本文選題：定向增發(fā) + 因子分析��； 參考：《東北財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：自2006年5月8日證監(jiān)會(huì)頒布并實(shí)施《上市公司證券發(fā)行管理辦法》以來,市場(chǎng)的再融資功能迅速恢復(fù),由于定向增發(fā)的門檻低、審核程序簡(jiǎn)易、專業(yè)機(jī)構(gòu)投資者容易溝通等優(yōu)點(diǎn),定向增發(fā)逐漸成為我國(guó)上市公司再融資、收購資產(chǎn)的重要手段和當(dāng)前中國(guó)證券市場(chǎng)的熱點(diǎn)。西方的成熟資本市場(chǎng)的定向增發(fā)廣為流行是在20世紀(jì)90年代開始的。如美國(guó)定向增發(fā)融資從1990年的81億美元增長(zhǎng)到了2000年的1539億美元,并且定向增發(fā)融資是初創(chuàng)性企業(yè)、財(cái)務(wù)出現(xiàn)困境的企業(yè)以及尋求收購融資的上市公司的一種重要的資金來源。 國(guó)外的大量研究采取了事件研究法對(duì)定向增發(fā)時(shí)的公告效應(yīng)進(jìn)行分析,如最早的研究始于Wruck(1989),他發(fā)現(xiàn)定向增發(fā)在事件發(fā)生后存在正的公告效應(yīng),它的超額收益率為4.5%；國(guó)內(nèi)方面章衛(wèi)東等(2008)對(duì)國(guó)內(nèi)定向增發(fā)研究也得出短期內(nèi)具有正的公告效應(yīng)。但是,國(guó)內(nèi)外大部分研究集中于股價(jià)的短期公告效應(yīng)、定價(jià)問題、財(cái)富效應(yīng),尤其是國(guó)內(nèi),鑒于實(shí)施時(shí)間較短,較少有學(xué)者研究定向增發(fā)的長(zhǎng)期經(jīng)營(yíng)績(jī)效。因此,本文嘗試對(duì)實(shí)施定向增發(fā)的上市公司的長(zhǎng)期經(jīng)營(yíng)績(jī)效方面進(jìn)行研究,并將其經(jīng)營(yíng)績(jī)效與二級(jí)市場(chǎng)表現(xiàn)結(jié)合起來說明目前國(guó)內(nèi)市場(chǎng)并不是有效市場(chǎng)。 本文以2009年的定向增發(fā)的上市公司作為研究對(duì)象,采用反映公司的盈利能力、償債能力、營(yíng)運(yùn)能力和發(fā)展能力的12個(gè)指標(biāo),通過因子分析法對(duì)他們?cè)诎l(fā)行前1年以及發(fā)行后2年的績(jī)效進(jìn)行分析,得出其績(jī)效得分,并對(duì)針對(duì)不同發(fā)行對(duì)象及目的上市公司的得分績(jī)效比較分析,發(fā)現(xiàn)實(shí)施定向增發(fā)的上市公司長(zhǎng)期經(jīng)營(yíng)業(yè)績(jī)存在下滑的現(xiàn)象,然后運(yùn)用事件研究法,對(duì)針對(duì)機(jī)構(gòu)投資者進(jìn)行定向增發(fā)的股票在一年解禁后一個(gè)月的市場(chǎng)平均股價(jià)表現(xiàn)與增發(fā)價(jià)格進(jìn)行對(duì)比,并分析存在差別的原因,最后對(duì)全文結(jié)論進(jìn)行總結(jié)并簡(jiǎn)要進(jìn)行原因的分析,并提出一些決策建議。 本文主要包括以下幾個(gè)部分：第一章為引言,主要探討當(dāng)前國(guó)內(nèi)外定向增發(fā)的背景以及寫作思路和方法,對(duì)定向增發(fā)的相關(guān)理論發(fā)展歷程和國(guó)內(nèi)外研究情況進(jìn)行梳理總結(jié)；第二章為理論概述和特點(diǎn),對(duì)定向增發(fā)的發(fā)展?fàn)顩r以及引起其發(fā)展所具備的特點(diǎn)進(jìn)行歸納總結(jié),并對(duì)本文中用到的理論基礎(chǔ)進(jìn)行說明介紹；第三章為定向增發(fā)發(fā)行對(duì)象與動(dòng)機(jī),對(duì)參與增發(fā)對(duì)象進(jìn)行分類并為下文分析提供基礎(chǔ),并相應(yīng)指出中美定向增發(fā)之間的不同；第四章為實(shí)證分析,采用因子分析對(duì)長(zhǎng)期經(jīng)營(yíng)績(jī)效進(jìn)行研究,并對(duì)不同發(fā)行對(duì)象和動(dòng)機(jī)的經(jīng)營(yíng)績(jī)效進(jìn)行比較分析,并單獨(dú)針對(duì)機(jī)構(gòu)投資者發(fā)行的股份在一年后解禁的情況下二級(jí)市場(chǎng)股價(jià)超額收益率進(jìn)行研究分析；第五章為研究結(jié)論與政策建議。
[Abstract]:Since May 8, 2006, the Securities Regulatory Commission promulgated and implemented the "measures for the Administration of Securities issuance of listed companies", the refinancing function of the market has been rapidly restored. Professional institutional investors are easy to communicate with each other, and directional placement has gradually become an important means of refinancing and asset acquisition of listed companies in China and a hot spot in the current Chinese securities market. The western mature capital market orientated additional issuance was widely popular in the 1990 s. For example, in the United States, private placement increased from $8.1 billion in 1990 to $153.9 billion in 2000, and private placement financing is an important source of funding for start-ups, financially troubled companies and listed companies seeking acquisition financing. A large number of foreign studies have adopted the event study method to analyze the effect of public announcement in the process of directional placement. For example, the earliest research started in Wruckle 1989. he found that there is a positive effect of announcement after the incident. Its excess yield is 4.5 and Zhang Weidong et al. 2008) also has positive announcement effect in the short term. However, most of the studies at home and abroad focus on the short-term announcement effect of stock price, pricing problem, wealth effect, especially in China. In view of the short implementation time, there are few scholars who study the long-term performance of directional placement. Therefore, this paper attempts to carry on the research on the long-term operating performance of the listed company that implements the directional additional offering, and combines its operating performance with the secondary market performance to prove that the domestic market is not an efficient market at present. In this paper, the listed companies listed in 2009 are used as the research object, and 12 indicators reflecting the profitability, solvency, operating capacity and development ability of the company are adopted. This paper analyzes their performance one year before the issue and two years after the issue by factor analysis, obtains the performance score, and compares the performance of the listed companies with different issuing objects and objectives. It is found that the long-term operating performance of the listed companies with directional additional issuance has declined, and then the event research method is used. This paper compares the market average stock price performance of one month after the lifting of the ban for institutional investors, and analyzes the reasons for the difference. Finally, the conclusion of the paper is summarized and the reasons are analyzed briefly, and some decision suggestions are put forward. This article mainly includes the following several parts: the first chapter is the introduction, mainly discusses the background, writing thought and method of the domestic and foreign directional additional issuance, combs and summarizes the related theory development course and the domestic and foreign research situation of the directional additional issuance; The second chapter is the theoretical overview and characteristics, the development of directional additional issuance and the characteristics of its development are summarized, and the theoretical basis used in this paper is introduced; the third chapter is the object and motivation of the targeted additional issuance. Classifying the participants and providing the basis for the following analysis, and pointing out the differences between China and the United States. Chapter four is empirical analysis, the use of factor analysis to study long-term business performance, It also makes a comparative analysis on the operating performance of different issuing objects and motivations, and separately analyzes the excess return rate of stock price in the secondary market under the situation that the shares issued by institutional investors are lifted after a year; The fifth chapter is the conclusion of the research and policy recommendations.
【學(xué)位授予單位】：東北財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李春琳;張立達(dá);;非定向增發(fā)與上市公司現(xiàn)金股利政策的實(shí)證研究[J];財(cái)會(huì)通訊;2011年15期

