本文選題：IPO + 再融資　； 參考：《江西財經(jīng)大學(xué)》2012年碩士論文

【摘要】：股票市場是資本市場的重要組成部分。股票市場主要有兩大基本功能：一是融資功能,即幫助正在發(fā)展的企業(yè)解決資金需求,二是資源的優(yōu)化配置功能,即通過股票價格引導(dǎo)資源流向有發(fā)展?jié)摿Φ母咝б娴钠髽I(yè)。兩者相輔相成,缺一不可,融資功能是資源優(yōu)化配置功能的前提,資源優(yōu)化配置功能是實現(xiàn)融資功能的基礎(chǔ)。 IPO與再融資是股票市場的重要功能,也都是市場實現(xiàn)資源優(yōu)化配置的前提。融資是企業(yè)的重大經(jīng)濟活動,融資使企業(yè)擁有了快速發(fā)展的機會。通過IPO及再融資后,取得了生產(chǎn)經(jīng)營及規(guī)模擴張所需要的資金,可以將上市公司做大做強,從而提升上市公司及產(chǎn)業(yè)的競爭力,促進國民經(jīng)濟的增長,充分發(fā)揮資本市場優(yōu)化資源配置的功能。 公司往往在進入快速成長階段時通過IPO可以籌集到一筆可觀的資金,來改善資本結(jié)構(gòu),提高資信等級,上市后還可以在證券市場上持續(xù)融資,來增強在激烈地競爭環(huán)境下抵御風(fēng)險的能力；同時,還可從融資前的因資金約束所導(dǎo)致的投資不足狀態(tài)中解脫出來,從而在把握戰(zhàn)略投資機會方面處于較為有利的地位,因此公司在融資后的三至四年內(nèi),應(yīng)該實現(xiàn)經(jīng)營收入與其資產(chǎn)規(guī)模擴張速度一致甚至更高的經(jīng)營目標,公司IPO后經(jīng)過一段時間再進行融資,掌握了更多的資源,其再融資后的經(jīng)營業(yè)績應(yīng)該要好于IPO后的業(yè)績。 本文以2000-2004年發(fā)行新股,且在2004-2007年有過再融資的公司為研究樣本,主要從財務(wù)的角度并結(jié)合實證分析來評價國內(nèi)上市公司融資后的業(yè)績,首先分析了上市公司融資后的經(jīng)營業(yè)績現(xiàn)狀,并提出假設(shè),然后進行實證檢驗,最后就得出的實證結(jié)果進行解釋。 本文以理論分析為基礎(chǔ),結(jié)合實證分析得出的結(jié)論是：上市公司再融資后的長期償債能力、盈利能力、發(fā)展能力要顯著低于IPO后的,而營運能力顯著高于IPO后的,短期償債能力、股東獲利能力、現(xiàn)金流量能力都未顯著高于IPO后的,風(fēng)險水平也未能顯著降低,雖然營運能力有所提高,但上市公司整體業(yè)績在下降。因此,上市公司再融資后的經(jīng)營業(yè)績相比IPO后的要更差,股票市場資源優(yōu)化配置的功能并未有效發(fā)揮。這可能是由融資制度、募集資金投向變更、盈余管理、金融危機等原因?qū)е碌摹?br/>[Abstract]:The stock market is an important part of the capital market. There are two basic functions of stock market: one is financing function, which is to help the developing enterprises to solve the capital demand, the other is the function of optimizing the allocation of resources, that is, guiding the resources to the high-benefit enterprises with development potential through the stock price. The function of financing is the premise of the function of optimal allocation of resources, and the function of optimal allocation of resources is the basis of realizing the function of financing. IPO and refinancing are important functions of stock market, and they are also the premise of the optimal allocation of resources. Financing is an important economic activity of an enterprise, and financing makes the enterprise have the opportunity of rapid development. Through IPO and refinancing, the capital needed for production management and scale expansion can be obtained, which can make the listed companies bigger and stronger, thus enhancing the competitiveness of the listed companies and industries, and promoting the growth of the national economy. Give full play to the function of optimizing the allocation of resources in the capital market. Companies often enter into a rapid growth phase through IPO can raise a considerable amount of capital to improve the capital structure, improve the credit rating, and after listing in the stock market can continue to raise funds. To enhance the ability to withstand risks in a highly competitive environment; at the same time, to extricate from the underinvestment caused by financial constraints prior to financing, thus being in a better position to seize strategic investment opportunities, Therefore, within three to four years after financing, the company should achieve the business goal that the operating income is consistent with or even higher in the expansion rate of its assets. After a period of time, the company has to raise funds after IPO, so it has more resources at its disposal. After refinancing, its operating performance should be better than the performance after IPO. This paper takes the companies that issued new shares from 2000 to 2004, and have refinancing in 2004-2007 as the research sample, mainly from the financial point of view and combined with empirical analysis to evaluate the performance of domestic listed companies after financing. Firstly, the paper analyzes the operating performance of listed companies after financing, puts forward the hypothesis, then carries on the empirical test, and finally explains the empirical results. Based on theoretical analysis and empirical analysis, this paper concludes that the long-term solvency, profitability and development ability of listed companies after refinancing are significantly lower than those after IPO, while the operating capacity is significantly higher than that after IPO. Short-term solvency, shareholders' profitability, cash flow capacity are not significantly higher than after IPO, the risk level is not significantly reduced, although the operating capacity has improved, but the overall performance of listed companies is declining. Therefore, the operating performance of the listed companies after refinancing is worse than that after IPO, and the function of optimizing the allocation of resources in the stock market has not been effectively brought into play. This may be caused by the financing system, fund-raising investment changes, earnings management, financial crisis and other reasons.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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