基于定向增發(fā)的利益相關(guān)者風(fēng)險分析
發(fā)布時間：2019-03-22 19:38
【摘要】：定向增發(fā)和配股、公開增發(fā)、可轉(zhuǎn)債一起構(gòu)成了上市公司股權(quán)再融資的主要手段,尤其是在06年股權(quán)分置改革以后,由于定向增發(fā)相比于另外三種再融資方式具有發(fā)行要求低、程序簡單、成本少、時間短等優(yōu)勢,使得定向增發(fā)逐漸成為資本市場再融資的主要手段。然而隨著定向增發(fā)企業(yè)的增多,增發(fā)過程中出現(xiàn)的各種問題也不斷浮現(xiàn)出來,法律制度跟不上市場發(fā)展步伐的現(xiàn)象顯得尤為明顯,完善定向增發(fā)機(jī)制的問題顯得愈發(fā)緊迫。 企業(yè)定向增發(fā)的流行是最近幾年資本市場出現(xiàn)的現(xiàn)象,然而伴隨著增發(fā)企業(yè)數(shù)量和募資規(guī)模急劇增長的是定向增發(fā)相關(guān)的研究比較滯后,造成定向增發(fā)市場亂象叢生。正是在此背景下,筆者希望站在前輩們的研究成果上對定向增發(fā)的風(fēng)險做一個比較全面的分析,以改變過去在風(fēng)險研究方面的片面性,使得定向增發(fā)的各利益相關(guān)者能站在不同的角度去看待增發(fā)過程中存在的風(fēng)險,也希望監(jiān)管部門能對當(dāng)前存在的問題有所警覺,以不斷完善其法律法規(guī),從而促進(jìn)資本市場的長久健康發(fā)展。 本文主要分為以下幾個部分： 第一章為導(dǎo)論。主要闡述本論文的寫作背景、目的與意義、研究思路及方法、本文的創(chuàng)新等。 第二章為文獻(xiàn)綜述。主要闡述國內(nèi)外相關(guān)學(xué)者在定向增發(fā)風(fēng)險方面的研究成果,并對其相關(guān)的研究結(jié)果進(jìn)行歸類總結(jié),以便為后面的相關(guān)理論綜述打下基礎(chǔ)。 第三章為定向增發(fā)的機(jī)制及其現(xiàn)狀分析。主要闡述定向增發(fā)的概念、作用、優(yōu)勢與不足,以及定向增發(fā)在當(dāng)前國內(nèi)資本市場運(yùn)用情況等。 第四章為定向增發(fā)的風(fēng)險分析,本章的主要內(nèi)容是在前面理論的基礎(chǔ)上,對定向增發(fā)的風(fēng)險做出一些創(chuàng)新性研究及總結(jié)。主要分為大股東、中小股東、參與定向增發(fā)的投資者、管理層以及中介機(jī)構(gòu)。此章也是本文理論的核心部分和創(chuàng)新所在。 第五章為案例分析,主要通過典型案例的選取來分析定向增發(fā)過程中各利益相關(guān)者存在的風(fēng)險。前半部分主要是相關(guān)案例公司的介紹以及此次定向增發(fā)的簡介。而后通過站在不同利益相關(guān)者的視角對本次定向增發(fā)的風(fēng)險進(jìn)行分析。本章和第四章—起構(gòu)成了本論文的核心部分。 第六章為研究結(jié)論以及建議,主要是通過前面的闡述和分析來給出論文的研究成果,并針對存在的問題提出個人的建議,以對定向增發(fā)機(jī)制的完善有所幫助,同時也反思了論文創(chuàng)作過程中的不足。由于作者的水平有限、論文創(chuàng)作時間較短,所以本文在理論概述過程中可能邏輯不夠清晰,敘述不夠全面；在案例分析過程中可能存在文字分析較多,數(shù)據(jù)搜集和統(tǒng)計(jì)較少,論證不足等問題。
[Abstract]:The refinancing means of equity refinancing of listed companies are composed of directional issue and rights issue and public issuance, and convertible bonds constitute the main means of equity refinancing of listed companies, especially after the reform of the split share structure in 2006, due to the fact that the issue requirement of the directional issue is lower than that of the other three refinancing methods, The advantages of simple procedure, low cost and short time make directional issuance gradually become the main means of capital market refinancing. However, with the increase of targeted issuance enterprises, various problems appear in the process of issuance, the phenomenon that the legal system can not keep up with the development of the market appears to be particularly obvious, and the problem of perfecting the mechanism of directional issuance becomes more and more urgent. The popularity of targeted issuance is the phenomenon of capital market in recent years. However, with the rapid increase of the number of additional issuing enterprises and the scale of fund raising, the research related to the directional issuance is lagging behind, which leads to the chaos of the directional issuance market. It is against this background that the author hopes to make a more comprehensive analysis of the risk of directional issuance on the basis of the research results of the predecessors, in order to change the one-sidedness of the past in risk research. To enable the stakeholders to view the risks in the issuance process from a different perspective, and hope that the regulatory authorities will be vigilant to the existing problems in order to continuously improve their laws and regulations. So as to promote the long-term healthy development of the capital market. This paper is divided into the following parts: the first chapter is the introduction. This paper mainly describes the writing background, purpose and significance, research ideas and methods, the innovation of this paper. The second chapter is literature review. This paper mainly expounds the research achievements of domestic and foreign