本文關(guān)鍵詞： 非公開(kāi)發(fā)行 經(jīng)營(yíng)業(yè)績(jī) 投資項(xiàng)目質(zhì)量　出處：《重慶工商大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：證監(jiān)會(huì)開(kāi)放再融資至今，非公開(kāi)發(fā)行新股方式成為上市公司增資擴(kuò)股、重新規(guī)劃戰(zhàn)略布局、調(diào)整產(chǎn)品結(jié)構(gòu)資金來(lái)源的首選。研究學(xué)者表明機(jī)構(gòu)投資者對(duì)于公司股權(quán)再融資有著明顯的監(jiān)控效應(yīng)，這種優(yōu)勢(shì)是否持續(xù)？對(duì)于大股東認(rèn)購(gòu)新股的上市公司，其通過(guò)換入劣質(zhì)資產(chǎn)、低折價(jià)等形式向大股東輸送利益的情況是否改善？上市公司資產(chǎn)規(guī)模擴(kuò)大、戰(zhàn)略調(diào)整是否帶來(lái)經(jīng)營(yíng)業(yè)績(jī)的提升？回答上述疑問(wèn)，正是本文的研究目的及意義所在。 本文研究不同認(rèn)購(gòu)者類(lèi)型對(duì)募集資金后的上市企業(yè)經(jīng)營(yíng)業(yè)績(jī)的影響。 首先，通過(guò)非公開(kāi)發(fā)行動(dòng)因和非公開(kāi)發(fā)行績(jī)效文獻(xiàn)綜述的梳理，描述了非公開(kāi)發(fā)行股權(quán)再融資的研究現(xiàn)狀。 然后，闡述了我國(guó)非公開(kāi)發(fā)行新股概況和主流模式及不同模式下認(rèn)購(gòu)者類(lèi)型。 接著，總結(jié)非公開(kāi)發(fā)行相關(guān)假說(shuō)理論，選取財(cái)務(wù)指標(biāo)建立綜合業(yè)績(jī)得分模型，以我國(guó)資本市場(chǎng)2008年84家，2009年99家成功實(shí)施非公開(kāi)發(fā)行股權(quán)融資的公司兩個(gè)研究樣本，按照不同認(rèn)購(gòu)者類(lèi)型劃分樣本公司，，對(duì)2008年樣本公司2007-2009年，2009年樣本公司2008-2010年發(fā)行前后期間三年的經(jīng)營(yíng)業(yè)績(jī)進(jìn)行實(shí)證分析。實(shí)證發(fā)現(xiàn)不同年度不同類(lèi)型投資者認(rèn)購(gòu)致使公司的績(jī)效改善情況不同，2008年、2009年兩個(gè)年度實(shí)行非公開(kāi)發(fā)行股票公司經(jīng)營(yíng)業(yè)績(jī)變化不顯著。并選取案例液晶面板行業(yè)上市公司京東方A、友達(dá)股份有限公司對(duì)比分析，探尋上市公司做大不做強(qiáng)的原因。 本文認(rèn)為不同認(rèn)購(gòu)者類(lèi)型會(huì)對(duì)公司經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生影響。關(guān)系投資者認(rèn)購(gòu)類(lèi)型公司2008年樣本，2009年樣本綜合業(yè)績(jī)排名均下降，可見(jiàn)大股東利用非公開(kāi)發(fā)行隧道挖掘輸送公司利益現(xiàn)象仍然存在；外部投資者認(rèn)購(gòu)類(lèi)型公司2008年樣本綜合業(yè)績(jī)排名上升，2009年樣本公司綜合業(yè)績(jī)排名下降，檢驗(yàn)了資本市場(chǎng)信息不對(duì)稱(chēng)下，機(jī)構(gòu)投資者存在非理性投資行為，上市公司為實(shí)現(xiàn)圈錢(qián)目的存在粉飾財(cái)務(wù)報(bào)表行為。 最后，建議監(jiān)管機(jī)構(gòu)應(yīng)加強(qiáng)對(duì)已實(shí)施非公開(kāi)公司，募集資金使用的監(jiān)督和管理，控制發(fā)行額度和節(jié)奏，投資雙方應(yīng)增進(jìn)對(duì)項(xiàng)目可行性分析的理性思考。
[Abstract]:Since the CSRC opened up refinancing, the non-public issuance of new shares has become a way for listed companies to increase their capital and expand their shares, and to re-plan their strategic layout. Research scholars show that institutional investors have a significant monitoring effect on corporate equity refinancing. Is this advantage sustainable? To the listed company that the big shareholder subscribes new shares, its by exchange inferior asset, low discount and so on form conveys the benefit to the big shareholder whether to improve? Does the strategic adjustment bring about the improvement of the operating performance when the assets scale of the listed company expands? Answering the above questions is the purpose and significance of this paper. This paper studies the effect of different types of subscribers on the operating performance of listed enterprises after raising funds. Firstly, this paper describes the research status of non-public issue equity refinancing by combing the causes of non-public issue and the literature review of non-public issue performance. Then, the paper expounds the general situation and mainstream mode of new shares in China and the types of subscribers under different modes. Then, we summarize the theory of non-public offering hypothesis, select financial indicators to establish a comprehensive performance score model, take the capital market in China in 2008 84 companies, 2009, 99 successful implementation of private equity financing of the two research samples. The sample companies are divided according to the type of subscribers, This paper makes an empirical analysis on the operating performance of the sample company during the period of 2007-2009 in 2008 and three years before and after the issue of 2008-2010 on 2009. The empirical results show that different types of investors subscribe for different year and cause the performance improvement of the company to be different, 2008 / 2009. There is no significant change in the operating performance of the non-public issuing stock companies in the two years of 2003. A case study of the listed companies in the LCD panel industry, Beijing Dongfang A and Youda Co., Ltd., is compared and analyzed. Explore the reasons why the listed companies are bigger than stronger. This paper argues that different types of subscribers will have an impact on the operating performance of the company. Relational investors subscribe for the sample of the type of company in 2008, and the comprehensive performance ranking of the sample declined in 2009. It can be seen that the phenomenon of large shareholders using non-public issuing tunnels to excavate the interests of transportation companies still exists; the comprehensive performance of sample companies that were subscribed by outside investors rose in 2008, while those of sample companies fell in 2009. This paper examines the irrational investment behavior of institutional investors and the whitewash of financial statements of listed companies for the purpose of circle money under asymmetric capital market information. Finally, it is suggested that the regulators should strengthen the supervision and management of the closed companies, raise funds and use, control the issuing amount and rhythm, and enhance the rational thinking on the feasibility analysis of the projects.
【學(xué)位授予單位】：重慶工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51;F224

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