發(fā)布時(shí)間：2018-06-29 21:21

  本文選題：定向增發(fā) + 公司績效　； 參考：《北京工業(yè)大學(xué)》2012年碩士論文

【摘要】：隨著我國資本市場的不斷發(fā)展和完善，上市公司的再融資需求也在日益擴(kuò)大，其中股權(quán)再融資方式中相比于公開增發(fā)，定向增發(fā)的方式更為市場所接受。2006年5月8日由中國證監(jiān)會頒布和實(shí)施的《上市公司證券發(fā)行管理辦法》為上市公司實(shí)施定向增發(fā)做出了明確的指引。雖然定向增發(fā)在我國資本市場上仍舊是一項(xiàng)較新的融資渠道，但在短短幾年之間，定向增發(fā)已經(jīng)成為上市公司再融資的重要方式，并不斷的被大多數(shù)上市公司所廣為實(shí)踐。 在國外發(fā)達(dá)資本市場，早已出現(xiàn)過定向增發(fā)的方式，且學(xué)術(shù)界也對其影響做了廣泛和深入的研究；而我國資本市場由于本身起步較晚，，定向增發(fā)又是一項(xiàng)相對新生的事物，因此其一出現(xiàn)便成為了國內(nèi)學(xué)術(shù)界所關(guān)注的熱點(diǎn)。然而，對定向增發(fā)后企業(yè)經(jīng)營績效變化，特別是增發(fā)后企業(yè)效率變化的研究并不多見。且隨著定向增發(fā)被上市公司不斷的實(shí)施，增發(fā)主體自身資質(zhì)的不同也使定向增發(fā)產(chǎn)生了不同的效果，而這種影響和效果是需要被不斷的分析和研究的。因此，系統(tǒng)而全面的研究定向增發(fā)對上市公司經(jīng)營績效的影響是具有重要意義的。 本文采取實(shí)證研究的方法，首先介紹了論題的研究背景和意義，并對我國資本市場自2006年以來A股主板市場上的增發(fā)情況做了總體描述，隨后選取了2006年至2009年在我國A股主板市場實(shí)施定向增發(fā)的上市公司作為研究樣本，采用2005年至2010年的年度財(cái)務(wù)數(shù)據(jù)，分別從定向增發(fā)對上市公司效益和效率的兩方面影響進(jìn)行分析，并從中找出內(nèi)在聯(lián)系。其中，在研究定向增發(fā)對上市公司效益的影響時(shí)，本文使用因子分析法，選取9項(xiàng)指標(biāo)并提取了4個公因子，對比定向增發(fā)前后上市公司的綜合績效得分。研究發(fā)現(xiàn)，定向增發(fā)對上市公司效益的影響總體上在統(tǒng)計(jì)學(xué)意義上不顯著，且大多數(shù)企業(yè)的效益沒有在短期得到提升。而在研究定向增發(fā)對上市公司效率的影響時(shí)，本文使用了評價(jià)企業(yè)效率所常用的DEA方法，對比增發(fā)前后技術(shù)效率值的變化，發(fā)現(xiàn)增發(fā)后的不同企業(yè)的效率值的變化出現(xiàn)了兩極分化的情況，但定向增發(fā)前后企業(yè)效率均達(dá)到最優(yōu)的個體數(shù)量極少。在結(jié)合了兩種方法的研究結(jié)果后，本文發(fā)現(xiàn)，定向增發(fā)對企業(yè)效率和效益影響基本上是同向的，但企業(yè)效率的變化程度更加明顯，企業(yè)效益的變化則相對比較穩(wěn)定。
[Abstract]:With the continuous development and improvement of the capital market in our country, the demand for refinancing of listed companies is also expanding day by day. On May 8, 2006, issued and implemented by China Securities Regulatory Commission (CSRC), the "measures for the Administration of Securities issuance of listed companies" has made clear guidelines for the implementation of targeted additional issuance by listed companies. Although directional placement is still a new financing channel in the capital market of our country, it has become an important way for listed companies to refinance in just a few years, and has been widely practiced by most listed companies. In the developed foreign capital market, there has been the way of directional additional issuance for a long time, and the academic circles have also made extensive and in-depth research on its influence. However, due to the late start of the capital market in our country, the directional additional issuance is a relatively new thing. Therefore, its emergence has become the focus of attention of the domestic academic community. However, there are few researches on the change of business performance, especially the change of enterprise efficiency. And with the implementation of the listed companies, the different qualifications of the main body of the additional issuance also make different effects, and this impact and effect need to be constantly analyzed and studied. Therefore, it is of great significance to systematically and comprehensively study the effect of directional placement on the operating performance of listed companies. This paper first introduces the background and significance of the topic, and gives a general description of the additional issuance in the A-share mainboard market since 2006. Then we select the listed companies in China's A-share main Board market from 2006 to 2009 as the research sample to use the annual financial data from 2005 to 2010. This paper analyzes the effects of directional placement on the efficiency and efficiency of listed companies, and finds out the internal relations between them. In the study of the effect of additional directional offering on the efficiency of listed companies, this paper uses factor analysis, selects 9 indexes and extracts four common factors, and compares the comprehensive performance scores of listed companies before and after directional placement. It is found that the effect of directional placement on the efficiency of listed companies is not statistically significant, and the efficiency of most enterprises has not been improved in the short term. In order to study the effect of directional placement on the efficiency of listed companies, this paper uses the DEA method which is commonly used to evaluate the efficiency of enterprises, and compares the changes of technical efficiency before and after the issuance. It is found that the change of efficiency value of different enterprises after IPO is polarized, but the number of individuals whose efficiency reaches the optimal level before and after directional placement is very small. After combining the results of the two methods, it is found that the effect of directional placement on enterprise efficiency and efficiency is basically the same, but the degree of change of enterprise efficiency is more obvious, and the change of enterprise efficiency is relatively stable.
【學(xué)位授予單位】：北京工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51;F224

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