發(fā)布時間：2018-01-03 07:40

  本文關(guān)鍵詞：我國創(chuàng)業(yè)板上市公司再融資決策　出處：《西南財經(jīng)大學》2012年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板 上市公司再融資 對比分析

【摘要】：我國創(chuàng)業(yè)板在歷經(jīng)了10年的學界討論及監(jiān)管層開板準備后,于2009年10月30日正式開板,首批有28家創(chuàng)業(yè)板公司掛牌上市。2010年3月,證監(jiān)會在《關(guān)于進一步做好創(chuàng)業(yè)板推薦工作的指引》中,明確提出：保薦機構(gòu)首當重點推薦九大領(lǐng)域的企業(yè)在創(chuàng)業(yè)板發(fā)行上市,即新能源、新材料、信息、生物與新醫(yī)藥、節(jié)能環(huán)保、航空航天、海洋、先進制造、高技術(shù)服務(wù)等。這份指引與當前我國正在進行的經(jīng)濟產(chǎn)業(yè)升級、轉(zhuǎn)型的大時代背景是相當吻合的,這極大地激發(fā)了中國廣大中小創(chuàng)新型企業(yè)參與資本市場的熱情,也帶動了風險投資、私募股權(quán)投資等民間資本的活躍和發(fā)展,未來也將引導著我國高新技術(shù)企業(yè)發(fā)展和資本市場形成良性互動的格局。 本文在借鑒國內(nèi)外學者研究成果的基礎(chǔ)上,結(jié)合我國融資市場實際情況,使用理論指引、數(shù)據(jù)實證、事件分析相結(jié)合的方法,先從資本市場再融資功能的角度分析我國主板上市公司、中小板上市公司進行再融資時的幾種重要的融資工具使用情況,接著重點分析和探討了創(chuàng)業(yè)板上市公司再融資決策目標和決策內(nèi)容。本文共分為以下五個部分： 第一部分主要闡述了國外公司融資的理論文獻綜述及我國國內(nèi)關(guān)于創(chuàng)業(yè)板研究的理論文獻綜述。國外公司融資的理論及實證研究主要包括：分析公司融資決策的經(jīng)典框架理論——現(xiàn)代資本結(jié)構(gòu)理論、從企業(yè)管理和產(chǎn)業(yè)組織角度分析企業(yè)資本結(jié)構(gòu)差異的戰(zhàn)略公司財務(wù)理論、從資本市場參與者行為角度分析公司再融資決策的行為公司金融理論以及從設(shè)計最優(yōu)金融契約角度出發(fā)分析公司融資的證券設(shè)計理論。目前,我國專家與學者對創(chuàng)業(yè)板的研究大多集中在海外創(chuàng)業(yè)板制度、創(chuàng)業(yè)板風險及創(chuàng)業(yè)板上市公司成長性等這些問題上,以求能夠借鑒海外創(chuàng)業(yè)板市場建設(shè)及運行制度方面的經(jīng)驗,設(shè)計出一套符合我國資本市場運行規(guī)律、風險與收益匹配、操作性強的創(chuàng)業(yè)板制度,以避免海外大多數(shù)創(chuàng)業(yè)板市場從出生到死的“速生速死”狀況發(fā)生。 第二部分首先利用數(shù)據(jù)對比分析法,對我國主板上市公司再融資工具使用與監(jiān)管層相應(yīng)政策導向進行對比分析,從主板上市公司配股、增發(fā)、可轉(zhuǎn)換債券、公司債、短期融資券、附認股權(quán)公司債這些再融資工具發(fā)展的歷史演變出發(fā),發(fā)現(xiàn)我國再融資工具的發(fā)展盛衰與監(jiān)管層的政策導向基本一致。歐美國家的監(jiān)管屬于“市場型”監(jiān)管,他們的職責側(cè)重于維護市場秩序,避免違規(guī)交易發(fā)生及違規(guī)交易處理等,而我國屬于“計劃型”監(jiān)管傳統(tǒng),監(jiān)管當局側(cè)重于政策制定,制度安排等,且從數(shù)據(jù)分析發(fā)現(xiàn)：我國長期的資本市場融資是服務(wù)于大型國企改制過程的,帶有濃厚的行政安排色彩。從我國上市公司再融資角度來看,監(jiān)管層并不直接參與上市公司的再融資決策,但最終“審核”再融資的實施。監(jiān)管層從國家經(jīng)濟宏觀層面考慮,從解決整個經(jīng)濟主體的融資難題、維持與發(fā)展融資市場、保護投資者利益的角度出發(fā),控制再融資的發(fā)行總量及發(fā)行節(jié)奏,并對上市公司選擇融資方式表示出導向性意見。在我國,監(jiān)管者對資本市場的直接干預,在一定程度上代替了資本市場參與主體自身的談判與博弈。 其次,文章從監(jiān)管層、上市公司及承銷商這些再融資參與利益主體出發(fā),得出了我國上市公司再融資行為決策是監(jiān)管層、上市公司及券商之間博弈的結(jié)果：監(jiān)管層對上市公司選擇融資方式表示出導向性意見；上市公司受到金融壓抑、“計劃型監(jiān)管”的限制,幾乎無法自主選擇融資方式,再融資不但要達到證監(jiān)會的發(fā)行標準,還要進行“發(fā)審排隊等候”,并且其發(fā)行數(shù)量也受到限制；承銷商會在承銷風險既定的條件下,追求收益最大。傭工金收益大的前提在于項目周期短、成功率高,監(jiān)管部門審批寬松,募集資金量大,包銷風險最少。因此承銷商會根據(jù)資本市場供求狀況的來建議上市公司采取何種融資方式及定價,容易說服上市公司在股票市場高漲、投資者熱情高時發(fā)行股票,在債券市場火爆、債券融資成本低的情況下發(fā)行債券,而較少真正考慮上市公司的資本結(jié)構(gòu)、融資成本等問題。 第三部分簡單介紹了六大國際創(chuàng)業(yè)板市場(美國NASDAQ市場、新加坡凱利板、英國另類投資市場、德國新市場、加拿大創(chuàng)業(yè)交易所、香港創(chuàng)業(yè)板市場)發(fā)展狀況及我國創(chuàng)業(yè)板產(chǎn)生背景,即,推動我國自主創(chuàng)新戰(zhàn)略實施、加快科技成果產(chǎn)業(yè)化、推動中國自主創(chuàng)新戰(zhàn)略；通過數(shù)據(jù)實證研究,分析我國創(chuàng)業(yè)板目前的運行狀況,得出我國創(chuàng)業(yè)板市場運行存在高增長、高成長性放緩,高抑價、高市盈率現(xiàn)象得到緩解,高超募額現(xiàn)象逐漸減少,超募資金的使用逐漸規(guī)范化,上市公司向投資者分紅、高轉(zhuǎn)配成主流,企業(yè)兼并重組高潮迭起,上市公司推行股權(quán)激勵市場質(zhì)疑度高等特點。 第四部分首先提出了我國創(chuàng)業(yè)板上市公司再融資決策的理論目標、現(xiàn)實目標,上市公司理論再融資目標就是選擇使得公司價值最大化的再融資方式。對于我國創(chuàng)業(yè)板上市公司而言,第一現(xiàn)實目標為通過再融資來逐步完善公司治理結(jié)構(gòu)。創(chuàng)業(yè)板公司上市之前大多規(guī)模偏小,具有“家族化”的管理模式,而數(shù)百年的發(fā)達國家公司發(fā)展表明,從“人治”到“法治”的轉(zhuǎn)變和經(jīng)理人團隊的建設(shè)才能較好的保障公司成為“百年企業(yè)”。如果引導著企業(yè)向前發(fā)展的力量是個人的財富效應(yīng)的話,那么只能說明這個企業(yè)還停留在個體戶、小規(guī)模的階段。因此,在我國創(chuàng)業(yè)板公司大規(guī)模發(fā)展的過程中,家族企業(yè)需要轉(zhuǎn)化為社會企業(yè),需要完成創(chuàng)業(yè)資本的多元化,機構(gòu)投資者、戰(zhàn)略投資者的引入必不可少。 另外,我國創(chuàng)業(yè)板公司大多屬于民營企業(yè),成立時問短,公司規(guī)模較小,行業(yè)內(nèi)領(lǐng)先地位不夠穩(wěn)固,因此,公司再融資的第二現(xiàn)實目標為實現(xiàn)企業(yè)擴張,達到產(chǎn)品規(guī)模效應(yīng)。根據(jù)處于不同生命周期公司的財務(wù)戰(zhàn)略選擇差異,處于成長期的創(chuàng)業(yè)板公司經(jīng)營風險高,未來成長預期好,且正處于穩(wěn)固行業(yè)地位的關(guān)鍵時期,這時往往需要大量資金用于技術(shù)研發(fā)、產(chǎn)品開拓、銷售渠道拓展等。 其次,結(jié)合創(chuàng)業(yè)板上市公司特點,在本章中提出了針對上市公司和監(jiān)管層的建議。一為創(chuàng)業(yè)板上市公司應(yīng)選擇資金到位快、資金成本低的再融資方式。從現(xiàn)有A股市場再融資情況看,受政策影響較大,普遍具有再融資申請發(fā)行周期較長、融資規(guī)模較大、程序統(tǒng)一安排、且無論融資規(guī)模大小都需聘請保薦機構(gòu)等特點,但是,創(chuàng)業(yè)板公司普遍股本較小,融資規(guī)模較小,如果適用與主板市場類似的再融資方式,則會倒逼創(chuàng)業(yè)板上市公司采用“一次性、大量搞定”的方式來融資,閑置資金的使用效率大幅下降,對創(chuàng)業(yè)板塊的長期發(fā)展不利。相應(yīng)的,我國監(jiān)管層應(yīng)適時推出創(chuàng)業(yè)板上市公司“再融資櫥架制度”。這種制度給予了融資工具發(fā)行較大的自由度,有助于降低發(fā)行人和承銷商的發(fā)行風險,節(jié)省公司發(fā)行時問成本與資金成本。 