研究學(xué)者對于進行定向增發(fā)的動機,可能涉及的利益輸送問題,對公司治理的改善以及折價率形成機制等都有不少的探討。本文立足于消極機構(gòu)投資者角度,嘗試通過市場可直接觀察到的信息來判斷是否參與具體的定向增發(fā),以獲得更高和更穩(wěn)定的收益。 通過相關(guān)性分析以及回歸分析2006年至2011年的定向增發(fā)個股數(shù)據(jù),從幾個角度檢驗了面向機構(gòu)投資者以及其他特定對象投資者的定向增發(fā)股票投資收益的影響因素：從增發(fā)基本情況看,市場估值水平、增發(fā)規(guī)模以及增發(fā)比例會對投資收益有比較顯著的影響；從增發(fā)預(yù)案公告日的公告效應(yīng)看,發(fā)現(xiàn)超額收益率對于增發(fā)折價率顯著正相關(guān),而增發(fā)前超額收益則與大股東認(rèn)購比例有較強的相關(guān)性,但增發(fā)前相對換手率卻沒有體現(xiàn)出很強的相關(guān)性,說明增發(fā)前的利益輸送在總體上并沒有很明顯的反應(yīng)在股價上。 由上面的分析得出機構(gòu)投資者投資定向增發(fā)項目的選股策略,首先要在市場低估值的時候參與定向增發(fā),其次要選擇增發(fā)規(guī)模小,但增發(fā)比例較高的項目,也可以選擇新興行業(yè)的公司,能夠獲得比較高的增發(fā)折扣,從而確保投資收益。
[Abstract]:Private placement as a new mode of financing of Listed Companies in recent years has been rapid development and wide attention. From 2006 to 2011, the agencies involved in the issuance of directional investors get a higher income, researcher of the motivation of the private placement may involve transfer of benefits, on corporate governance the improvement as well as the discount rate formation mechanism has a lot of discussion. This paper is based on the negative perspective of institutional investors through the market, try to be directly observed information to determine whether participating in the private placement, in order to obtain a higher and more stable income.
By correlation analysis and regression analysis from 2006 to 2011 the issuance of directional stock data from several angles to test for institutional investors and the influencing factors of other specific object investors private placement of stock investment income from the issuance of the basic situation, the level of market valuation, additional scale and additional proportion will have a significant impact on investment income; from the announcement date of the issuance of the announcement effect, found that the excess rate of return for the additional discount rate was significantly positively correlated, and before the issuance of excess returns and the proportion of shareholders to subscribe a strong correlation, but before the issuance of the relative exchange rate did not reflect the strong correlation, that before the issuance of the transfer of benefits in general and there is no obvious reaction in the stock price.
From the above analysis that institutional investors to invest in private placement project stock picking strategy, first of all to participate in the private placement market underestimate the value of the time, secondly to select additional small scale, but the issuance of a higher proportion of the project, can also choose to emerging companies in the industry, to get the additional discount, so as to ensure the return on investment.

【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：1622018