本文關(guān)鍵詞： 股權(quán)再融資 增發(fā) 配股 經(jīng)營(yíng)績(jī)效 影響因素　出處：《沈陽(yáng)工業(yè)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：IPO是上市公司在證券市場(chǎng)上第一次大規(guī)�；I資行為，而股權(quán)再融資則是上市公司進(jìn)行的第二次圈錢。隨著我國(guó)經(jīng)濟(jì)的迅猛發(fā)展，市場(chǎng)制度的逐步完善，上市公司的成長(zhǎng)速度也越來(lái)越快，甚至有些大企業(yè)已經(jīng)逐步開(kāi)始實(shí)施國(guó)際化戰(zhàn)略。因此上市公司需要大量的資金來(lái)支持企業(yè)的快速發(fā)展，股權(quán)再融資就成為其首選的籌資渠道。然而在經(jīng)濟(jì)發(fā)達(dá)國(guó)家的證券市場(chǎng)上，上市公司卻很少采用股權(quán)再融資方式籌集資金，因?yàn)榉N種跡象表明在進(jìn)行股權(quán)再融資之后，上市公司的業(yè)績(jī)會(huì)出現(xiàn)下滑，但是我國(guó)的上市公司卻是越來(lái)越熱衷于進(jìn)行股權(quán)再融資。因此，對(duì)上市公司的股權(quán)再融資效應(yīng)及其影響因素進(jìn)行研究，具有一定的理論和現(xiàn)實(shí)意義。 本文選取2006年-2008年三年間在滬深兩市進(jìn)行增發(fā)和配股的A股上市公司作為研究對(duì)象，并選取主營(yíng)業(yè)務(wù)利潤(rùn)率、主營(yíng)業(yè)務(wù)收入增長(zhǎng)率、總資產(chǎn)收益率、凈資產(chǎn)收益率四項(xiàng)財(cái)務(wù)指標(biāo)來(lái)衡量上市公司經(jīng)營(yíng)績(jī)效的變化情況，，通過(guò)描述性統(tǒng)計(jì)方法分析了上市公司股權(quán)再融資前后五年的績(jī)效變化情況，并就其變化是否顯著進(jìn)行均值T檢驗(yàn)。通過(guò)研究結(jié)果發(fā)現(xiàn)上市公司在實(shí)施增發(fā)后業(yè)績(jī)出現(xiàn)了顯著性下降，但在配股后并未出現(xiàn)顯著性下降，而且配股后的業(yè)績(jī)好于增發(fā)。然后，本文用多元逐步回歸方法對(duì)上市公司增發(fā)后經(jīng)營(yíng)業(yè)績(jī)變化的影響因素進(jìn)行了深入的分析。通過(guò)實(shí)證研究發(fā)現(xiàn)，增發(fā)再融資前一年上市公司自由現(xiàn)金流量以及市凈率與增發(fā)再融資后公司的經(jīng)營(yíng)業(yè)績(jī)下降顯著相關(guān)。而增發(fā)前一年的資產(chǎn)負(fù)債率和股權(quán)集中度對(duì)上市公司經(jīng)營(yíng)業(yè)績(jī)的變化雖然也有一定的影響，但在實(shí)證檢驗(yàn)時(shí)并不顯著。 最后，本文深入分析了造成我國(guó)上市公司再融資效應(yīng)低下的原因，并且提出了一系列有針對(duì)性的政策建議。比如應(yīng)該堅(jiān)決杜絕在上市公司中普遍存在的盈余管理行為，完善上市公司的組織結(jié)構(gòu)并建立良好的薪酬激勵(lì)體系，逐步改進(jìn)在證券市場(chǎng)中上市公司進(jìn)行增發(fā)或者配股的準(zhǔn)入制度，同時(shí)還要加強(qiáng)對(duì)上市公司對(duì)募集資金使用效率的監(jiān)管。
[Abstract]:IPO is the first large-scale financing behavior of listed companies in the securities market, while equity refinancing is the second round of money for listed companies. With the rapid development of our economy, the market system is gradually improved. The growth rate of listed companies is also growing faster and faster, and even some large enterprises have started to implement internationalization strategy gradually. Therefore, listed companies need a lot of funds to support the rapid development of enterprises. However, in the stock market of developed countries, listed companies rarely use equity refinancing to raise funds. Because of various indications that after equity refinancing, the performance of listed companies will decline, but China's listed companies are increasingly keen on equity refinancing. It is of theoretical and practical significance to study the equity refinancing effect of listed companies and its influencing factors. This paper selects the A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2008 as the research object, and selects the profit margin of the main business and the growth rate of the main business income. Total return on assets, return on net assets, four financial indicators to measure the operating performance of listed companies, through descriptive statistical analysis of listed companies before and after equity refinancing before and after five years of performance changes. The results show that the performance of listed companies after the implementation of the IPO has a significant decline, but there is no significant decline after the rights issue. And the performance after the rights issue is better than the additional issue. Then, this paper uses the multiple stepwise regression method to analyze the influencing factors of the change of the operating performance of the listed company after the issuance. The free cash flow and price-to-book ratio of listed companies in the year prior to refinancing were significantly correlated with the decline in operating performance of the companies after refinancing. However, the asset-liability ratio and equity concentration ratio of the year before the additional issue had a significant impact on the business operations of the listed companies. Changes in performance, though, have a certain impact. However, the empirical test is not significant. Finally, this paper analyzes the causes of the low refinancing effect of listed companies in China. And put forward a series of targeted policy recommendations. For example, we should resolutely put an end to the common earnings management behavior in listed companies, improve the organizational structure of listed companies and establish a good salary incentive system. We should gradually improve the access system of the listed companies to issue additional shares or issue additional shares in the stock market, and at the same time strengthen the supervision of the efficiency of the use of the funds raised by the listed companies.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 姚保強(qiáng);;我國(guó)上市公司融資偏好分析[J];安徽廣播電視大學(xué)學(xué)報(bào);2008年04期

