發(fā)布時間：2018-02-26 16:05

  本文關(guān)鍵詞： 上市公司 股權(quán)募集資金 資金使用效率　出處：《武漢理工大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：20世紀(jì)90年代前,我國企業(yè)的外部融資主要是依靠銀行信貸。而90年代后隨著股票市場的發(fā)展,股權(quán)融資已經(jīng)成為我國上市公司進(jìn)行外部融資的一個重要的途徑。一般來說,我國的證券市場具有資源配置和融資兩大功能。資源配置是建立股票市場的基本目的,投資者通過購買股票將手中的資金轉(zhuǎn)移到資金需求者手中,而同時資金需求者將手中的股票賣出獲得資金,并進(jìn)行項(xiàng)目投資,將貨幣資本投入到實(shí)際的生產(chǎn)過程,轉(zhuǎn)化為產(chǎn)業(yè)資本。融資功能則為上市公司開辟了低成本的融資方式,上市公司通過發(fā)行股票,可以將社會上大量的閑置資金集中起來,轉(zhuǎn)化為自己的長期資本,獲得長遠(yuǎn)的發(fā)展。但融資只是企業(yè)開始生產(chǎn)經(jīng)營的第一步,關(guān)鍵是企業(yè)融入資金后的使用。企業(yè)資金的使用關(guān)系到企業(yè)的盈利能力和股東權(quán)益的增長,最終影響企業(yè)的價值。同時,企業(yè)的盈利能力、股東權(quán)益的增長,企業(yè)價值的提升就是反映了資金使用的效率。只有資金使用效率高,企業(yè)的績效才有大的提高。同時上市公司募集資金的使用效率也關(guān)系到公司的長遠(yuǎn)發(fā)展,關(guān)系到公司的信譽(yù)和形象。 隨著我國資本市場的日益成熟,股市的經(jīng)濟(jì)晴雨表功能日益凸顯,一個地區(qū)的上市公司必將反映其區(qū)域經(jīng)濟(jì)的特點(diǎn)與實(shí)力。雖然湖北省上市公司的數(shù)量與發(fā)達(dá)地區(qū)相比還有一定的差距,但是20年來湖北省上市公司的數(shù)量、規(guī)模發(fā)生了翻天覆地的變化。湖北及武漢作為中部崛起的重要戰(zhàn)略支點(diǎn)及國家自主創(chuàng)新示范區(qū)所在地,其九省通衢的地理優(yōu)勢及全國領(lǐng)先的科技創(chuàng)新資源,必將對湖北經(jīng)濟(jì)產(chǎn)生重大的推動作用。隨著區(qū)域經(jīng)濟(jì)實(shí)力的快速提升,湖北省上市公司的前景將更加光明。面對著良好的外部市場環(huán)境,湖北省將有更多的上市公司通過證券市場募集資金,而募集資金的使用對于上市公司的長遠(yuǎn)發(fā)展有著至關(guān)重要的作用,因此本文分析湖北省上市公司股權(quán)募集資金的使用效率,為提高股權(quán)募集資金使用效率的研究作為參考。 本文的研究主要分為三個部分： 第一部分為論文研究的理論部分。首先介紹了論文研究背景、目的意義及國內(nèi)外在相關(guān)領(lǐng)域的研究現(xiàn)狀等內(nèi)容,其次闡述了目前上市公司股權(quán)融資的基本方式、融資理論,對資金使用效率概念的界定,為后文的研究進(jìn)行鋪墊。 第二部分為論文研究的實(shí)證部分。從現(xiàn)實(shí)的角度對目前湖北省上市公司的股權(quán)融資現(xiàn)狀進(jìn)行分析,了解目前上市公司主要的股權(quán)融資方式及特點(diǎn)。然后選擇合適的財務(wù)指標(biāo),按照股權(quán)募集資金的不同方式對湖北省2001-2007年期間上市公司股權(quán)募集資金使用效率進(jìn)行實(shí)證分析。 第三部分根據(jù)前面的實(shí)證分析結(jié)果對湖北省上市公司股權(quán)募集資金使用中存在的問題與成因進(jìn)行分析,并結(jié)合實(shí)際針對性的提出提高湖北省上市公司股權(quán)募集資金使用效率的建議。 論文研究結(jié)論表明,大部分湖北省上市公司的經(jīng)營業(yè)績在股權(quán)融資后有所下滑,只有小部分上市公司的經(jīng)營業(yè)績在股權(quán)融資后有所上升。而且即使是公司業(yè)績的提升也主要集中在主營業(yè)務(wù)收入這樣的絕對值指標(biāo)上,而相應(yīng)的代表公司盈利能力的主營業(yè)務(wù)利潤、每股收益和凈資產(chǎn)收益率等指標(biāo)總體呈下降趨勢。
[Abstract]:Before 1990s, China's external financing business is mainly rely on bank credit. But after 90s, along with the development of the stock market, equity financing has become an important way of external financing of Listed Companies in China. In general, China's securities market has two major functions of resource allocation and financing resource allocation is the basic purpose. The establishment of the stock market, investors through the purchase of shares in the hands of the transfer of funds to the funding needs hands, while demand for funds in the hands of the stock to sell access to funds, and investment, the money capital into the actual production process, into industrial capital. Opened up a low-cost financing for the financing function listed companies, listed companies through the issuance of shares, can collect a lot of idle funds together, for their own long-term capital, access to long-term development Show. But financing is just the first step of operation, the key is the use of integration into the funds. The use of corporate funds related to corporate profitability and shareholders' equity growth, ultimately affect the value of the enterprise. At the same time, the profitability of enterprises, shareholders' equity growth, enhance enterprise value is reflected the efficiency of the use of funds. Only the high efficiency in the use of funds, the performance of enterprises can be greatly improved. At the same time, the listed companies to raise the efficiency of the use of funds is also related to the long-term development of the company, to the company's reputation and image.
