本文選題：上市公司　切入點：募資投向變更　出處：《西北農(nóng)林科技大學(xué)》2012年碩士論文

【摘要】：近年來，上市公司變更募資投向成為一種普遍的現(xiàn)象。募資投向既關(guān)系到投資資本的保值增值，又關(guān)系到整個公司的后續(xù)發(fā)展。因此，關(guān)于募資投向的變更信息備受關(guān)注。對于上市公司募資投向變更行為，現(xiàn)階段有兩種不同的看法:一種是善意的變更，即變更是為了適應(yīng)客觀條件變化、保護(hù)投資者利益。另一種是惡意的變更，即募資的目的在于圈錢，原項目在資金到位后被主動放棄。我國目前實行的是項目型股票融資制度，在該制度下，通過發(fā)行股票進(jìn)行融資時，公司會選擇最有可能通過政府審批的投資項目。資金到位后，政府對資金的控制和引導(dǎo)減弱，而市場和企業(yè)對資金的導(dǎo)向作用加強。在市場機(jī)制作用下，公司為了順應(yīng)企業(yè)發(fā)展要求和市場變化，對原投資項目做出調(diào)整是必要的。而投資者能否正確看待上市公司募資投向變更行為、并根據(jù)變更公告做出理性的投資決策，是論文研究的核心問題。對該問題的回答可以加強對我國證券市場現(xiàn)階段募資投向變更行為的認(rèn)識。這對于保護(hù)投資者利益、提高投資決策水平、完善證券市場的監(jiān)管重要的現(xiàn)實意義。 論文從理論和實證兩方面展開對該問題的研究。首先，在分析募資投向變更行為的現(xiàn)狀的基礎(chǔ)上，歸納了變更行為總體特征及改投方向、總結(jié)了募資投向變更內(nèi)外因、并利用相關(guān)會計指標(biāo)變動率檢驗變更行為對業(yè)績的影響。然后，運用委托代理理論、信息不對稱和逆向選擇、信號傳遞理論、有效市場假說的相關(guān)理論，對上市公司募資投向變更的市場反應(yīng)進(jìn)行理論分析。其次，以變更募資投向的110家滬市A股上市公司為樣本，采用事件研究方法，通過計算平均超額收益率AAR(Average Abnormal Return)和累計平均超額收益率CAR（Cumulative Average Return），量化市場對變更公告的反應(yīng)。最后，通過對比變更公告對股票市場的影響和變更后上市公司經(jīng)營業(yè)績變化，，考察我國證券市場的有效性以及投資者的投資行為是否理性。 理論分析的結(jié)果表明，上市公司發(fā)出的募資投向變更公告會對證券市場產(chǎn)生影響，但影響的方向，取決于市場是否有效及信息不對稱的程度。實證研究結(jié)果顯示，在募資投向變更公告的[-15，15]事件窗口內(nèi)，累計平均超額收益CAR顯著異于0，說明募資投向變更行為通過公告?zhèn)鬟f信息并引起市場反應(yīng)，符合理論分析的結(jié)果。同時，累計超額收益CAR為正，說明變更行為使股票價格上升，即投資者并沒有逆向選擇。而股票價格走式和變更后業(yè)績變化的一致性，證明我國資本市場符合半強式有效，投資者的投資行為趨于理性。論文最后分別從企業(yè)、投資者、政府三個角度，提出關(guān)于提高項目投資決策水平、強化投資者投資意識、完善中國證券市場的監(jiān)管制度的政策建議。
[Abstract]:In recent years, it has become a common phenomenon for listed companies to change their investment investment, which is not only related to the preservation and appreciation of investment capital, but also to the subsequent development of the whole company. There are two different views on the change in investment of listed companies at this stage: one is that the change is in good faith, that is, the change is to adapt to the change of objective conditions. Protect the interests of investors. The other is malicious change, that is, the purpose of raising funds is to circle money, the original project is voluntarily abandoned after the funds are put in place. At present, China is implementing a project-based stock financing system, under which, When raising funds by issuing shares, the company will choose the investment projects that are most likely to be approved by the government. When the funds are in place, the government's control and guidance to the funds will be weakened. And the market and the enterprise's guiding role to the capital is strengthened. Under the market mechanism, in order to comply with the requirements of the enterprise development and the market changes, It is necessary to make adjustments to the original investment projects. However, whether the investors can correctly view the behavior of the listed companies in raising funds for the change of investment, and make rational investment decisions according to the announcement of the changes, The answer to this question can enhance the understanding of the changing behavior of raising funds in China's securities market at the present stage, which can protect the interests of investors and improve the level of investment decision-making. Improving the supervision of the securities market is of great practical significance. First of all, on the basis of analyzing the current situation of the changing investment behavior, this paper sums up the general characteristics of the change behavior and the direction of the change of investment, and summarizes the internal and external causes of the change of investment. Then, using the principal-agent theory, information asymmetry and adverse selection, signal transmission theory, efficient market hypothesis related theory. Secondly, taking 110 A-share listed companies listed in Shanghai stock market as samples, using the event research method, the paper makes a theoretical analysis of the market response of the listed companies. By calculating the average excess return (AAR(Average Abnormal return) and the cumulative average excess return (CAR(Cumulative Average return), the paper quantifies the response of the market to the change announcement. Finally, by comparing the influence of the change announcement on the stock market and the changes in the operating performance of the listed company after the change, To investigate the validity of China's securities market and whether investors' investment behavior is rational. The results of theoretical analysis show that the announcement of the change of capitalization by listed companies will have an impact on the securities market, but the direction of the impact depends on whether the market is effective and the degree of information asymmetry. In the event window of [-15F15] event window, the cumulative average excess income (CAR) is significantly different from zero, which indicates that the behavior of the change of capital-raising investment transfers information through the announcement and causes market reaction, which is in line with the results of theoretical analysis, at the same time, The cumulative excess return (CAR) is positive, which means that the changing behavior causes the stock price to rise, that is, the investor has no adverse selection. The consistency between the stock price walking pattern and the change of the performance after the change proves that the capital market of our country accords with the semi-strong type of efficiency. The investment behavior of investors tends to be rational. Finally, from three angles of enterprise, investor and government, the paper puts forward some suggestions on how to improve the level of project investment decision and strengthen the investor's investment consciousness. Policy recommendations for improving the regulatory system of China's securities market.
【學(xué)位授予單位】：西北農(nóng)林科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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