本文選題：項目融資 + 定向增發(fā)　； 參考：《西南財經(jīng)大學》2012年碩士論文

【摘要】：自2006年5月8日中國證監(jiān)會頒布《上市公司證券發(fā)行管理辦法》(以下簡稱《管理辦法》)以來,證券市場上的再融資方式發(fā)生了巨大的變化。《管理辦法》首次對非公開發(fā)行股票(即定向增發(fā))的條件做出了規(guī)定,與其他再融資方式相比較,定向增發(fā)具有門檻低、定價靈活、可以通過注入優(yōu)質(zhì)資產(chǎn)的方式幫助一些集團公司實現(xiàn)整體上市等優(yōu)點。因此,定向增發(fā)成為了證券市場上最受青睞的再融資方式,僅從2006年和2007年來看,證券市場共實施再融資223例‘,融資金額為3678.15億元,其中定向增發(fā)182例,融資金額為2949.94億元�？梢�,定向增發(fā)不論從數(shù)量上還是規(guī)模上均大于其他再融資方式。 為了進一步規(guī)范證券市場的秩序,中國證監(jiān)會于2007年9月17日頒布了《上市公司非公開發(fā)行股票實施細則》(以下簡稱《實施細則》),其進一步明確規(guī)定了定向增發(fā)的原則、發(fā)行對象與認購條件、新增股票的核準與發(fā)行等。自《實施細則》實施后,定向增發(fā)的發(fā)展勢頭依然迅猛,2008年-2011年分別實施定向增發(fā)102例、112例、153例、190例,其間證券市場的再融資總數(shù)分別為144例、136例、183例、224例�？梢�,《實施細則》的頒布并沒有抑制定向增發(fā)的熱潮,相反,定向增發(fā)所占再融資的比例在逐年上漲。 學術(shù)界有關(guān)定向增發(fā)的研究也不斷豐富起來。目前的研究主要集中于定向增發(fā)的公告效應、定向增發(fā)的定價研究、定向增發(fā)與大股東財富轉(zhuǎn)移和定向增發(fā)對公司短期經(jīng)營績效的影響等等。國外研究的代表有MasulisKorwar用比較分析法對上市公司定向增發(fā)后公司的超額收益進行研究,結(jié)果顯示增發(fā)新股后的公司平均累計收益率為負數(shù)；LougranRitter研究定向增發(fā)公司在增發(fā)前后的利潤變動情況,發(fā)現(xiàn)研究樣本普遍存在增發(fā)股票前利潤持續(xù)上漲,而發(fā)行后利潤卻不斷下降的現(xiàn)象；Mclaughlin等從信息不對稱的角度研究發(fā)行新股的公司在定向增發(fā)后業(yè)績變化的情況,通過縱向比較和橫向比較,得出的結(jié)論表明增發(fā)新股的樣本在增發(fā)后會出現(xiàn)經(jīng)營業(yè)績的下滑等等。國內(nèi)研究的代表有黃華繼和陳立貴采用因子分析法對公開發(fā)行公司的經(jīng)營績效進行打分,以考察定向增發(fā)后三年公司的經(jīng)營績效,研究結(jié)論表明公開發(fā)行確實有助于提升公司的長期經(jīng)營績效；李菊對定向增發(fā)公司在增發(fā)前一年和增發(fā)后一年的經(jīng)營績效進行排名,通過對平均排名的比較,發(fā)現(xiàn)定向增發(fā)對公司的經(jīng)營績效有一定的提升作用；章衛(wèi)東和李海川研究資產(chǎn)注入型定向增發(fā)公司的短期公告效應和長期財務績效,結(jié)果發(fā)現(xiàn)定向增發(fā)的短期公告效應為正,而定向增發(fā)的長期財務績效與注入資產(chǎn)的類型相關(guān)；郭蘭英、紀磊磊和侯增杰以通過定向增發(fā)實現(xiàn)整體上市的公司作為研究樣本,發(fā)現(xiàn)定向增發(fā)會使上市公司的經(jīng)營績效得到改善,并在整體上市后公司的財務績效保持穩(wěn)定的增長等等。 然而學術(shù)界關(guān)于項目融資型定向增發(fā)還沒有人進行過專題研究,有關(guān)定向增發(fā)對公司財務績效長期影響的研究也比較少。因此,研究項目融資型定向增發(fā)對公司財務績效的長期影響具有一定的理論意義與實踐意義。 本文首先對定向增發(fā)的相關(guān)理論和概念進行剖析,包括定向增發(fā)理論、財務績效的概念、定向增發(fā)的條件、原則和程序、定向增發(fā)的特征、募集資金的用途、定向增發(fā)的對象等等。在實證分析部分,本文選取了我國A股市場在2006年-2008年實施定向增發(fā)的253家上市公司作為總樣本,通過翻查《上市公司非公開發(fā)行股票發(fā)行情況報告書》中“募集資金的使用情況”,篩選出其中181家以項目融資為募集資金用途的上市公司作為初步研究樣本,再進一步篩選出其中的融資項目在2010年之前完工的123家上市公司作為最終研究樣本。筆者選取經(jīng)行業(yè)調(diào)整后的凈資產(chǎn)收益率作為被解釋變量,選取了五個控制變量,分別為第一大股東持股比例、增發(fā)比例、財務杠桿、公司規(guī)模和營業(yè)收入增長率,選取了四個解釋變量,分別為資金用途、業(yè)務結(jié)構(gòu)、發(fā)行對象和關(guān)聯(lián)交易,并依此建立了四個回歸模型,對選取的樣本進行了回歸分析。觀察項目融資型定向增發(fā)在融資項目完工后三年的財務績效變化情況,以及募集資金用于項目融資的比例、募集資金是否改變公司原來的業(yè)務結(jié)構(gòu)、機構(gòu)投資者認購新股的比例和增發(fā)前是否發(fā)生關(guān)聯(lián)交易對融資項目完工后公司財務績效的影響。在實證結(jié)論和政策建議部分,對影響研究結(jié)論的原因進行了分析,并對監(jiān)管機構(gòu)提出了一些政策性的意見。具體框架如下： 第一章,導論。首先,提出本文的研究背景及研究意義,國內(nèi)外在該領(lǐng)域的研究現(xiàn)狀；其次,提出研究思路及研究方法,最后,提出本文的創(chuàng)新與不足。 第二章,定向增發(fā)的相關(guān)理論。首先,介紹了定向增發(fā)的相關(guān)理論和財務績效的概念；然后,概括了定向增發(fā)的原則、條件、程序和特征；最后,分別按照定向增發(fā)的對象和募集資金的用途對定向增發(fā)進行了分類并分析了它們對公司財務績效可能造成的影響。 第三章,實證研究。