scholars on the risk of directional issuance, and classifies and summarizes the related research results, in order to lay a foundation for the related theoretical review in the future. The third chapter is the mechanism of directional issuance and the analysis of its present situation. This paper mainly expounds the concept, function, advantages and disadvantages of directional issuance, as well as the application of directional issuance in the current domestic capital market. The fourth chapter is the risk analysis of directional issue. The main content of this chapter is to make some innovative research and summary on the risk of directional issue on the basis of the previous theory. Mainly divided into major shareholders, small and medium-sized shareholders, investors involved in directional issuance, management and intermediary agencies. This chapter is also the core of the theory and innovation. The fifth chapter is the case analysis, mainly through the selection of typical cases to analyze the risk of stakeholders in the process of directional issuance. The first half is the introduction of related case companies and the introduction of this directional issue. Then through the perspective of different stakeholders to analyze the risk of this targeted issue. This chapter and the fourth chapter-form the core part of this paper. The sixth chapter is the research conclusions and suggestions, mainly through the previous elaboration and analysis to give the research results of the paper, and put forward personal suggestions for the existing problems, in order to help the improvement of the directional issuance mechanism, At the same time, the paper also reflects on the shortcomings in the process of writing. Because the author's level is limited and the writing time is short, the logic of this paper may not be clear enough in the process of summarizing the theory, and the narration may not be comprehensive enough. There may be some problems in the process of case analysis, such as more text analysis, less data collection and statistics, and insufficient argumentation and so on.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
本文編號：2445858
[Abstract]:The refinancing means of equity refinancing of listed companies are composed of directional issue and rights issue and public issuance, and convertible bonds constitute the main means of equity refinancing of listed companies, especially after the reform of the split share structure in 2006, due to the fact that the issue requirement of the directional issue is lower than that of the other three refinancing methods, The advantages of simple procedure, low cost and short time make directional issuance gradually become the main means of capital market refinancing. However, with the increase of targeted issuance enterprises, various problems appear in the process of issuance, the phenomenon that the legal system can not keep up with the development of the market appears to be particularly obvious, and the problem of perfecting the mechanism of directional issuance becomes more and more urgent. The popularity of targeted issuance is the phenomenon of capital market in recent years. However, with the rapid increase of the number of additional issuing enterprises and the scale of fund raising, the research related to the directional issuance is lagging behind, which leads to the chaos of the directional issuance market. It is against this background that the author hopes to make a more comprehensive analysis of the risk of directional issuance on the basis of the research results of the predecessors, in order to change the one-sidedness of the past in risk research. To enable the stakeholders to