【摘要】：隨著我國上市公司股權(quán)再融資規(guī)模的不斷擴(kuò)大,上市公司的股權(quán)再融資效率問題越發(fā)應(yīng)當(dāng)引起我們的重視。再融資是上市公司繼IPO后獲取資金的重要途徑之隨著中國證券市場的發(fā)展,再融資在總?cè)谫Y規(guī)模中已占有主導(dǎo)地位。中國的上市公司多傾向于股權(quán)再融資。因此,對于上市公司的股權(quán)再融資行為及其效率展開研究對于上市公司的發(fā)展及資本市場的完善都具有一定的理論及現(xiàn)實(shí)意義。 本文的股權(quán)再融資效率是指在上市公司進(jìn)行股權(quán)再融資之后,上市公司股權(quán)再融資所籌集到的資金是否發(fā)揮了積極的作用,在投入成本最小的情況下產(chǎn)出是否最大,這些問題的存在影響著我國資本市場能否長遠(yuǎn)健康發(fā)展。因此,從理論和實(shí)證角度對上市公司股權(quán)再融資效率進(jìn)行分析具有非常重要的現(xiàn)實(shí)意義。第一,研究股權(quán)再融資文獻(xiàn)和融資理論可以讓我們更深層次的理解股權(quán)再融資,同時讓我國上市公司的決策層了解國外上市公司的做法,對我國再融資行為起到借鑒作用。第二,對上市公司的股權(quán)再融資效率進(jìn)行實(shí)證研究,使上市公司決策層在做出融資決策時能夠更有效并且更謹(jǐn)慎。第三,對于投資者而言,了解上市公司股權(quán)再融資的效率,可以讓投資者更準(zhǔn)確的權(quán)衡風(fēng)險和收益之間的關(guān)系,合理選擇投資決策。這樣可以使風(fēng)險在保持一定的條件下收益最大或者在收益一定的情況下而風(fēng)險最小。 本文首先對國內(nèi)外上市公司的現(xiàn)狀進(jìn)行研究,其次介紹了股權(quán)再融資的基本理論,隨后對我國上市公司的股權(quán)再融資偏好的現(xiàn)狀進(jìn)行闡述,分析了股權(quán)再融資偏好的影響因素,并分析了我國上市公司的股權(quán)再融資偏好的原因。最后采用定性與定量相結(jié)合,理論與實(shí)證相結(jié)合的分析方法,并運(yùn)用DEA模型分析了(2006-2010年)上市電力公司股權(quán)再融資低效的原因,然后提出了完善上市公司股權(quán)再融資效率的建議。本文通過對上市公司股權(quán)再融資效率問題的深入研究,在理論層面上,希望能夠豐富國內(nèi)相關(guān)的研究成果,促進(jìn)我國上市公司股權(quán)再融資研究理論的發(fā)展；在實(shí)務(wù)層面上,希望能夠使各相關(guān)主體更好的理解和看待股權(quán)再融資及其效率的相關(guān)問題,為實(shí)務(wù)操作提供經(jīng)驗(yàn)數(shù)據(jù)和相關(guān)的建議。
[Abstract]:With the continuous expansion of the scale of equity refinancing of listed companies in China, the efficiency of equity refinancing of listed companies should be paid more attention to. Refinancing is one of the important ways for listed companies to obtain funds after IPO. With the development of China's securities market, refinancing has played a leading role in the total financing scale. Chinese listed companies tend to refinance their shares. Therefore, the research on the equity refinancing behavior and its efficiency of listed companies has certain theoretical and practical significance for the development of listed companies and the perfection of capital market. The efficiency of equity refinancing in this paper refers to whether the capital raised by the listed company plays a positive role after the listed company refinancing, and whether the output is the largest when the input cost is minimum. The existence of these problems affects the long-term and healthy development of our country's capital market. Therefore, it is of great practical significance to analyze the equity refinancing efficiency of listed companies from both theoretical and empirical perspectives. First, the study of equity refinancing literature and financing theory can make us understand equity refinancing more deeply, at the same time, let the decision makers of listed companies in our country understand the practices of foreign listed companies, and play a reference role in the refinancing behavior of our country. Secondly, empirical research on the efficiency of equity refinancing of listed companies makes the decision makers more effective and cautious in making financing decisions. Third, for investors, to understand the efficiency of equity refinancing of listed companies, investors can more accurately weigh the relationship between risk and income, and make a reasonable choice of investment decisions. In this way, the risk can be maximized under certain conditions or the risk minimized. This paper first studies the current situation of listed companies at home and abroad, then introduces the basic theory of equity refinancing, then expounds the status quo of equity refinancing preferences of listed companies in China, and analyzes the influencing factors of equity refinancing preferences. It also analyzes the reasons for the refinancing preference of listed companies in China. Finally, using qualitative and quantitative analysis, theoretical and empirical analysis method, and using DEA model to analyze the reasons for the low efficiency of equity refinancing of listed power companies from 2006 to 2010. Then it puts forward some suggestions to improve the efficiency of equity refinancing of listed companies. Through the in-depth study on the efficiency of equity refinancing of listed companies, this paper hopes to enrich the relevant domestic research results and promote the development of the theory of equity refinancing of listed companies in China. On the practical level, it is hoped that the relevant parties can better understand and look at the related issues of equity refinancing and its efficiency, and provide empirical data and relevant suggestions for practical operations.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.61

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