As China's capital market, the stock market barometer of the economy has become an area of listed companies will reflect the characteristics and strength of the regional economy. Although the number of Listed Companies in Hubei, there is a gap compared with the developed areas, but the number of Listed Companies in Hubei province for 20 years, happened to turn the world upside down. The change of scale. Located in Hubei and Wuhan as central China's important strategic fulcrum and national independent innovation demonstration zone, the nine provinces of the geographical advantage and the country's leading scientific and technological innovation resources, Hubei is bound to have a significant role in promoting economy. With the rapid promotion of regional economic strength, the listed companies of Hubei province's future will be more light. Facing the external market environment, there will be more and more listed companies to raise funds through the stock market in Hubei Province, and the use of the funds for The long-term development of listed companies plays a crucial role. Therefore, this paper analyzes the efficiency of equity financing of Listed Companies in Hubei Province, so as to provide references for improving the efficiency of equity raising funds.
The research of this paper is divided into three parts:
The first part of the thesis. The first part introduces the research background, purpose and significance of related fields at home and abroad research status etc. Secondly, describes the basic way of equity financing of listed companies financing theory, the use of funds the definition of efficiency, for the later study of the bedding.
The second part is the empirical part of research papers. Carries on the analysis to the listed companies in Hubei province equity financing situation from a practical point of view, the current understanding of major listed company's equity financing and characteristics. Then select the appropriate financial indicators, in accordance with the equity funds raised in different ways in Hubei Province during the 2001-2007 years of the shares of listed companies to raise funds the efficiency in the use of empirical analysis.
The third part analyzes the problems and causes of equity financing of Listed Companies in Hubei Province Based on the previous empirical analysis results, and puts forward suggestions for improving the efficiency of equity financing of Listed Companies in Hubei province combined with the actual situation.
The conclusion of the study shows that most of the performance of Hubei province listed companies decline in equity financing, only a small part of the business performance of listed companies increased after equity financing. And even enhance the performance of the company are mainly concentrated in the main business income of the absolute value of the index, and the corresponding profitability on behalf of the company the main business profit, earnings per share and net assets yield index decreased.

【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.6;F832.51

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