view the risks in the issuance process from a different perspective, and hope that the regulatory authorities will be vigilant to the existing problems in order to continuously improve their laws and regulations. So as to promote the long-term healthy development of the capital market. This paper is divided into the following parts: the first chapter is the introduction. This paper mainly describes the writing background, purpose and significance, research ideas and methods, the innovation of this paper. The second chapter is literature review. This paper mainly expounds the research achievements of domestic and foreign scholars on the risk of directional issuance, and classifies and summarizes the related research results, in order to lay a foundation for the related theoretical review in the future. The third chapter is the mechanism of directional issuance and the analysis of its present situation. This paper mainly expounds the concept, function, advantages and disadvantages of directional issuance, as well as the application of directional issuance in the current domestic capital market. The fourth chapter is the risk analysis of directional issue. The main content of this chapter is to make some innovative research and summary on the risk of directional issue on the basis of the previous theory. Mainly divided into major shareholders, small and medium-sized shareholders, investors involved in directional issuance, management and intermediary agencies. This chapter is also the core of the theory and innovation. The fifth chapter is the case analysis, mainly through the selection of typical cases to analyze the risk of stakeholders in the process of directional issuance. The first half is the introduction of related case companies and the introduction of this directional issue. Then through the perspective of different stakeholders to analyze the risk of this targeted issue. This chapter and the fourth chapter-form the core part of this paper. The sixth chapter is the research conclusions and suggestions, mainly through the previous elaboration and analysis to give the research results of the paper, and put forward personal suggestions for the existing problems, in order to help the improvement of the directional issuance mechanism, At the same time, the paper also reflects on the shortcomings in the process of writing. Because the author's level is limited and the writing time is short, the logic of this paper may not be clear enough in the process of summarizing the theory, and the narration may not be comprehensive enough. There may be some problems in the process of case analysis, such as more text analysis, less data collection and statistics, and insufficient argumentation and so on.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.51
【參考文獻(xiàn)】
相關(guān)期刊論文 前10條
1 吳輝;;上市公司定向增發(fā)的利益輸送研究[J];北京工商大學(xué)學(xué)報(社會科學(xué)版);2009年02期
2 何麗梅;;上市公司定向增發(fā)研究述評[J];財會通訊;2010年09期
3 黃建中;;“九折規(guī)則”失靈與定向增發(fā)泛濫[J];股市動態(tài)分析;2006年31期
4 朱紅軍;何賢杰;陳信元;;定向增發(fā)“盛宴”背后的利益輸送:現(xiàn)象、理論根源與制度成因——基于馳宏鋅鍺的案例研究[J];管理世界;2008年06期
5 徐壽福;;大股東認(rèn)購與定向增發(fā)折價——來自中國市場的證據(jù)[J];經(jīng)濟(jì)管理;2009年09期
6 黃建中;;增發(fā)定價約束、私募尋租與董事會融資權(quán)邊界[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2007年03期
7 楊靖;許年行;王琨;;定向增發(fā)中的控股股東決策動機(jī)及特征解析[J];經(jīng)濟(jì)理論與經(jīng)濟(jì)管理;2011年09期
8 章衛(wèi)東;;上市公司股權(quán)再融資方式選擇:配股、公開增發(fā)新股、定向增發(fā)新股?[J];經(jīng)濟(jì)評論;2008年06期
9 謝琳;唐松蓮;尹宇明;;內(nèi)幕交易、股價操縱和大股東侵占效應(yīng)——基于全流通時代定向增發(fā)事件研究[J];科技管理研究;2011年03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關(guān)系的實(shí)證研究——來自中國上市公司的經(jīng)驗(yàn)證據(jù)[J];會計(jì)研究;2008年09期
，本文編號：2445858
本文鏈接：http://sikaile.net/guanlilunwen/zhqtouz/2445858.html
最近更新
教材專著
