【摘要】：定向增發(fā)是一種上市公司再融資的方式,具有針對性強、實施過程方便快捷的特點。目前,定向增發(fā)已經(jīng)成為了資本市場上資本運作的主要方式之一,定向增發(fā)市場的規(guī)模在不斷擴大,同時定向增發(fā)市場的數(shù)目也越來越多。隨著數(shù)量及規(guī)模的發(fā)展,定向增發(fā)漸漸延伸發(fā)展至中小板塊,屬于資本運作類的定向增發(fā)項目逐漸增加。當前市場上,每一年完成定向增發(fā)的上市公司高達數(shù)百家,定向增發(fā)的年平均市場容量已經(jīng)超越了3000億元。商業(yè)銀行在我國的經(jīng)濟體系中發(fā)揮著極為重要的中介作用,上市商業(yè)銀行地位尤為重要,它們掌控著資金,只有商業(yè)銀行資金安全,才能保證社會經(jīng)濟穩(wěn)定繁榮,不斷向前發(fā)展進步。2010年巴塞爾委員會出臺的《巴塞爾協(xié)議Ⅲ》,以及中國銀監(jiān)會推出的新四大監(jiān)管工具構(gòu)成了我國銀行業(yè)審慎性監(jiān)督新框架。我國上市商業(yè)銀行都在運用各種各樣的資本補充方式充實資本,以保證其大規(guī)模的信貸擴張,并確保其利潤逐年穩(wěn)步增長。當前我國已有數(shù)家股份制商業(yè)銀行上市,隨著其經(jīng)營規(guī)模的不斷改變和增長,資金需求也在同時增加,定向增發(fā)不失為其最優(yōu)的融資渠道。本文以平安銀行為例,分析其溢價定增的原因,驗證了此次溢價定增的合理性;通過對其定向增發(fā)的各個階段的情況進行分析,觀察各個階段的市場反應,發(fā)現(xiàn)定向增發(fā)為其帶來了正的市場效應;通過對平安銀行定向增發(fā)前后經(jīng)營績效的分析,研究定向增發(fā)給其帶來的長期影響,發(fā)現(xiàn)其存在業(yè)績發(fā)展的持續(xù)推動力,充沛的資金流能讓其更加穩(wěn)健的發(fā)展;分析定向增發(fā)后的股價表現(xiàn),發(fā)現(xiàn)過高的溢價率一定程度上損害了認購方的利益。最后總結(jié)分析結(jié)論并提出相關(guān)啟示。本文對整個銀行業(yè)資本充足率的監(jiān)管和再融資方式選擇具有一定的借鑒意義,對于定向增發(fā)過程中如何控制過高的溢價率和如何防止定向增發(fā)出現(xiàn)破發(fā)具有一定指導意義。
[Abstract]:Directional placement is a kind of refinancing method for listed companies, which has the characteristics of strong pertinence and convenient and quick implementation. At present, the private placement has become one of the main ways of capital operation in the capital market. The scale of the market has been expanding, and the number of the market has also become more and more. With the development of quantity and scale, the directional additional issuance gradually extends to the small and medium plate, and the capital operation type of directional additional issuance projects increase gradually. In the current market, hundreds of listed companies complete private placement every year, and the average annual market capacity has exceeded 300 billion yuan. Commercial banks play an extremely important intermediary role in the economic system of our country, especially listed commercial banks. They control the funds. Only the security of the funds of the commercial banks can ensure the social and economic stability and prosperity. The Basel Accord 鈪，

本文編號：2243874