【摘要】：企業(yè)如何選擇合理的股權(quán)融資方式以實(shí)現(xiàn)企業(yè)價(jià)值最大化,一直是學(xué)術(shù)界和實(shí)務(wù)界關(guān)注的焦點(diǎn)問題。中國(guó)上市公司定向增發(fā)新股是股權(quán)分置改革之后才出現(xiàn)的新生事物,并且在近幾年越來越收到關(guān)注,成為主流的股權(quán)再融資方式。此外,在實(shí)施定向增發(fā)的上市公司中,大部分上市公司在同期都進(jìn)行了分紅,企業(yè)再融資是因?yàn)橘Y金不足,而分紅是由于盈利,看似矛盾的雙方卻同時(shí)并存很值得研究。因此,文章對(duì)中國(guó)股權(quán)再融資的三種方式的公告效應(yīng)進(jìn)行了實(shí)證比較研究,對(duì)分紅和定向增發(fā)同期進(jìn)行的企業(yè)公告效應(yīng)進(jìn)行了實(shí)證研究。 研究選取了2007年1月1日—2010年12月31日,中國(guó)上證A股的上市公司為基礎(chǔ)數(shù)據(jù),按照相應(yīng)的條件篩選出對(duì)應(yīng)的樣本進(jìn)行理論和實(shí)證研究。對(duì)樣本的異常收益率分類比較后發(fā)現(xiàn)中國(guó)上市公司在股權(quán)再融資方式選擇時(shí),首選定向增發(fā)新股融資,其次公開增發(fā)新股,最后才是配股。加入分紅約束條件篩選后的樣本數(shù)據(jù),根據(jù)分紅的時(shí)間先后以及是否符合國(guó)家政策法規(guī),劃分出三種情況,著重研究其中兩種特殊情況：A類,不符合規(guī)定的先分紅后定向增發(fā)；B類,先定向增發(fā)后分紅。研究發(fā)現(xiàn)A類的定向增發(fā)公告效應(yīng)與一般正常的定向增發(fā)新股公告效應(yīng)不同,今后可以從別的角度繼續(xù)深入研究；B類的定向增發(fā)公告效應(yīng)與一般正常的定向增發(fā)新股公告效應(yīng)類似,募集資金的用途、募集資金對(duì)象、資產(chǎn)收益率和相對(duì)增發(fā)規(guī)模與公告效應(yīng)有顯著影響,而資產(chǎn)負(fù)債率、企業(yè)規(guī)模與公告效應(yīng)之間并不存在顯著的相關(guān)關(guān)系。
[Abstract]:How to choose reasonable equity financing to maximize the value of enterprises has always been the focus of attention in academic and practical circles. In recent years, China's listed companies have received more and more attention and become the mainstream way of equity refinancing. In addition, in the implementation of targeted additional listed companies, most of the listed companies in the same period have carried out dividends, the refinancing of enterprises is due to lack of funds, and dividends are due to profit, seemingly contradictory both sides co-exist is very worth studying. Therefore, this paper makes an empirical comparative study on the announcement effect of three ways of equity refinancing in China, and makes an empirical study on the effect of corporate announcement in the same period of dividend and directional additional issuance. From January 1, 2007 to December 31, 2010, the listed companies in Shanghai Stock Exchange of China are selected as the basic data, and the corresponding samples are selected according to the corresponding conditions to carry out theoretical and empirical research. After classifying and comparing the abnormal return rate of the sample, it is found that when the Chinese listed companies choose the equity refinancing mode, the first choice is to raise new shares by directional issuance, the second is to issue new shares publicly, and the last to be the rights issue. According to the time of dividend distribution and whether it is in accordance with the national policies and regulations, the sample data selected by the restriction condition of dividend distribution are divided into three kinds of cases, and two special cases are studied emphatically: category A, Not in accordance with the provisions of the first dividend and then the directional issuance; B, the first directional issuance and then the dividend. It is found that the public announcement effect of class A is different from that of the normal public announcement of new shares, so we can continue to study further from other angles in the future. The announcement effect of class B is similar to that of normal new shares. The purpose of raising funds, the object of raising funds, the rate of return of assets and the relative scale of additional issuance have significant effects on the announcement effect, while the ratio of assets to liabilities, the ratio of assets and liabilities, and so on. There is no significant correlation between firm size and announcement effect.
【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
【分類號(hào)】：F832.51;F224

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