首先,提出本文的研究假設；然后,確定數(shù)據(jù)來源和選取研究樣本；第三,在選取變量后開始構(gòu)建回歸模型；最后,對變量描述性統(tǒng)計后進行回歸分析并得出回歸結(jié)果。 第四章,結(jié)論、政策建議與后續(xù)研究展望。根據(jù)實證研究的結(jié)果得出本文的研究結(jié)論,并對結(jié)論提出自己的見解。針對本文研究的不足和空白,明確了未來在該領(lǐng)域的研究方向。 本文通過理論分析和實證分析,得出以下結(jié)論： (1)單變量分析的結(jié)果顯示,項目融資型的定向增發(fā)公司在融資項目完工后三年,公司的財務績效呈逐年下降的趨勢,其中融資項目完工后兩年公司的財務績效均比完工前一年有所上升；在融資項目完工后第四年開始,公司的財務績效開始逐漸上升,但由于樣本量較少,此結(jié)論有待進一步證實； (2)上市公司將募集的資金投入到項目建設的比例越大,項目完工后公司的財務績效越好,在項目完工后第三年表現(xiàn)顯著； (3)從長期來看,融資項目改變公司原有的業(yè)務結(jié)構(gòu)對其財務績效具有提升作用,在項目完工后第一年到第三年均表現(xiàn)顯著； (4)在定向增發(fā)中,機構(gòu)投資者認購的比例越大,融資項目完工后公司的財務績效越能得到改善,在項目完工后第二年開始表現(xiàn)顯著； (5)上市公司在增發(fā)前發(fā)生關(guān)聯(lián)交易的,對融資項目完工后公司的財務績效沒有顯著的影響。 本文的創(chuàng)新之處有三點：第一,’研究對象的創(chuàng)新,本文以項目融資型的定向增發(fā)公司作為研究對象；第二,研究時間段的創(chuàng)新,本文關(guān)注的是融資項目完工后三年公司的財務績效變化情況,即固定研究期限而不固定具體年限；第三,財務績效概念的創(chuàng)新。本文將定向增發(fā)的財務績效定義為融資項目完工后的財務績效。 本文的不足之處是由于受到樣本研究期限和樣本數(shù)量的限制,對融資項目完工三年以后公司的財務績效未能有足夠的數(shù)據(jù)進行實證研究,此外,為了擴大樣本量,本文對2008年12月31日融資項目完工程度達到85%的樣本視為已完工,可能對研究結(jié)果產(chǎn)生一定的誤差。
[Abstract]:Since the China Securities Regulatory Commission promulgated the measures for the management of securities issuance of Listed Companies in May 8, 2006 (hereinafter referred to as "management method >"), there have been great changes in the way of refinancing in the stock market. It has the advantages of low threshold and flexible pricing, which can help some group companies to realize the overall listing by injecting high quality assets. Therefore, the orientation addition has become the most popular refinancing method in the stock market. In 2006 and 2007 only, the stock market was refinancing 223 cases, the financing amount was 367 billion 815 million yuan, In the 182 cases of private placement, the amount of financing is 294 billion 994 million yuan. It can be seen that private placement is larger than other refinancing methods, both in terms of quantity and scale.
In order to further standardize the order of the securities market, the China Securities Regulatory Commission promulgated the detailed rules for the implementation of the listed company's non public issuance of shares in September 17, 2007 (hereinafter referred to as the Implementation Rules >), which further clearly stipulates the principle of the directional addition, the issuing object and the subscription conditions, the approval and distribution of the newly added stock. The development trend of directional increase is still swift and violent. In 2008, 102 cases of directional addition, 112 cases, 153 cases and 190 cases were carried out respectively in -2011, and the total number of refinancing in the stock market was 144, 136, 183, 224. The year has gone up.
