本文選題：蘇寧電器　切入點(diǎn)：定向增發(fā)　出處：《南京財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：蘇寧電器從2004年在深市上市以來，共進(jìn)行了四次定向增發(fā)，第一次是2006年的閃電增發(fā)，雖然發(fā)生破發(fā)，但屬于初涉此領(lǐng)域的可控情況，隨后的兩次定向增發(fā)（分別在2008年和2009年）都成功增發(fā),這三次增發(fā)都吸引了基金的眼光，紛紛參與。2012年7月7日新股上市就一路破發(fā)，可以說此次的定向增發(fā)是失敗的。本文主要目的是探尋蘇寧電器定向增發(fā)成功與失敗現(xiàn)象背后的成因與經(jīng)濟(jì)后果。 2006年定向增發(fā)產(chǎn)生于兩大制度背景：一是新《證券法》，二是股市全流通時(shí)代的到來。本文首先回顧了定向增發(fā)相關(guān)的文獻(xiàn)以及相關(guān)理論，然后分析了我國(guó)定向增發(fā)市場(chǎng)概況以及相關(guān)法律法規(guī)。 家電行業(yè)是我國(guó)市場(chǎng)化最早的行業(yè)之一，蘇寧電器作為家電行業(yè)的龍頭企業(yè)，而2012年定向增發(fā)后股價(jià)發(fā)生了破發(fā)現(xiàn)象，于是本文把這一次的破發(fā)現(xiàn)象作為關(guān)注點(diǎn)入手分析蘇寧電器定向增發(fā)的成功原因和失敗的教訓(xùn)。家電行業(yè)2012年不僅遇到周期性衰退的難題，而且更重要的是行業(yè)集體遭遇發(fā)展瓶頸。家電零售以蘇寧電器和國(guó)美為龍頭企業(yè)，，正受到重重考驗(yàn)，而大量的資金投入是企業(yè)發(fā)展不可缺少的一部分。 蘇寧電器屢屢定向增發(fā)反映了企業(yè)處于高速成長(zhǎng)期需要大量的資金支持，本文將蘇寧電器前三次定向增發(fā)的成功與2012年定向增發(fā)的失敗相比較，運(yùn)用外部宏觀經(jīng)濟(jì)因素分析和內(nèi)部因素分析，具體內(nèi)部因素有家電行業(yè)發(fā)展遇瓶頸；認(rèn)購(gòu)對(duì)象的退出與堅(jiān)守；電商價(jià)格戰(zhàn)后的利弊等。蘇寧電器2012年定向增發(fā)的破發(fā)現(xiàn)象說明市場(chǎng)對(duì)其未來發(fā)展反應(yīng)不佳，這與蘇寧力求轉(zhuǎn)型的步伐滯后有很大的關(guān)系。 最后，本文根據(jù)研究總結(jié)出幾點(diǎn)政策建議，一是企業(yè)應(yīng)慎重選擇定向增發(fā)，二是企業(yè)應(yīng)當(dāng)力求適應(yīng)市場(chǎng)的商業(yè)模式。
[Abstract]:Since SUNING went on the market in Shenzhen on 2004, it has carried out four additional directional offerings, the first of which was an additional lightning issue on 2006. Although a burst occurred, it was a controllable situation initially involved in this field. The subsequent two private offerings (2008 and 2009) were successful, attracting the Fund's eye and participating in the initial public offering, which broke in July 7th 2012. The main purpose of this paper is to explore the causes and economic consequences behind the success and failure of SUNING Electric Appliances. In 2006, the new Securities Law came into being in the background of two systems: the new Securities Law, and the arrival of the era of full circulation of the stock market. Then it analyzes the general situation of China's market and related laws and regulations. Home appliance industry is one of the earliest market-oriented industries in our country. SUNING electric appliance is the leading enterprise in the household appliance industry. Therefore, this paper takes this break phenomenon as the focus to analyze the reasons for success and failure of SUNING's directionally additional issuance. In 2012, the household appliance industry not only encountered the problem of cyclical recession, What is more important is that the industry collective encounters the bottleneck of development. The leading enterprises in the retailing of household appliances are taking SUNING and Gome as the leading enterprises, and a large amount of capital investment is an indispensable part of the development of the enterprises. SUNING Electric Appliances repeated directional issuance reflects the need for a large amount of capital support in the period of high speed growth. This paper compares the success of the first three additional directional offerings of SUNING Electric Appliance with the failure of directional additional issuance in 2012. Using external macroeconomic factor analysis and internal factor analysis, the specific internal factors include the bottleneck in the development of the household appliance industry, the withdrawal and adherence of the subscribing object; The advantages and disadvantages after the price war of e-commerce. SUNING Electric Appliances in 2012 directional additional hair break phenomenon shows that the market response to its future development is not good, which has a great relationship with SUNING's efforts to transform the pace of lag. Finally, according to the research, this paper summarizes several policy recommendations, one is that enterprises should carefully choose the targeted issuance, the other is that enterprises should strive to adapt to the market business model.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.6

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 彭韶兵;趙根;;定向增發(fā):低價(jià)發(fā)行的偏好分析[J];財(cái)貿(mào)經(jīng)濟(jì);2009年04期

2 徐斌;俞靜;;究竟是大股東利益輸送抑或投資者樂觀情緒推高了定向增發(fā)折扣——來自中國(guó)證券市場(chǎng)的證據(jù)[J];財(cái)貿(mào)經(jīng)濟(jì);2010年04期

3 張祥建;徐晉;;股權(quán)再融資與大股東控制的“隧道效應(yīng)”——對(duì)上市公司股權(quán)再融資偏好的再解釋[J];管理世界;2005年11期

4 李悅;熊德華;張崢;劉力;;公司財(cái)務(wù)理論與公司財(cái)務(wù)行為——來自167家中國(guó)上市公司的證據(jù)[J];管理世界;2007年11期

5 朱紅軍;何賢杰;陳信元;;定向增發(fā)“盛宴”背后的利益輸送:現(xiàn)象、理論根源與制度成因——基于馳宏鋅鍺的案例研究[J];管理世界;2008年06期

6 王強(qiáng);;蘇寧電器逆市擴(kuò)張[J];商務(wù)周刊;2009年23期

7 馬剛;;定向增發(fā):風(fēng)險(xiǎn)與機(jī)遇并存[J];新財(cái)經(jīng);2006年09期

8 盧闖;李志華;;投資者情緒對(duì)定向增發(fā)折價(jià)的影響研究[J];中國(guó)軟科學(xué);2011年07期

9 田藝;王蘊(yùn)玨;楊偉聰;;定向增發(fā)創(chuàng)造投資新機(jī)遇[J];證券導(dǎo)刊;2006年16期

10 何賢杰;朱紅軍;;利益輸送、信息不對(duì)稱與定向增發(fā)折價(jià)[J];中國(guó)會(huì)計(jì)評(píng)論;2009年03期

相關(guān)碩士學(xué)位論文 前1條

1 江渭洲;我國(guó)上市公司定向增發(fā)相關(guān)法規(guī)問題研究[D];復(fù)旦大學(xué);2008年

本文編號(hào)：1575384