二為監(jiān)管層應(yīng)引導上市公司發(fā)行可轉(zhuǎn)換債券,本文認為發(fā)行可轉(zhuǎn)換更加符合處于成長期的創(chuàng)業(yè)板上市公司的未來發(fā)展需求,處于成長期的創(chuàng)業(yè)板公司常因市場份額變化、競爭者的出現(xiàn)等種種因素使得公司現(xiàn)金流大幅波動,發(fā)生財務(wù)危機的幾率較高,因此,這時公司融資應(yīng)以股權(quán)融資為主,在決策時第一考慮的不是降低融資成本的問題,而是重點考慮使用某種融資方式時如何設(shè)置融資工具條款才能與公司的未來經(jīng)營現(xiàn)金流入匹配,保持相對靈活應(yīng)變的財務(wù)狀況及良好的公司信譽,降低財務(wù)危機的可能性。相應(yīng)的,監(jiān)管層應(yīng)逐步放寬可轉(zhuǎn)債的發(fā)行財務(wù)條件。 其三為公司也應(yīng)在滿足監(jiān)管部門的融資標準的情況下,進行融資方案創(chuàng)新,包括確定融資類型、創(chuàng)新彈性條款、適當選擇融資時機和地點,形成最合理的最適宜公司未來發(fā)展的融資方式,相應(yīng)的,監(jiān)管層應(yīng)逐步引導各類型公司進行理性投資。 第五部分主要用本文研究再融資決策的思路,結(jié)合事件分析法對“中國銀行千億融資計劃”和“立思辰定向增發(fā)收購友網(wǎng)科技”進行案例分析。
[Abstract]:China's gem after 10 years of academic discussion and regulatory board preparation, on October 30, 2009 officially opened, the first batch of 28 GEM companies listed on the.2010 in March, the Commission clearly stated in the "on further improving the work of the gem recommended guidelines, the sponsor: when the first nine key recommendation in the field of business in the gem listing, new energy, new materials, information, biology and new medicine, energy saving and environmental protection, aerospace, marine, advanced manufacturing, high technology service. The guidelines and the current China's ongoing economic transformation and industrial upgrading, the background is quite consistent, this the Chinese has greatly stimulated the innovative small and medium-sized enterprises to participate in the capital market enthusiasm, but also led to the risk of investment, and active development of private equity investment of private capital, the future will also guide China's high-tech enterprises. The exhibition and the capital market have formed a sound interaction pattern.
In this paper, on the basis of research results of scholars at home and abroad, combined with the actual situation of China's financial market, the use of theoretical guidance, empirical data, event analysis method of combining, first from the capital market financing function analysis of our country listed on the SME board, the listed company refinancing several important financing tools use case, then focuses on the analysis and discussion of the GEM listed companies refinancing decision objectives and decision-making. This paper is divided into the following five parts:
The first part mainly expounds the foreign corporate financing theory and literature review of domestic research on the gem of the theory of literature review. Theoretical and empirical studies on foreign financing mainly includes: analysis of corporate financing decision theory, the classical framework of modern capital structure theory, financial theory, strategic differences of corporate capital structure from the Perspective of business management and the analysis of industrial organization, from the point of view of the behavior of participants in capital market analysis company refinancing decision behavior corporate finance theory and from the perspective of the design of optimal financial contract design theory analysis of securities company financing. At present, research on the gem of the Chinese experts and scholars are mostly concentrated in the overseas gem system, the risk of gem and GEM listed the growth of the company and so on these issues, in order to learn from the overseas gem market construction and operation system. Experience has designed a set of gem system which is consistent with China's capital market operation rules, risk and earnings matching, and has strong operability, so as to avoid the rapid growth and death of most overseas growth enterprise market from birth to death.
