本文關(guān)鍵詞： 股權(quán)再融資 燕京啤酒 績效分析體系 歷史演進(jìn)　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：我國處于社會主義初級階段,是典型的發(fā)展中國家,在生產(chǎn)要素上表現(xiàn)為自然資源豐富但人均少,勞動力相對豐裕和資本短缺。隨著我國經(jīng)濟(jì)快速發(fā)展,資本逐漸積累,資本短缺的現(xiàn)狀大有改觀。融資難是困擾企業(yè)發(fā)展的難題之一。在融資方面,上市公司區(qū)別于其他公司的主要方面是有特別的融資途徑,也就是股權(quán)再融資。目前,已有大量實(shí)證研究證明我國上市公司有股權(quán)再融資偏好；股權(quán)再融資后,上市公司業(yè)績顯著下滑。與西方較成熟的證券市場相比,我國對證券市場上市公司再融資對公司績效的影響還需進(jìn)一步深入研究。要洞察我國上市公司的融資行為,案例分析也是必不可少的研究方法。 運(yùn)用案例研究法研究股權(quán)再融資與業(yè)績的關(guān)系,選取市場擴(kuò)展、行業(yè)集中度提高且資金密集型行業(yè),也就是啤酒制造業(yè),再從這個(gè)存在融資需求的行業(yè)中選取6次融資,約64億元融資金額的燕京啤酒。在文獻(xiàn)方面,梳理了關(guān)于融資理論、股權(quán)再融資偏好、股權(quán)再融資對績效影響、業(yè)績評價(jià)體系以及燕京啤酒的研究文獻(xiàn),初步判斷燕京啤酒的股權(quán)再融資會導(dǎo)致企業(yè)業(yè)績下滑。用燕京啤酒上市以來的融資情況證明燕京啤酒存在股權(quán)再融資的偏好；從國家宏觀經(jīng)濟(jì)、產(chǎn)業(yè)格局及企業(yè)定位分析燕京啤酒股權(quán)再融資偏好的原因。燕京啤酒存在股權(quán)再融資偏好,是因?yàn)槲覈【剖袌鰯U(kuò)大,行業(yè)趨向集中；產(chǎn)業(yè)政策和啤酒生產(chǎn)企業(yè)的經(jīng)營模式?jīng)Q定了啤酒行業(yè)的資金密集型屬性。股利政策和貨幣政策分別直接影響了股權(quán)再融資和債券融資的成本,燕京啤酒在大量資金需求的情況下,適當(dāng)?shù)倪x擇融資成本較低的股權(quán)再融資。此外證券市場的發(fā)展存在股市強(qiáng),債市弱的現(xiàn)象,這為企業(yè)股權(quán)再融資創(chuàng)造了有利環(huán)境。啤酒行業(yè)處于競爭激烈,利潤率較低的情況下,股權(quán)再融資可以在財(cái)務(wù)風(fēng)險(xiǎn)方面強(qiáng)化企業(yè)的競爭力。合理設(shè)計(jì)績效的財(cái)務(wù)評價(jià)方法與績效評價(jià)指標(biāo),通過將燕京啤酒股權(quán)再融資前后的業(yè)績對比以及同行業(yè)平均值的績效對比,剖析燕京啤酒的股權(quán)再融資行為與績效的關(guān)系,提高了分析方法的客觀性與公正性。1998年和2008年金融危機(jī)后,燕京啤酒有密集的進(jìn)行股權(quán)再融資,通過改建、擴(kuò)建、并購等形式提高啤酒產(chǎn)能。啤酒市場的整體表現(xiàn)為1998年至2002年低速增長,2003年至2007高速增長,2008年至2011低速增長,2012年負(fù)增長。燕京啤酒逆經(jīng)濟(jì)周期融資擴(kuò)大規(guī)模,市場對于新增產(chǎn)能力消化不良,營業(yè)收入和利潤相對增長不足。對燕京啤酒股權(quán)再融資前后的財(cái)務(wù)績效指標(biāo)分析,可以得出除了可轉(zhuǎn)換債券在短期列入負(fù)債科目,導(dǎo)致償債能力下降以及有效的營銷策略改善企業(yè)的盈利能力和資產(chǎn)質(zhì)量外,逆經(jīng)濟(jì)周期進(jìn)行的股權(quán)再融資對于盈利能力和資產(chǎn)質(zhì)量是負(fù)面影響,對于償債能力和成長能力是正面影響。并預(yù)測2013年燕京啤酒的股權(quán)再融資對于財(cái)務(wù)業(yè)績的影響,為盈利能力和資產(chǎn)質(zhì)量降低,償債能力和成長能力提高�？偠灾�,燕京啤酒通過股權(quán)再融資實(shí)現(xiàn)了跨越式發(fā)展,提高了市場占有率,但盈利能力、資產(chǎn)質(zhì)量有待增強(qiáng)。股權(quán)再融資對于燕京啤酒屬于短期刺激性增長,證券市場對于這類增長并不看好。隨著債務(wù)市場的發(fā)展以及外部宏觀經(jīng)濟(jì)、產(chǎn)業(yè)格局以及企業(yè)定位的變化,融資決策需要適當(dāng)調(diào)整。燕京啤酒的案例研究結(jié)論雖然不一定具有普遍意義,但卻有助于更好地理解上市公司股權(quán)再融資的決策動因以及績效變化。
[Abstract]:Our country is in the primary stage of socialism, is a typical developing country, the factors of production is rich in natural resources but less per capita, abundant labor and capital shortage. With the rapid development of China's economy, capital accumulation, capital shortage situation has changed greatly. The financing is one of the problems affecting the development of enterprises in terms of financing. Mainly, the listed company is different from other companies is a special way of financing, which is equity financing. At present, there are a large number of empirical studies have proved that Chinese listed companies have equity financing preference; equity refinancing, listed company performance declined significantly. Compared with the western mature securities market, China the stock market refinancing of listed companies impact on the company's performance still need further research. To insight into the financing behavior of Listed Companies in China, the case analysis is also essential Research methods.
Using case study method to research the relationship between equity refinancing and the performance of the selected market expansion, industry concentration and capital intensive industries, is also the beer manufacturing industry, and then select the 6 financing from the financing needs of the industry, the amount of financing of about 6 billion 400 million yuan of Yanjing beer. In the literature, combing about the theory of financing, equity financing preference, equity refinancing impact on performance, performance evaluation system and Yanjing Beer research literature, preliminary judgment Yanjing Beer equity refinancing will lead to decline in corporate performance. Yanjing Beer has proved that the Equity Refinancing Preference for financing since Yanjing Beer listed; from the national macro economy, industry the pattern and corporate positioning analysis Yanjing Beer Equity Refinancing Preference. Yanjing Beer Equity Refinancing Preference, because China's beer market expansion, industry trend set In the production of enterprises; industrial policy and the beer business model determines the beer industry capital intensive properties. Dividend policy and monetary policy are directly affect the equity financing and bond financing cost, Yanjing Beer in a lot of money demand, the proper choice of the lower financing costs of equity refinancing. In addition to the development of securities the market has strong stock market, weak bond phenomenon, this enterprise equity refinancing has created a favorable environment. The beer industry in the fierce competition, the profit rate is low, equity financing can enhance the competitiveness of enterprises in the aspects of financial risk. Financial performance evaluation method and evaluation index of reasonable design performance, through the comparison of performance performance comparison before and after Yanjing Beer equity refinancing and the industry average value, analyzes the relationship between Yanjing Beer Equity Refinancing Behavior and improve performance. The analysis method of the objectivity and impartiality of the.1998 and 2008 after the financial crisis, Yanjing Beer have intensive equity financing, through alteration, expansion, mergers and acquisitions and other forms to improve beer production capacity. The overall beer market performance for 1998 to 2002 2003 to 2007 low growth, high growth, low growth from 2008 to 2011, 2012 negative growth. Yanjing Beer inverse of the economic cycle to expand the scale of financing, the market for the new production capacity of indigestion, lack of revenue and profit growth. The relative financial performance index of Yanjing Beer equity refinancing and analysis can be drawn, in addition to the convertible bonds in the short-term liabilities included in the subject, resulting in decreased solvency and effective marketing strategy to improve enterprise the profitability and asset quality, the inverse of the economic cycle of equity refinancing for profitability and asset quality is negative for compensation The debt and growth ability is positive effect. And forecast 2013 Yanjing Beer equity refinancing impact on financial performance, reduce profitability and asset quality, improve liquidity and growth ability. In short, Yanjing Beer through equity financing to achieve leapfrog development, improve the market share, but the profitability of assets. The quality needs to be enhanced. Equity refinancing for Yanjing Beer fall short of stimulating growth, the stock market is not optimistic for this kind of growth. As the debt market development and external macroeconomic, industrial structure changes and corporate positioning, financing decision should be adjusted properly. The conclusion of the case study Yanjing Beer although not necessarily has the universal significance, but it contributes to a better understanding of the equity refinancing of listed companies decision motivation and performance change.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F426.82

