本文選題：定向增發(fā) + 因素　； 參考：《山西財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：我國(guó)股票市場(chǎng)經(jīng)歷了三十多年的迅猛發(fā)展,取得了突出成績(jī)，2006年股權(quán)分置改革的成功促進(jìn)了證券市場(chǎng)的復(fù)興,先后頒布有關(guān)規(guī)范上市公司證券發(fā)行和非公開(kāi)發(fā)行的規(guī)章促進(jìn)了定向增發(fā)融資方式的發(fā)展。與此同時(shí),由于定向增發(fā)本身具有發(fā)行成功率大、靈活和其他一些優(yōu)點(diǎn)，這些使定向增發(fā)特別適用于全流通環(huán)境下的公司融資。如今,定向增發(fā)已成為最重要的再融資手段和方式。國(guó)外學(xué)者早已開(kāi)始在上市公司的定向增發(fā)問(wèn)題上做分析,并研究了影響上市公司定向增發(fā)的因素。但是國(guó)內(nèi)學(xué)者研究較晚,而且很少有研究影響上市公司定向增發(fā)因素的研究。為什么有如此多的公司喜歡使用定向增發(fā)作為再融資手段？和到底有哪些因素使得上市公司選擇定向增？分析這些問(wèn)題有利于幫助上市公司優(yōu)化決策和再融資方式選擇，亦能幫助中小投資者理解上市公司的定向增發(fā)行為和幫助他們理性投資。 本文首先闡述了定向增發(fā)的相關(guān)理論，包括定向增發(fā)的概念，現(xiàn)狀，，趨勢(shì)等等，并結(jié)合相關(guān)的理論分析影響上市公司定向增發(fā)因素，系統(tǒng)的闡述了各種因素是如何影響上市公司的決策的。然后根據(jù)本文的理論研究，選擇最新的樣本數(shù)據(jù)和變量指標(biāo)，進(jìn)行了實(shí)證研究。在建立logistic模型的基礎(chǔ)上，運(yùn)用計(jì)量經(jīng)濟(jì)學(xué)Eviews軟件，實(shí)證分析了影響上市公司定向增發(fā)的影響因素。實(shí)證結(jié)果表明,控制權(quán)、信息不對(duì)稱和風(fēng)險(xiǎn)都是影響上市公司選擇定向增發(fā)的因素,但影響的程度不一樣。其次根據(jù)實(shí)證研究結(jié)果得出了控制權(quán)、信息不對(duì)稱和風(fēng)險(xiǎn)是影響上市公司定向增發(fā)的重要因素。 最后本文根據(jù)理論研究和實(shí)證結(jié)果提出了兩方面的建議：在公司自身方面，上市公司應(yīng)該要引入戰(zhàn)略投資者、完善獨(dú)立董事制度、健全風(fēng)險(xiǎn)管理機(jī)制；在監(jiān)管方面，監(jiān)管機(jī)構(gòu)應(yīng)健全信息披露機(jī)制、監(jiān)管置入資產(chǎn)質(zhì)量、改進(jìn)限售條件及步驟的規(guī)定、監(jiān)管價(jià)格操縱行為、矯正定向增發(fā)功能。
[Abstract]:The stock market of our country has experienced more than 30 years of rapid development and has made outstanding achievements. The success of the reform of split share structure in 2006 has promoted the revival of the stock market. Regulations on regulating the issuance of securities and non-public issuance of listed companies have promoted the development of the way of financing. At the same time, because of its high success rate, flexibility and some other advantages, it is especially suitable for corporate financing in the whole circulation environment. Nowadays, directional additional issuance has become the most important means and means of refinancing. Foreign scholars have already made an analysis on the issue of listed companies' private placement, and have studied the factors that affect the listed companies' private placement. However, domestic scholars study late, and there are few studies on the factors that affect the listed companies. Why do so many companies prefer to refinance themselves by offering additional shares? And what factors make listed companies choose to increase the targeted? The analysis of these problems is helpful to help the listed companies to optimize the decision and the choice of the refinancing mode, and also to help the small and medium investors understand the behavior of the listed companies and help them to invest rationally. Including the concept, status quo, trend and so on, and combined with the related theoretical analysis of the impact of listed companies on the factors of directional placement, the system described the various factors that affect the decision-making of listed companies. Then according to the theoretical research of this paper, select the latest sample data and variable indicators, and carry out empirical research. On the basis of establishing logistic model and using econometrics Eviews software, this paper empirically analyzes the influencing factors of listed companies' directional placement. The empirical results show that the control rights, information asymmetry and risk are the factors that affect the listed companies' choice of directional placement, but the degree of influence is different. Secondly, according to the results of empirical research, it is concluded that the information asymmetry and risk are the important factors that affect the listed companies' directional placement. Finally, this paper puts forward two suggestions according to the theoretical research and the empirical results: in terms of the company itself, Listed companies should introduce strategic investors, perfect the system of independent directors, and improve the risk management mechanism. In terms of supervision, the regulatory body should improve the mechanism of information disclosure, supervise the quality of assets placed, and improve the conditions and procedures for restricting sales. Supervise price manipulation and correct the function of directional additional issuance.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 馮科;趙洋;何理;;定向增發(fā)股票解禁期市場(chǎng)反應(yīng)的實(shí)證研究[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2012年02期

2 張力上;黃冕;;我國(guó)A股市場(chǎng)定向增發(fā)定價(jià)的實(shí)證研究[J];財(cái)經(jīng)科學(xué);2009年09期

3 趙燦;童盼;;透視我國(guó)上市公司的定向增發(fā)[J];財(cái)務(wù)與會(huì)計(jì);2009年14期

4 嚴(yán)靜;;行為融資理論概述[J];當(dāng)代經(jīng)濟(jì);2009年02期

5 楊靖;許年行;王琨;;定向增發(fā)中的控股股東決策動(dòng)機(jī)及特征解析[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2011年09期

6 章衛(wèi)東;;上市公司股權(quán)再融資方式選擇:配股、公開(kāi)增發(fā)新股、定向增發(fā)新股?[J];經(jīng)濟(jì)評(píng)論;2008年06期

7 戴欣苗;;定向增發(fā)與整體上市的利益路徑分析[J];金融理論與實(shí)踐;2009年02期

8 劉白蘭;朱臻;孫進(jìn)軍;;定向增發(fā)、代理沖突與中小投資者保護(hù)[J];金融理論與實(shí)踐;2012年04期

9 索建宏;;全流通條件下整體上市新模式——鞍鋼股份定向增發(fā)方案分析[J];會(huì)計(jì)師;2006年11期

10 章衛(wèi)東;李德忠;;定向增發(fā)新股折扣率的影響因素及其與公司短期股價(jià)關(guān)系的實(shí)證研究——來(lái)自中國(guó)上市公司的經(jīng)驗(yàn)證據(jù)[J];會(huì)計(jì)研究;2008年09期

本文編號(hào)：2005683