發(fā)布時(shí)間：2018-01-05 23:10

  本文關(guān)鍵詞：上市公司融資行為及其對(duì)公司業(yè)績(jī)影響的研究　出處：《山東大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司融資行為 公司業(yè)績(jī) 定向增發(fā) 公開增發(fā) 配股

【摘要】：自1990年上海證券交易所和深圳證券交易所陸續(xù)成立以來,上市公司便開始在證券市場(chǎng)進(jìn)行融資。融資是企業(yè)的重要事項(xiàng),它不僅能夠保證企業(yè)獲得所需要的資金,而且融資方式的選擇會(huì)影響企業(yè)的資本結(jié)構(gòu),進(jìn)而影響企業(yè)的價(jià)值與業(yè)績(jī)。在證券市場(chǎng)20多年的發(fā)展歷程中,上市公司的融資行為在不斷的發(fā)生變化,而且不同的階段呈現(xiàn)出不同的特征。 根據(jù)1990-2012年的融資數(shù)據(jù),中國上市公司融資行為的發(fā)展變化可以分為5個(gè)階段：1990年以前企業(yè)融資的早期階段、1990-1997年上市公司融資的起步階段、1998-2001年的成長(zhǎng)階段、2001-2005年的調(diào)整階段及2006年-2012年的完善階段。1984年以前由于計(jì)劃經(jīng)濟(jì)體制的影響,企業(yè)的融資行為呈現(xiàn)以財(cái)政撥款為主的特征；而計(jì)劃經(jīng)濟(jì)體制轉(zhuǎn)變?yōu)槭袌?chǎng)經(jīng)濟(jì)體制后,在1984-1989年銀行貸款這種融資行為成為企業(yè)最為主要的融資方式；1990年以后,銀行貸款融資的主導(dǎo)地位逐漸被股權(quán)融資所取代,上市公司出現(xiàn)股權(quán)融資偏好,但1990-1992年并沒有再融資方式,這階段上市公司的股權(quán)融資只有IPO,1993年開始出臺(tái)配股的政策,并且使得配股成為1993-1997年期間股票市場(chǎng)上唯一的再融資方式；1998年上市公司出現(xiàn)公開增發(fā)和可轉(zhuǎn)債的再融資行為,并在1998-2001年階段表現(xiàn)出以配股為主、公開增發(fā)和可轉(zhuǎn)債為輔的融資特征；2001-2004年,隨著融資政策的不斷變化,上市公司的融資呈現(xiàn)出以配股、公開增發(fā)、可轉(zhuǎn)債并重的多元化融資格局,2005年是比較特殊的一年,股權(quán)分置改革使得資本市場(chǎng)暫停其融資功能,這樣就使得IPO、配股和可轉(zhuǎn)債的融資額出現(xiàn)大幅度的下滑；2006年證監(jiān)會(huì)頒布的新的融資政策對(duì)于再融資方式的發(fā)行條件進(jìn)行了進(jìn)一步調(diào)整,在放寬配股條件的同時(shí),提出非公開發(fā)行(定向增發(fā))這種新的再融資方式,由于低成本和發(fā)行簡(jiǎn)便等優(yōu)勢(shì),定向增發(fā)成為近幾年最受歡迎的融資選擇,2006-2012年的融資行為可概括為：定向增發(fā)為主,公開增發(fā)、配股和可轉(zhuǎn)債為輔的融資格局。 不同的融資方式有不同的融資政策,而政策中對(duì)于公司財(cái)務(wù)業(yè)績(jī)也有不同的要求,因此它們會(huì)對(duì)公司業(yè)績(jī)產(chǎn)生不同的影響。由于上市公司的業(yè)績(jī)指標(biāo)有很多,如果只用一個(gè)指標(biāo),不可避免的會(huì)產(chǎn)生片面性的誤差,因此該論文采用12個(gè)綜合業(yè)績(jī)指標(biāo),借助因子分析的方法對(duì)定向增發(fā)、公開增發(fā)及配股與公司業(yè)績(jī)之間的關(guān)系進(jìn)行了實(shí)證研究,通過比較2008-2011年公司業(yè)績(jī)綜合排名的變化情況,驗(yàn)證融資前后對(duì)公司業(yè)績(jī)是否產(chǎn)生顯著的影響。通過實(shí)證研究發(fā)現(xiàn)：從短期來看,上市公司的定向增發(fā)對(duì)于公司的業(yè)績(jī)影響并不顯著,但對(duì)于公司的長(zhǎng)期業(yè)績(jī)有顯著的消極影響；上市公司的公開增發(fā)對(duì)于公司增發(fā)當(dāng)年的業(yè)績(jī)影響并不顯著,但對(duì)公司的短期業(yè)績(jī)和長(zhǎng)期業(yè)績(jī)都有顯著的負(fù)面影響,即會(huì)造成業(yè)績(jī)的下降；而進(jìn)行配股的上市公司,配股對(duì)于公司當(dāng)年的業(yè)績(jī)有顯著的正面影響,但對(duì)于公司的短期業(yè)績(jī)及長(zhǎng)期業(yè)績(jī)的影響都不顯著。
[Abstract]:Since 1990 the Shanghai stock exchange and Shenzhen stock exchange were established, listed companies began financing in the securities market. Financing is an important matter of the enterprise, it can not only ensure the enterprise to get the necessary funds, and the choice of financing will affect the company's capital structure, thereby affecting the value and performance of the enterprise in the course of development. The stock market in the past 20 years, the financing behavior of Listed Companies in the unceasing change, and different stage presents different characteristics.
According to the financial data of 1990-2012, development and changes in the financing behavior of listed companies Chinese is divided into 5 stages: before 1990, financing the early stages of 1990-1997 financing of Listed Companies in the initial stage, the growth stage of 1998-2001 years, the adjustment phase and 2006 2001-2005 perfect stage.1984 -2012 years years ago due to the influence of planned economy system, the financing behavior of enterprises is characterized by fiscal