The research on orienteering is also enriching in the academic circle. The current research focuses on the announcement effect of the directional addition, the pricing research on the directional addition, the influence of the directional addition and the wealth transfer of the large shareholders and the directional increase on the short-term operating performance of the company. The results show that the average cumulative return of the company after the new issue is negative; LougranRitter studies the profit changes of the company before and after the issuance of the additional issuance, and finds that the research samples generally exist before the increase of the issuance of shares, and the post issue profits continue to decline. Mclaughlin and so on from the angle of information asymmetry to study the changes in the performance of the company issuing new shares after the directional addition, through the longitudinal comparison and the horizontal comparison, the conclusion shows that the sample of the new shares will appear to decline after the increase of the new stock. The representative of the domestic research is Huang Huaji and Chen Ligui. The sub analysis method was used to score the operating performance of the public issuing company to investigate the operating performance of the company after the three year orientation. The conclusion showed that the public issuance did help to improve the long-term performance of the company. Li Ju ranked the business performance of the company in the year before the additional issuance and the following year. The comparison of the ranking results shows that the orientation increase has a certain effect on the performance of the company's operating performance; Zhang Wei Dong and Li Haichuan study the short-term announcement effect and long-term financial performance of the asset injection oriented placement company. The results show that the short-term announcement effect of the targeted additional issuance is positive, while the long-term financial performance and the injection assets are fixed to the additional issuance. Type related; Guo Lanying, Ji Leilei and Hou Zengjie are used as research samples to realize the overall listing through the targeted additional issuance. It is found that the orientation increase will improve the performance of the listed companies, and keep the firm's financial performance steadily after the overall listing.
However, there has not been a special study on the Orienteering of project financing in academic circles, and there are few studies on the long-term impact of directional issuance on the financial performance of the company. Therefore, it has a certain theoretical and practical significance to study the long-term impact of project financing oriented additional issuance on the company's financial performance.