The second part of the first use of data comparative analysis on China's main board listed company refinancing tools and regulators corresponding policy were analyzed from the issuing company listed on the main board, allotment of shares, convertible bonds, corporate bonds, short-term financing bonds with warrants, the Holdings Company debt refinancing tool history, I found the refinancing tool development of ups and regulatory policy orientation is consistent. The European and American countries regulation belongs to the "market" regulation, their duties focus on maintaining market order, to avoid illegal transactions and illegal transaction processing, but our country belongs to the "plan" supervision tradition, regulatory authorities focus on policy making. The institutional arrangements, and from the data analysis found that long-term capital market financing in China is to serve the large state-owned enterprise restructuring process, with a strong administrative arrangements from China's color. The refinancing of listed companies point of view, regulators are not directly involved in the listed company refinancing decision, but the implementation of the final audit refinancing. Regulators from the national economy from the macro level to consider, to solve the financing problems of the economic subject, the maintenance and development of finance market, protect the interests of investors perspective, control of refinancing the total amount of the issue and the issue of rhythm, and the choice of the financing way of listed companies show oriented views. In our country, the capital market regulators intervene directly, negotiation and game to a certain extent, instead of the capital market in the main body.
Secondly, this article from the regulators, listed companies and underwriters in the interests of the refinancing, the financing behavior of Listed Companies in China is the decision of supervision, the game between listed companies and securities regulators of listed companies: the choice of the financing way of showing guiding opinions; listed companies by financial repression, "plan supervision" restrictions, almost unable to independently choose the way of financing, financing not only to achieve the SFC issued standard, but also for the "trial queue", and the number of distribution is limited; bearing pin chambers in the conditions established under the underwriting risk, the pursuit of maximum profit. Profit is the premise of gold helpers the project cycle is short, high success rate, easing regulatory approval, the amount of funds raised, underwriting risk minimum. Therefore the underwriter according to capital market supply and demand to public suggestions Take our financing and pricing, easy to persuade listed companies in the stock market rising, the enthusiasm of investors is to issue stock, popular in the bond market, bond financing cost under the condition of low issuance of bonds, but few really consider the capital structure of listed companies, financing costs and other issues.
The third part introduces the six international gem market (NASDAQ market in the United States, Singapore catalist, British offbeat investment market, the German market, Canadian venture exchange, Hongkong gem market) development status and background of China's gem, namely, to promote independent innovation strategy in China, accelerate the industrialization of scientific and technological achievements, promote China independent innovation strategy; through empirical research data, analysis of the operating situation of gem in China at present, that China's GEM market operation has high growth, high growth slowdown, high price, high profit rate, alleviate the phenomenon, raise the amount of superb phenomenon gradually reduced, the use of raised funds gradually standardized. The listed company dividend to investors, high impact into the mainstream, corporate mergers and acquisitions climax, listed companies to implement equity incentive market question features.
