本文關(guān)鍵詞： 上市公司 增發(fā)新股 公開增發(fā) 定向增發(fā) 經(jīng)營(yíng)績(jī)效　出處：《浙江大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：增發(fā)這一再融資方式自誕生起,就注定成為再融資市場(chǎng)的焦點(diǎn),特別是在定向增發(fā)方式被引進(jìn)后,增發(fā)再融資迅猛發(fā)展,已經(jīng)成為我國(guó)資本市場(chǎng)上最重要的再融資方式。面對(duì)狂熱的“增發(fā)熱潮”,社會(huì)及學(xué)術(shù)界必然會(huì)將目光投向增發(fā)對(duì)上市公司經(jīng)營(yíng)績(jī)效的影響之上。 通過對(duì)研究文獻(xiàn)的回顧發(fā)現(xiàn),國(guó)外學(xué)者對(duì)于增發(fā)新股是否能夠有效改善上市公司的經(jīng)營(yíng)績(jī)效這一問題看法不一,實(shí)證結(jié)果也說明了上市公司的經(jīng)營(yíng)績(jī)效在增發(fā)新股后上升或下降的兩種情況都可能發(fā)生。而國(guó)內(nèi)大部分研究證明增發(fā)再融資對(duì)公司的業(yè)績(jī)有負(fù)面影響,但實(shí)證研究的樣本主要集中在股權(quán)分置改革(2006)以前。股權(quán)分置改革后,雖然也有學(xué)者采用了實(shí)證研究的方法,但是他們的研究樣本或數(shù)據(jù)較少,研究方法也多數(shù)選取單個(gè)指標(biāo)進(jìn)行簡(jiǎn)單的前后比較或是使用較常用的多元回歸分析。此外,自2006年定向增發(fā)被引進(jìn)中國(guó)再融資市場(chǎng),關(guān)于上市公司增發(fā)后的績(jī)效問題,國(guó)內(nèi)學(xué)者至今少有將公開增發(fā)和定向增發(fā)進(jìn)行對(duì)比研究的,已有的研究也幾乎全是針對(duì)公開增發(fā)和定向增發(fā)的短期市場(chǎng)表現(xiàn)進(jìn)行研究,少有人研究公開增發(fā)和定向增發(fā)的長(zhǎng)期經(jīng)營(yíng)績(jī)效。 為了克服上述研究方法的缺陷,本文分析了公開增發(fā)和定向增發(fā)對(duì)于公司治理的影響差異,并以股權(quán)分置改革后我國(guó)證券市場(chǎng)2006-2010年間成功實(shí)施增發(fā)的268家A股上市公司為研究樣本,選取若干個(gè)財(cái)務(wù)指標(biāo),通過因子分析法構(gòu)造一個(gè)經(jīng)營(yíng)績(jī)效的綜合得分函數(shù),計(jì)算出實(shí)施了增發(fā)的上市公司在不同年度的得分,然后做前后比較,檢驗(yàn)增發(fā)前后經(jīng)營(yíng)績(jī)效變化情況。通過對(duì)總體樣本和按增發(fā)類型分類樣本的綜合分析,得出以下結(jié)論：股權(quán)分置改革后,上市公司增發(fā)后的經(jīng)營(yíng)績(jī)效逐年緩慢改善。從長(zhǎng)期來看,增發(fā)確實(shí)對(duì)上市公司的經(jīng)營(yíng)績(jī)效起到提升作用,而定向增發(fā)比公開增發(fā)更能提升上市公司的經(jīng)營(yíng)績(jī)效。 結(jié)合研究結(jié)論和市場(chǎng)實(shí)際,本文得出以下幾點(diǎn)啟示：(1)再融資市場(chǎng)的制度設(shè)計(jì)應(yīng)注重遵循激勵(lì)相容原則：(2)上市公司選擇性地定向增發(fā)新股融資應(yīng)得到鼓勵(lì)；(3)應(yīng)加強(qiáng)對(duì)上市公司定向增發(fā)新股再融資的監(jiān)管,包括增發(fā)新股的行為、鎖定期和通過定向增發(fā)實(shí)現(xiàn)并購(gòu)時(shí)控股股東注入資產(chǎn)的評(píng)估結(jié)果。
[Abstract]:Since the birth of the repeated financing method of additional issuance, it has been destined to become the focus of the refinancing market, especially after the introduction of the method of directional additional issuance, the rapid development of additional issuance and refinancing. It has become the most important refinancing method in the capital market of our country. In the face of the frenzied "IPO craze", the society and the academic circles will inevitably pay attention to the influence of the additional offering on the operating performance of the listed company. Through the review of the research literature, it is found that foreign scholars have different views on whether the IPO can effectively improve the operating performance of listed companies. The empirical results also show that the operating performance of listed companies may rise or decline after the issuance of new shares, and most of the domestic studies prove that refinancing has a negative impact on the performance of the company. However, the sample of empirical research is mainly before the reform of split share structure (2006). After the reform of split share structure, although some scholars have adopted the method of empirical research, their research samples or data are relatively small. Most of the research methods also select a single index to carry out simple back and forth comparison or use more commonly used multiple regression analysis. In addition, since 2006, the directional placement has been introduced into the Chinese refinancing market, about the performance of the listed companies after the IPO. Up to now, few domestic scholars have made a comparative study of public and directional additional offerings, and the existing studies have almost all focused on the short-term market performance of public additional offerings and targeted additional offerings. Few people study the long-term performance of public issuance and private placement. In order to overcome the defects of the above research methods, this paper analyzes the differences of the effects of public and directional additional offerings on corporate governance. Taking 268 A-share listed companies which successfully implemented additional issuance in China's securities market from 2006 to 2010 after the reform of split share structure as the research sample and selecting several financial indexes, a comprehensive score function of operating performance is constructed by factor analysis. To calculate the scores of listed companies with additional issuance in different years, and then to compare before and after, to test the changes of business performance before and after the increase. Through the comprehensive analysis of the total samples and the classification samples according to the type of additional issuance, The following conclusions are drawn: after the reform of split share structure, the operating performance of the listed companies after additional issuance improves slowly year by year. In the long run, the additional issuance does improve the operating performance of the listed companies. But the directional additional offering can improve the operating performance of the listed company more than the public offering. Combining the conclusions of the research with the market reality, This paper draws the following conclusions: 1) the system design of the refinancing market should pay attention to follow the principle of incentive compatibility: 2) the listed companies should be encouraged to raise the new shares selectively) and the supervision of the refinancing of the new shares should be strengthened. It includes the behavior of issuing new shares, locking time and the evaluation result of controlling shareholder's injection of assets when the acquisition is realized through directional issuance.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：1520635