本文選題：增發(fā)再融資 + 內(nèi)部控制環(huán)境��； 參考：《南京理工大學(xué)》2012年碩士論文

【摘要】：隨著我國(guó)資本市場(chǎng)的不斷發(fā)展,上市公司再融資的需求不斷增加,存在強(qiáng)烈的股權(quán)再融資偏好,股權(quán)分置改革后,再融資的方式逐漸由配股轉(zhuǎn)為增發(fā)為主。作為一種在發(fā)達(dá)國(guó)家資本市場(chǎng)上運(yùn)用廣泛、市場(chǎng)化程度較高的股權(quán)再融資方式,增發(fā)融資開(kāi)始被不斷地嘗試和推廣,這對(duì)于提升我國(guó)上市公司的價(jià)值、促進(jìn)經(jīng)營(yíng)戰(zhàn)略上的合作與競(jìng)爭(zhēng),以及解決投融資問(wèn)題發(fā)揮了重要的作用。 但是,在我國(guó)上市公司熱衷增發(fā)再融資的同時(shí),大多數(shù)上市公司在增發(fā)實(shí)施后,公司績(jī)效卻不理想。國(guó)內(nèi)有不少學(xué)者對(duì)此進(jìn)行研究,有的認(rèn)為是上市公司非理性融資的結(jié)果,有的認(rèn)為是對(duì)募集的資金使用不當(dāng)造成的,有的認(rèn)為是控股股東通過(guò)關(guān)聯(lián)交易、資產(chǎn)重組等行為“掏空”上市公司造成的。這些現(xiàn)象固然是造成上市公司增發(fā)再融資績(jī)效低下的重要原因,但在一定融資模式下,上市公司增發(fā)再融資績(jī)效低下的原因,一方面與證券監(jiān)管部門(mén)、投資者和中介機(jī)構(gòu)等外部控制相關(guān),另一方面與上市公司的組織結(jié)構(gòu)、企業(yè)文化、人力資源政策等內(nèi)部控制環(huán)境因素相關(guān)。本文正是在此基礎(chǔ)上,分析上市公司內(nèi)部控制環(huán)境實(shí)施情況,探討上市公司增發(fā)再融資行為的績(jī)效,并從內(nèi)部控制環(huán)境角度對(duì)規(guī)范上市公司增發(fā)再融資行為、提高增發(fā)再融資績(jī)效提出一定的建議。 文章第一部分分析了增發(fā)再融資的特點(diǎn)、條件及在我國(guó)的發(fā)展歷程,并從理論角度分析了增發(fā)再融資績(jī)效低下的原因。第二部分分析了內(nèi)部控制環(huán)境理論的發(fā)展和現(xiàn)階段的具體因素,綜述了國(guó)內(nèi)外學(xué)者對(duì)內(nèi)部控制環(huán)境及企業(yè)績(jī)效方面的文獻(xiàn),為分析內(nèi)部控制環(huán)境和增發(fā)再融資績(jī)效的關(guān)系提供理論依據(jù)。實(shí)證部分,選取2007年A股實(shí)行增發(fā)融資的上市公司為樣本,先根據(jù)理論部分對(duì)內(nèi)部控制環(huán)境建立評(píng)價(jià)模型,對(duì)樣本企業(yè)的內(nèi)部控制環(huán)境進(jìn)行了整理評(píng)價(jià)；接下來(lái)根據(jù)相關(guān)文獻(xiàn)研究結(jié)果選取兩個(gè)指標(biāo)來(lái)分析上市公司的增發(fā)再融資績(jī)效,并對(duì)其做了初步統(tǒng)計(jì)；最后建立了內(nèi)部控制環(huán)境與增發(fā)再融資績(jī)效的實(shí)證模型,驗(yàn)證了兩者之間存在顯著的正相關(guān)關(guān)系。 根據(jù)理論和實(shí)證兩方面的研究結(jié)果,文章最后從監(jiān)管者如何更好的監(jiān)督審查企業(yè)的再融資行為,管理者如何更好的管理企業(yè)、提高增發(fā)再融資業(yè)績(jī),投資者如何更好的分析企業(yè)表現(xiàn)、選擇投資對(duì)象等提供了建議。
[Abstract]:With the development of capital market in China, the demand for refinancing of listed companies is increasing, and there is a strong preference for equity refinancing. After the reform of split share structure, the way of refinancing is gradually changed from rights issue to additional issuance. As a kind of equity refinancing method which is widely used in the capital market of developed countries and has a high degree of marketization, the additional issuance financing has been tried and popularized constantly, which will promote the value of listed companies in our country. Promoting cooperation and competition in management strategy and solving the problem of investment and financing play an important role. However, while China's listed companies are keen to issue more shares and refinance, the performance of most listed companies is not satisfactory after the implementation of additional issuance. There are many domestic scholars who study this, some think it is the result of irrational financing of listed companies, some think it is the result of improper use of the raised funds, some think that the controlling shareholder is the result of related party transactions. Assets reorganization and other acts of "emptying" of listed companies caused by. Of course, these phenomena are the important reasons for the low performance of additional issuance and refinancing of listed companies, but under a certain financing mode, the reasons for the low performance of additional issuance and refinancing of listed companies are on the one hand, and the securities regulatory authorities, on the one hand, On the other hand, it is related to the organizational structure, corporate culture, human resource policy and other internal control environmental factors of listed companies. On this basis, this paper analyzes the implementation of the internal control environment of the listed companies, discusses the performance of the additional issuance and refinancing behavior of the listed companies, and from the perspective of the internal control environment, discusses the regulation of the additional refinancing behavior of the listed companies. In the first part, the author analyzes the characteristics, conditions and development process of refinancing in China, and analyzes the reasons for the low performance of refinancing in theory. The second part analyzes the development of the internal control environment theory and the specific factors of the present stage, and summarizes the domestic and foreign scholars' literature on the internal control environment and enterprise performance. It provides a theoretical basis for analyzing the relationship between internal control environment and refinancing performance. In the empirical part, we select the listed companies of A shares in 2007 to carry out additional issuance and financing as the sample. Firstly, we set up the evaluation model of the internal control environment according to the theoretical part, and collate and evaluate the internal control environment of the sample enterprises. Then according to the research results of related literature, this paper selects two indicators to analyze the performance of refinancing of listed companies, and makes preliminary statistics. Finally, it establishes an empirical model of internal control environment and refinancing performance. According to the results of theoretical and empirical studies, this paper examines the refinancing behavior of enterprises from the perspective of how regulators better supervise and examine the refinancing behavior of enterprises, and how managers can better manage the enterprises. To improve the performance of refinancing, investors how to better analyze the performance of enterprises, choose investment objects and so on to provide suggestions.
【學(xué)位授予單位】：南京理工大學(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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