本文選題：定向增發(fā)　切入點(diǎn)：投資　出處：《山東大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：定向增發(fā)作為再融資手段的一種,在上市公司再融資方式中占重要地位。隨著2005年股改的順利進(jìn)行,2006年《上市公司證券發(fā)行管理辦法》的出臺(tái),以及09年創(chuàng)業(yè)板的推出,在直接融資方式中,以增發(fā)和配股合計(jì)的融資規(guī)模近四年來(lái)一直高于首發(fā)募集(IPO)的資金規(guī)模。 從再融資幾種方式的法規(guī)對(duì)比角度看,定向增發(fā)門(mén)檻比較低,定價(jià)靈活,也較為容易操作,而且能夠優(yōu)化上市公司的財(cái)務(wù)結(jié)構(gòu)、引入戰(zhàn)略投資者和注入優(yōu)質(zhì)資產(chǎn),推出后受到市場(chǎng)的關(guān)注力度較大,這幾年成為股權(quán)再融資的主要方式之一。 數(shù)據(jù)上看,從2006年1月至2011年8月,我國(guó)總共有640多家上市公司通過(guò)定向增發(fā)這種方式進(jìn)行股權(quán)再融資,其融資總額累計(jì)達(dá)到6834.25億元,占上市公司再融資金額的比例為38.58%；其中2010年至2011年8月期間就有270家上市公司通過(guò)定向增發(fā)進(jìn)行股權(quán)再融資,融資總額達(dá)到3360億元,占上市公司再融資的金額比例43.33%；從公司家數(shù)和比例來(lái)看,2010年后定向增發(fā)成為主流的再融資方式。 隨著國(guó)內(nèi)資本市場(chǎng)和資產(chǎn)管理行業(yè)的快速發(fā)展,機(jī)構(gòu)投資者和專(zhuān)業(yè)投資者的訴求更為專(zhuān)業(yè)化和多樣化,主題型投資日益盛行,為滿(mǎn)足多層次的投資需求,本文首先對(duì)定向增發(fā)的法規(guī)做相對(duì)優(yōu)勢(shì)的定性分析、對(duì)國(guó)內(nèi)外有關(guān)定向增發(fā)信息披露效應(yīng)及其股價(jià)表現(xiàn)的理論和實(shí)證研究成果進(jìn)行回顧和評(píng)價(jià),并以此為理論基礎(chǔ),結(jié)合我國(guó)的具體情況,作為投資中的實(shí)踐基礎(chǔ)。 本文除了對(duì)定向增發(fā)預(yù)案公告日前后股價(jià)表現(xiàn)情況進(jìn)行數(shù)據(jù)檢驗(yàn)和分析,還對(duì)不同增發(fā)動(dòng)因和不同市場(chǎng)背景下的定向增發(fā)類(lèi)股價(jià)表現(xiàn)進(jìn)行分類(lèi)實(shí)證檢驗(yàn)和比較,得出有意義的結(jié)論和解釋。這些研究結(jié)果可以為機(jī)構(gòu)投資者和專(zhuān)業(yè)投資者提供有價(jià)值的研究和解釋,以期更好地引導(dǎo)投資行為,更好地建立投資策略,為各類(lèi)投資者提供有價(jià)值的決策參考。
[Abstract]:As a means of refinancing, directional additional issuance plays an important role in the refinancing of listed companies. With the smooth implementation of the stock reform in 2005, the introduction of the "measures for the Administration of Securities issuance of listed companies" in 2006, and the launch of the gem in 2009, In the direct financing mode, the total amount of capital raised by additional issuance and rights issue has been higher than that of IPO in the past four years. From the perspective of the laws and regulations of several ways of refinancing, the threshold of directional additional issuance is relatively low, the pricing is flexible, and it is easier to operate. Moreover, it can optimize the financial structure of listed companies, introduce strategic investors and inject high-quality assets. After the launch by the market attention, these years become one of the main ways of equity refinancing. From January 2006 to August 2011, from January 2006 to August 2011, there were more than 640 listed companies in China refinancing their shares by way of directional additional issuance, and the total amount of financing reached six hundred and eighty-three billion four hundred and twenty-five million yuan. The proportion of refinancing in listed companies is 38.58%. Between 2010 and August 2011, 270 listed companies carried out equity refinancing through additional shares, with a total amount of 336 billion yuan. It accounts for 43.33% of the refinancing amount of listed companies; from the perspective of the number and proportion of the company, the directional additional issuance has become the mainstream refinancing method since 2010. With the rapid development of domestic capital market and asset management industry, the demands of institutional and professional investors are becoming more specialized and diversified. This paper firstly makes qualitative analysis on the relative advantage of the regulation of directional additional offering, reviews and evaluates the theoretical and empirical research results on the effect of information disclosure and stock price performance of the private placement at home and abroad, and takes it as the theoretical basis. Combined with the specific situation of our country, as the practical basis of investment. This paper not only carries on the data examination and analysis to the stock price performance before and after the announcement day of the plan, but also carries on the classification demonstration test and the comparison to the performance of the directional additional stock price under the different additional offer motive and the different market background. Draw meaningful conclusions and explanations. These findings can provide valuable research and explanations for institutional and professional investors, with a view to better guiding investment behaviour and establishing investment strategies, Provide valuable decision-making reference for all kinds of investors.
【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】：2012
【分類(lèi)號(hào)】：F832.51

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