This article first analyzes the related theories and concepts of the directional addition, including the Orienteering theory, the concept of financial performance, the conditions of the directional addition, the principles and procedures, the characteristics of the directional addition, the use of the fund raising, the object of the directional addition, and so on. In the empirical analysis, this paper selects the implementation of the A stock market in China in the year -2008 in 2006. As the total sample of the 253 listed companies, 181 listed companies, which are listed as the initial research samples, are selected from the listed companies in the report of the listed company's non public issuance of stock issuance in the listed company. The financing projects of the listed companies are selected as the preliminary research samples, and then the financing projects of the listed companies are further screened in 201. 123 listed companies completed 0 years ago as the final research samples, the author selects the net asset return after the industry as the explanatory variable, and selects five control variables, which are the proportion of the first large shareholders, the proportion of the increase, the financial leverage, the company size and the growth rate of the income of the business, and select four explanatory variables, respectively. For the use of funds, business structure, issue objects and related transactions, four regression models are established, and a regression analysis is made for the selected samples. The changes in financial performance of the project financing oriented additional issuance in the three year after the completion of the financing project, and the proportion of fund raising for project financing, and whether the fund has been raised to the public or not. The original business structure of the company, the proportion of institutional investors subscribing to new shares and the effect of related transactions on the financial performance of the company after the completion of the financing project. In the part of the empirical and policy recommendations, the reasons that affect the research conclusions are analyzed, and some policy opinions on the regulatory framework are put forward. Below:
The first chapter, introduction, first, put forward the research background and significance of the research, the research status in the field at home and abroad; secondly, put forward the research ideas and research methods, and finally, put forward the innovation and deficiency of this paper.
The second chapter, the related theory of directional addition. First, it introduces the related theory and the concept of financial performance. Then, it generalizes the principles, conditions, procedures and characteristics of the directional addition. Finally, it classifies the targeted additional issuance in accordance with the target and the use of the fund raising, and analyzes their finance to the company. The possible impact of performance.
The third chapter, empirical research. First, we put forward the research hypothesis of this paper; then, determine the data sources and select the research samples; third, the regression model is constructed after the selection of variables; finally, the regression analysis is carried out after the descriptive statistics of variables and the regression results are obtained.
The fourth chapter, conclusion, policy recommendations and follow-up research prospects. According to the results of the empirical study, we draw the conclusions of this paper, and put forward their own opinions. In view of the deficiencies and blanks of this study, the future research direction in this field is clarified.
Through theoretical analysis and empirical analysis, the following conclusions can be drawn:
(1) the results of single variable analysis show that the financial performance of the company's financial performance is declining year by year after the completion of the financing project three years after the completion of the financing project, in which the financial performance of the company has risen more than the year before the completion of the completion of the financing project. The financial performance of the company has begun fourth years after the completion of the financial project. The result is gradually increasing, but due to the small sample size, this conclusion needs further confirmation.
(2) the greater the proportion of funds raised by the listed companies to project construction, the better the financial performance of the company after the completion of the project, and the significant performance in the third year after the completion of the project.
(3) in the long run, the original business structure of the financing project has improved its financial performance, and shows remarkable performance in the first and third years after the project is completed.
(4) the greater the proportion of institutional investors subscribed in the orientation, the more the financial performance of the company can be improved after the completion of the project, the performance of the project is remarkable second years after the completion of the project.
(5) the related transaction before the issuance of the listed company has no significant impact on the financial performance of the company after the completion of the financing project.
The innovation of this article is three points: first, the innovation of the research object, this article takes the project financing oriented adding company as the research object; second, the research time innovation, this article is concerned about the financial performance changes of the company in three years after the completion of the financing project, that is, the fixed period of research and not fixed specific years; third, The innovation of financial performance concept. This paper defines the financial performance of private placement as the financial performance after the completion of the financing project.
The shortcoming of this paper is that due to the limitation of the period of sample research and the number of samples, the financial performance of the company after three years of completion of the financing project is not sufficient to carry out an empirical study. In addition, in order to expand the sample size, the sample of the completion of the financing project of 85% in December 31, 2008 is considered to be completed. The results of the study have a certain error.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F275;F224

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