2 鄧路;王珊珊;;中美兩國(guó)非公開發(fā)行制度對(duì)比研究[J];財(cái)政研究;2010年03期

3 李菊;;定向增發(fā)類型對(duì)上市公司業(yè)績(jī)影響的實(shí)證研究[J];東北財(cái)經(jīng)大學(xué)學(xué)報(bào);2009年03期

4 朱紅軍;何賢杰;陳信元;;定向增發(fā)“盛宴”背后的利益輸送:現(xiàn)象、理論根源與制度成因——基于馳宏鋅鍺的案例研究[J];管理世界;2008年06期

5 章衛(wèi)東;;定向增發(fā)新股與盈余管理——來自中國(guó)證券市場(chǎng)的經(jīng)驗(yàn)證據(jù)[J];管理世界;2010年01期

6 章衛(wèi)東;趙安琪;;定向增發(fā)新股長(zhǎng)期股東財(cái)富效應(yīng)的實(shí)證研究——來自中國(guó)上市公司定向增發(fā)新股的經(jīng)驗(yàn)證據(jù)[J];上海經(jīng)濟(jì)研究;2012年01期

7 章衛(wèi)東;王永海;;上市公司私募發(fā)行新股融資研究述評(píng)[J];經(jīng)濟(jì)學(xué)動(dòng)態(tài);2008年07期

8 余麗霞;趙根;;我國(guó)上市公司定向增發(fā)的財(cái)務(wù)效應(yīng)研究[J];技術(shù)經(jīng)濟(jì)與管理研究;2011年04期

9 黃曉薇;居思行;黃U，

本文編號(hào)：1828622