本文選題：定向增發(fā) + 信貸融資��； 參考：《江西財(cái)經(jīng)大學(xué)》2014年博士論文

【摘要】：實(shí)現(xiàn)和優(yōu)化資源配置是股票市場主要功能之一。在價(jià)格信號(hào)機(jī)制作用下,有效的股票市場可以引導(dǎo)資金不斷從生產(chǎn)效率低下的企業(yè)或部門流向生產(chǎn)效率較高的企業(yè)和部門,而資金的流動(dòng)又會(huì)帶動(dòng)人力資源、生產(chǎn)技術(shù)等其它生產(chǎn)要素在不同的企業(yè)或部門間流動(dòng),最終實(shí)現(xiàn)整個(gè)社會(huì)資源的優(yōu)化配置。自上世紀(jì)90年代我國股市創(chuàng)建以來,大量企業(yè)通過股票融資獲得了自身發(fā)展所需資金,在緩解企業(yè)融資約束的同時(shí),優(yōu)化了資源配置。但2006年5月8日《上市公司證券發(fā)行管理辦法》的頒發(fā),使得定向增發(fā)基本替代配股和公開增發(fā)而成為我國上市企業(yè)股權(quán)再融資的主要方式,其融資額甚至超過企業(yè)IPO融資水平。上市企業(yè)定向增發(fā)資源配置優(yōu)化效果如何將直接影響到我國股票市場實(shí)現(xiàn)和優(yōu)化資源配置功能的發(fā)揮。雖然諸多學(xué)者已經(jīng)對(duì)我國股票市場IPO融資、配股和公開增發(fā)如何影響資源配置效率進(jìn)行了廣泛研究,但迄今尚未發(fā)現(xiàn)有對(duì)我國上市企業(yè)定向增發(fā)如何影響資本配置效率進(jìn)行研究的相關(guān)文獻(xiàn)。本文旨在研究我國上市企業(yè)定向增發(fā)對(duì)優(yōu)化資本配置效率的具體影響,以期為證券監(jiān)管部門在將來制定相關(guān)的方針政策提供現(xiàn)實(shí)依據(jù)與理論參考�？紤]到上市企業(yè)定向增發(fā)對(duì)資本配置效率的影響并不是一蹴而就的,需要經(jīng)歷融資、投資和產(chǎn)出三個(gè)階段,在對(duì)相關(guān)理論與文獻(xiàn)進(jìn)行綜述基礎(chǔ)上,本文首先分析了我國上市企業(yè)定向增發(fā)的分布特征及其影響因素；然后分析定向增發(fā)與企業(yè)信貸融資、投資和資本配置效率之間的內(nèi)在關(guān)聯(lián)性；最后從企業(yè)控股權(quán)性質(zhì)差異、定向增發(fā)認(rèn)購對(duì)象和認(rèn)購方式角度分析了定向增發(fā)對(duì)企業(yè)信貸融資、投資和資本配置效率的影響,并依據(jù)所得結(jié)論提出若干政策建議以及對(duì)進(jìn)一步研究的展望。通過對(duì)我國上市企業(yè)定向增發(fā)特征和影響因素進(jìn)行分析后發(fā)現(xiàn),企業(yè)上市年數(shù)的不同和對(duì)市場有利時(shí)機(jī)的選擇顯著影響到我國上市企業(yè)定向增發(fā)決策,但它們僅具有限解釋力。當(dāng)進(jìn)一步從企業(yè)外部融資需求角度對(duì)我國上市企業(yè)定向增發(fā)動(dòng)機(jī)進(jìn)行分析時(shí)發(fā)現(xiàn),若扣除定向增發(fā)融資額,則在增發(fā)后一年將有54.8%的企業(yè)現(xiàn)金余額為負(fù)；若再進(jìn)一步扣除新增債務(wù)融資,該比例將上升至85.3%,且這一比例均隨企業(yè)上市年數(shù)的不同而呈現(xiàn)出差異性特征。以上結(jié)論說明有效緩解短期流動(dòng)性不足、對(duì)企業(yè)實(shí)現(xiàn)“財(cái)務(wù)支持”是我國上市企業(yè)實(shí)施定向增發(fā)的重要原因。當(dāng)對(duì)定向增發(fā)如何影響企業(yè)后續(xù)信貸融資進(jìn)行研究時(shí)發(fā)現(xiàn),相對(duì)于國有控股企業(yè)而言,民營控股上市企業(yè)定向增發(fā)后信貸融資能力得到更大程度的提高；與以資產(chǎn)置換方式等非現(xiàn)金方式相比,以現(xiàn)金認(rèn)購定向增發(fā)新股能顯著降低企業(yè)信貸融資需求,這一點(diǎn)在國有與民營控股企業(yè)之間不存在顯著差異；相對(duì)于國有控股企業(yè)而言,當(dāng)民營控股上市企業(yè)大股東參與定向增發(fā)新股認(rèn)購并提高其原有持股比例時(shí),定向增發(fā)將有助于企業(yè)信貸融資能力的提升；且隨融資規(guī)模的擴(kuò)大而遞增。在研究我國上市企業(yè)定向增發(fā)對(duì)企業(yè)后續(xù)投資效率影響時(shí)發(fā)現(xiàn),我國上市企業(yè)普遍出現(xiàn)投資過度行為,但對(duì)于定向增發(fā)企業(yè)而言,投資不足現(xiàn)象更為嚴(yán)重；相對(duì)于國有控股企業(yè)而言,民營控股企業(yè)的控股股東通過定向增發(fā)提高其持股比例更有助于企業(yè)投資不足局面的改善；當(dāng)其他大股東通過定向增發(fā)提高持股比例時(shí),企業(yè)投資不足會(huì)有所緩解,但這時(shí)在國有與民營控股企業(yè)之間的差異不顯著；相對(duì)于以非現(xiàn)金方式而言,投資者以現(xiàn)金認(rèn)購定向增發(fā)新股有助于緩解企業(yè)投資不足局面,且對(duì)民營控股上市企業(yè)的影響更大。