The fourth part puts forward the theoretical goal, refinancing decision of GEM listed companies in China real target, listed companies refinancing theory goal is chosen so that the maximum value of the company's re financing for China's GEM listed companies, the first real target for improving corporate governance structure gradually to the gem refinancing. Before the company is listed mostly small in scale, with "family" management mode, and the company developed hundreds of years of development shows that from the "rule of man" to "rule of law" and the transformation of the construction of the team managers to better protect the company to become the "enterprise". If the leading development of enterprises is the power of wealth the effect of individual words, only then that the enterprises still remain in the self-employed, small scale stage. Therefore, in the large-scale development of China's GEM companies in the process of, Family enterprises need to be transformed into social enterprises, and the diversification of venture capital needs to be completed. The introduction of institutional investors and strategic investors is essential.
In addition, China's GEM companies are mostly private enterprises, set up a short time, the smaller size of the company, a leading position in the industry is not stable enough, therefore, refinancing second reality in order to realize the goal of enterprise expansion, achieve economies of scale. According to the different product life cycle, the financial strategy choice of differences in the growth stage of the GEM companies operating risk, expected future growth, and is in a critical period of a solid position in the industry, it often requires a lot of money for technology research and development, product development, expand sales channels.
Secondly, combining the characteristics of the companies listed on GEM, this chapter puts forward the listed companies and regulators. One is the GEM listed companies should choose funds quickly, the low cost of capital refinancing way. From the existing A stock market refinancing situation, influenced by the policy, generally with refinancing applications the release cycle longer, financing large-scale program unified arrangements, and regardless of the size of the financing size are required to employ the sponsor and other characteristics, but the GEM companies generally smaller equity financing scale is small, if applicable, and the motherboard market similar refinancing way, will be forced by the GEM listed companies "one-time, fix a lot." the way of financing, efficiency in the use of idle funds fell sharply, adverse long-term development of the entrepreneurial sector. Accordingly, China's regulators should be timely launch of the GEM listed companies' refinancing shelf This system gives a larger degree of freedom to the issuance of financing tools, which helps to reduce issuers and underwriters' issuing risks, and save the cost and cost of funds when issuing companies.
The regulators should guide the listed companies issuing convertible bonds, the convertible is more in line with the future development needs in the growth stage of the GEM listed companies, in the growth of GEM companies often due to changes in market share of all sorts of factors, the emergence of competitors makes the company cash flow volatility, the higher probability of financial crisis therefore, at this time, the company financing should be equity financing, the first consideration in decision-making is not to reduce the financing costs, but also consider the use of some financing ways how to set up financing tools to terms with the company's future operating cash flows, relatively flexible financial condition and good corporate reputation, reduce the possibility of the financial crisis. Accordingly, regulators should gradually relax the financial conditions of the issuance of convertible bonds.
The company should also meet regulatory standards in the financing situation, financing scheme innovation, including the determination of types of financing innovation, elastic terms, appropriate choice of financing time and place, the formation of the future development of the most suitable, the most reasonable way of financing, the regulators should gradually guide the various types of rational investment company.
The fifth part of this paper mainly with the study of refinancing decision thinking, combined with analysis of the event "China billion bank financing plan" and "lanxum placement to acquire friends network technology" case analysis.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 甘婷;陳仁敬;;股權(quán)分置改革后上市公司融資行為選擇研究[J];財會通訊;2009年05期

