【摘要】：定向增發(fā)是一種上市公司再融資的方式,具有針對(duì)性強(qiáng)、實(shí)施過程方便快捷的特點(diǎn)。目前,定向增發(fā)已經(jīng)成為了資本市場(chǎng)上資本運(yùn)作的主要方式之一,定向增發(fā)市場(chǎng)的規(guī)模在不斷擴(kuò)大,同時(shí)定向增發(fā)市場(chǎng)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(yùn)作類的定向增發(fā)項(xiàng)目逐漸增加。當(dāng)前市場(chǎng)上,每一年完成定向增發(fā)的上市公司高達(dá)數(shù)百家,定向增發(fā)的年平均市場(chǎng)容量已經(jīng)超越了3000億元。商業(yè)銀行在我國的經(jīng)濟(jì)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(huì)經(jīng)濟(jì)穩(wěn)定繁榮,不斷向前發(fā)展進(jìn)步。2010年巴塞爾委員會(huì)出臺(tái)的《巴塞爾協(xié)議Ⅲ》,以及中國銀監(jiān)會(huì)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(yùn)用各種各樣的資本補(bǔ)充方式充實(shí)資本,以保證其大規(guī)模的信貸擴(kuò)張,并確保其利潤(rùn)逐年穩(wěn)步增長(zhǎng)。當(dāng)前我國已有數(shù)家股份制商業(yè)銀行上市,隨著其經(jīng)營(yíng)規(guī)模的不斷改變和增長(zhǎng),資金需求也在同時(shí)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(jià)定增的原因,驗(yàn)證了此次溢價(jià)定增的合理性;通過對(duì)其定向增發(fā)的各個(gè)階段的情況進(jìn)行分析,觀察各個(gè)階段的市場(chǎng)反應(yīng),發(fā)現(xiàn)定向增發(fā)為其帶來了正的市場(chǎng)效應(yīng);通過對(duì)平安銀行定向增發(fā)前后經(jīng)營(yíng)績(jī)效的分析,研究定向增發(fā)給其帶來的長(zhǎng)期影響,發(fā)現(xiàn)其存在業(yè)績(jī)發(fā)展的持續(xù)推動(dòng)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(jià)表現(xiàn),發(fā)現(xiàn)過高的溢價(jià)率一定程度上損害了認(rèn)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(duì)整個(gè)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(duì)于定向增發(fā)過程中如何控制過高的溢價(jià)率和如何防止定向增發(fā)出現(xiàn)破發(fā)具有一定指導(dǎo)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(hào)：2243874