在研究定向增發(fā)對(duì)企業(yè)資本配置效率影響時(shí)發(fā)現(xiàn),定向增發(fā)能提高資產(chǎn)收益率高于市場均值企業(yè)資本配置效率水平,但對(duì)國有控股企業(yè)資本配置效率不能產(chǎn)生顯著影響；與以資產(chǎn)置換等非現(xiàn)金方式認(rèn)購相比,以現(xiàn)金方式認(rèn)購更能提高資產(chǎn)收益率高于市場均值組企業(yè)資本配置效率,同樣不能對(duì)國有控股企業(yè)資本配置效率產(chǎn)生顯著影響；對(duì)于資本收益率高于市場均值水平的企業(yè)而言,大股東是否參與定向增發(fā)新股認(rèn)購不會(huì)對(duì)企業(yè)資本配置效率產(chǎn)生任何影響；對(duì)于資本收益率低于市場均值水平企業(yè)而言,除了大股東參與民營控股企業(yè)定向增發(fā)認(rèn)購有助于資本配置效率優(yōu)化外,其它任何情形下的定向增發(fā)均不能促進(jìn)資本配置效率的提升。在對(duì)所得研究結(jié)論進(jìn)行總結(jié)基礎(chǔ)上,本文最后就如何提高我國上市企業(yè)定向增發(fā)優(yōu)化資本配置效率功能的發(fā)揮提出若干政策建議,并指出了對(duì)這一領(lǐng)域進(jìn)一步進(jìn)行研究的一些思考。全文內(nèi)容組織安排如下：第一章為導(dǎo)論。首先介紹本文的研究背景、研究目標(biāo)及其意義；然后介紹相關(guān)研究思路、內(nèi)容與方法；最后指出本研究可能的創(chuàng)新之處與所存在的不足。第二章為文獻(xiàn)綜述。這里主要從定向增發(fā)現(xiàn)有研究成果、企業(yè)融資、企業(yè)投資以及資本配置效率相關(guān)研究四個(gè)方面進(jìn)行綜述,在此基礎(chǔ)上對(duì)現(xiàn)有文獻(xiàn)進(jìn)行簡單評(píng)述。第三章是我國上市企業(yè)定向增發(fā)特征及影響因素分析。在介紹定向增發(fā)含義及其制度沿襲后,第二部分統(tǒng)計(jì)我國上市企業(yè)定向增發(fā)分布特征；第三部分分析企業(yè)上市年數(shù)與市場時(shí)機(jī)選擇對(duì)企業(yè)定向增發(fā)的影響；第四部分研究了外部融資需求對(duì)企業(yè)定向增發(fā)的影響；最后為本章小結(jié)。第四章是上市企業(yè)定向增發(fā)與信貸融資、投資和資本配置效率關(guān)系研究。本章首先分析了信貸融資、投資和資本配置效率三者之間的聯(lián)系；第二部分分析定向增發(fā)影響信貸融資、投資和資本配置效率的作用機(jī)制；第三部分介紹本文研究定向增發(fā)影響企業(yè)信貸、投資和資本配置效率的三大視角。第五章是上市企業(yè)定向增發(fā)對(duì)信貸融資能力影響分析。本章首先介紹我國信貸融資現(xiàn)狀；然后理論和實(shí)證分析上市企業(yè)定向增發(fā)對(duì)信貸融資能力變化的影響；最后是實(shí)證結(jié)論分析與小結(jié)。第六章是上市企業(yè)定向增發(fā)對(duì)企業(yè)投資效率影響研究。首先介紹企業(yè)投資效率的度量；然后理論和實(shí)證分析上市企業(yè)定向增發(fā)對(duì)企業(yè)投資效率的影響；第四部分為實(shí)證結(jié)論及原因解釋；第五部分為本章小結(jié)。第七章是上市企業(yè)定向增發(fā)對(duì)企業(yè)資本配置效率的影響分析。第一部分介紹資本配置效率的度量；接下來理論和實(shí)證分析上市企業(yè)定向增發(fā)對(duì)企業(yè)資本配置效率的影響；最后為本章小結(jié)。第八章為結(jié)論與政策思考。首先對(duì)全文進(jìn)行總結(jié),并得出結(jié)論；然后在相關(guān)結(jié)論基礎(chǔ)上,提出相關(guān)政策建議；最后是進(jìn)一步研究的展望。
[Abstract]:It is one of the main functions of the stock market to realize and optimize the allocation of resources. Under the effect of the price signal mechanism, the effective stock market can guide the capital flow from inefficient enterprises or departments to enterprises and departments with higher production efficiency, and the flow of funds will lead to other factors such as human resources, production technology and other production factors. Different enterprises or interdepartmental flows will eventually realize the optimal allocation of the whole social resources. Since the founding of China's stock market in the 90s of last century, a large number of enterprises have obtained their own development funds through stock financing, and optimized the allocation of resources while alleviating the financing constraints of enterprises. But in May 8, 2006 < stock issuance management of listed companies. The issuance of method is the main way to refinance the stock right of Listed Companies in China, and the financing amount