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 屈耀輝;傅元略;;優(yōu)序融資理論的中國上市公司數(shù)據(jù)驗(yàn)證——兼對股權(quán)融資偏好再檢驗(yàn)[J];財(cái)經(jīng)研究;2007年02期

2 王化成,劉俊勇;企業(yè)業(yè)績評價(jià)模式研究——兼論中國企業(yè)業(yè)績評價(jià)模式選擇[J];管理世界;2004年04期

3 張祥建;徐晉;;股權(quán)再融資與大股東控制的“隧道效應(yīng)”——對上市公司股權(quán)再融資偏好的再解釋[J];管理世界;2005年11期

4 杜沔;王良成;;我國上市公司配股前后業(yè)績變化及其影響因素的實(shí)證研究[J];管理世界;2006年03期

5 王正位;趙冬青;朱武祥;;再融資門檻無效嗎?[J];管理世界;2006年10期

6 黃江明;李亮;王偉;;案例研究:從好的故事到好的理論——中國企業(yè)管理案例與理論構(gòu)建研究論壇(2010)綜述[J];管理世界;2011年02期

7 李傳憲;朱渝;;民營上市公司資本結(jié)構(gòu)與股權(quán)再融資績效[J];經(jīng)濟(jì)問題;2011年09期

8 黃少安,張崗;中國上市公司股權(quán)融資偏好分析[J];經(jīng)濟(jì)研究;2001年11期

9 朱武祥,陳寒梅,吳迅;產(chǎn)品市場競爭與財(cái)務(wù)保守行為——以燕京啤酒為例的分析[J];經(jīng)濟(jì)研究;2002年08期

10 陸正飛,葉康濤;中國上市公司股權(quán)融資偏好解析——偏好股權(quán)融資就是緣于融資成本低嗎?[J];經(jīng)濟(jì)研究;2004年04期

，

本文編號：1459156