2 袁琳;汪磊;;自由現(xiàn)金流假說(shuō):公司績(jī)效與銷售增長(zhǎng)[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2008年03期

3 陳科;董新春;;中國(guó)股市SEO后股票收益及公司業(yè)績(jī)的雙重長(zhǎng)期弱勢(shì)表現(xiàn)[J];商業(yè)研究;2006年05期

4 賈中正;;上市公司增發(fā)效應(yīng)的理論分析[J];財(cái)會(huì)通訊;2010年18期

5 陳火文;孫朝輝;;我國(guó)上市公司配股標(biāo)準(zhǔn)變遷及其啟示[J];山西財(cái)政稅務(wù)�？茖W(xué)校學(xué)報(bào);2008年02期

6 付耘;;我國(guó)上市公司股權(quán)再融資偏好淺析[J];當(dāng)代經(jīng)濟(jì)(下半月);2008年03期

7 周麗娜;;我國(guó)上市公司股權(quán)再融資低效率問(wèn)題研究[J];福建廣播電視大學(xué)學(xué)報(bào);2009年04期

8 杜沔;王良成;;我國(guó)上市公司配股前后業(yè)績(jī)變化及其影響因素的實(shí)證研究[J];管理世界;2006年03期

9 王正位;趙冬青;朱武祥;;再融資門檻無(wú)效嗎?[J];管理世界;2006年10期

10 高登艷;;基于金融危機(jī)大背景下企業(yè)籌資方式的探討[J];中國(guó)管理信息化;2009年19期

相關(guān)碩士學(xué)位論文 前9條

1 郭嘉楠;我國(guó)上市公司再融資行為分析[D];天津財(cái)經(jīng)大學(xué);2010年

2 雷佳睿;后股權(quán)分置改革時(shí)期配股動(dòng)機(jī)及影響因素研究[D];重慶理工大學(xué);2011年

3 徐耐竹;上市公司股權(quán)再融資與企業(yè)經(jīng)營(yíng)業(yè)績(jī)關(guān)系研究[D];西南大學(xué);2009年

4 馬偉麗;再融資及其對(duì)我國(guó)上市公司經(jīng)營(yíng)業(yè)績(jī)的影響研究[D];合肥工業(yè)大學(xué);2009年

5 劉芳;我國(guó)上市公司股權(quán)再融資問(wèn)題研究[D];西南財(cái)經(jīng)大學(xué);2009年

6 吳雪;我國(guó)上市公司股改前后股權(quán)再融資對(duì)業(yè)績(jī)影響的實(shí)證研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2010年

7 夏繼強(qiáng);金融危機(jī)下中國(guó)上市公司財(cái)務(wù)預(yù)警問(wèn)題研究[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2010年

8 項(xiàng)忠正;非經(jīng)常性損益與上市公司財(cái)務(wù)報(bào)告質(zhì)量相關(guān)性研究[D];華北電力大學(xué)（北京）;2010年

9 王夢(mèng)嬌;股權(quán)再融資對(duì)上市公司績(jī)效的影響研究[D];西南大學(xué);2012年

本文編號(hào)：1489268