2 艾健明;我國上市公司的融資結(jié)構(gòu)、公司治理與企業(yè)績效[J];財貿(mào)研究;2003年03期

3 彭世平;芻議建立中國創(chuàng)業(yè)板他律型注冊制發(fā)行上市制度[J];南方金融;2005年10期

4 王國剛;;論“公司債券”與“企業(yè)債券”的分立[J];中國工業(yè)經(jīng)濟;2007年02期

5 汪玲;創(chuàng)業(yè)板市場:全球模式比較及對我國的啟示[J];國際經(jīng)濟合作;2003年06期

6 裴珍珍;;我國可轉(zhuǎn)債發(fā)行動機的相關(guān)實證分析——發(fā)行可轉(zhuǎn)債、公司債與增發(fā)融資的公司特征比較[J];財會月刊;2011年27期

7 彭博;;創(chuàng)業(yè)板公司業(yè)績變臉榜[J];創(chuàng)業(yè)家;2011年12期

8 劉健鈞;全球創(chuàng)業(yè)板市場新發(fā)展與我國政策建議[J];宏觀經(jīng)濟管理;2004年02期

9 原紅旗;;上市公司配股政策10年變遷:企業(yè)與政府的博弈分析[J];經(jīng)濟管理;2002年22期

10 陳曉,單鑫;債務(wù)融資是否會增加上市企業(yè)的融資成本?[J];經(jīng)濟研究;1999年09期

相關(guān)博士學位論文 前1條

1 黃格非;中國上市公司再融資行為與決策機制研究[D];同濟大學;2006年

相關(guān)碩士學位論文 前7條

1 蔡娛;智力資本因素對創(chuàng)業(yè)板上市公司市場價值影響的實證分析[D];東北財經(jīng)大學;2010年

2 徐征;創(chuàng)業(yè)板上市公司風險管理研究[D];河北農(nóng)業(yè)大學;2011年

3 嚴曙光;我國短期融資券信用利差影響因素研究[D];南京大學;2011年

4 胡婧瑋;創(chuàng)業(yè)板退市制度研究[D];華東政法大學;2011年

5 孫杰;中小企業(yè)板上市公司股權(quán)結(jié)構(gòu)與再融資方式選擇研究[D];西安科技大學;2011年

6 張廣磊;中國創(chuàng)業(yè)板上市公司特質(zhì)及上市路線研究[D];北京交通大學;2009年

7 張合;高新技術(shù)企業(yè)融資方式、治理結(jié)構(gòu)與技術(shù)能力關(guān)系研究[D];重慶大學;2009年

，

本文編號：1373018