appropriation; and the planned economy system into market economy system, in the 1984-1989 this year bank loan financing behavior has become the main way of financing for enterprises; after 1990, the leading position of bank loans financing equity financing gradually replaced, the listed company equity financing preference, but 1990-1992 years did not re financing, equity financing of listed companies at this stage is only IPO, beginning in 1993 with the introduction of Shares of the policy, and the rights during the period of 1993-1997 stock market become the only way of refinancing; 1998 listed companies refinancing public issuance and convertible bonds, and in the 1998-2001 stage show allotment, the characteristics of financing public issuance of convertible bonds and the subsidiary; 2001-2004 years, with the changing of the financing policy the financing of listed companies, showing a public issuance, allotment, diversified financing pattern of convertible bonds can be of equal importance, 2005 is a special year, non tradable share reform makes the capital market to suspend its financing function, which makes the IPO, allotment of shares and convertible bonds financing drastically declined; in 2006 the Commission issued the new financing policy for financing the issuing conditions were further adjusted in the relaxation of the conditions of allotment at the same time, the non-public offering (private placement) this new Due to the advantages of low cost and ease of issuance, private placement has become the most popular financing option in recent years. The 2006-2012 years' financing behavior can be summarized as follows: private placement, public issuance, share rights and convertible bonds.
Different financing modes have different financing policies and policies for the company's financial performance have different requirements, so they will have different effects on the performance of the company. Because there are many performance indicators of listed companies, if only one index, will inevitably produce one-sided error, so this paper uses 12 a comprehensive performance index, with the method of factor analysis on the relationship between private placement and public issuance, allotment and the performance of the company to carry on the empirical research, through the comparison of changes in 2008-2011 company performance ranking, verify the performance of the company is financing and have a significant impact. The empirical study found that: in the short term, market orientation the company's issuance of the company's performance is not significant, but has a significant negative impact on the long-term performance of the company; the public issuance of listed companies For companies in the performance impact is not significant, but has a significant negative impact on the short-term performance and long-term performance of the company, which will decrease the performance; and allotment of listed companies, shares have a significant positive impact on the company performance of the year, but the impact of short-term performance and long-term performance of the company is not significant.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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