is even more than the level of IPO financing. How to optimize the allocation of resource allocation in the listed enterprises will directly affect the realization of the stock market and the optimization of the resource allocation function in our country. Although many scholars have conducted extensive research on how IPO financing, distribution and public placement affect the efficiency of resource allocation in China's stock market, there has been no discovery of relevant literature on how to affect the efficiency of capital allocation in China's listed companies. This paper aims to study the orientation of the listed companies in China. The specific effect on optimizing the efficiency of capital allocation is to provide the practical basis and theoretical reference for the securities regulatory authorities to formulate relevant policies and policies in the future. Considering that the impact of the listed companies' orientation on the efficiency of capital allocation is not achieved overnight, it is necessary to experience the three stages of financing, investment and output, and the related theories and articles. On the basis of an overview, this article first analyzes the distribution characteristics and the influencing factors of the directional issuance of Listed Companies in China, and then analyzes the internal relationship between the directional increase and the enterprise credit financing, the investment and the efficiency of capital allocation. This paper analyzes the impact of directional addition on the efficiency of enterprise credit financing, investment and capital allocation, and puts forward some policy suggestions and prospects for further research according to the conclusions. It is found through the analysis of the characteristics and influencing factors of the orientation of the listed companies in China, the differences in the number of years in the enterprises and the choice of the opportune time for the market. It has a significant impact on the directional issuance decision of Listed Companies in China, but they only have limited explanatory power. When further analyzing the Orienteering engine of Chinese listed companies from the perspective of external financing needs of the enterprises, it is found that, if the amount of targeted additional financing is deducted, 54.8% of the cash balance will be negative in the year after the increase. If further further, After deducting the new debt financing, the proportion will rise to 85.3%, and this proportion is different with the number of years listed in the enterprise. The above conclusion shows that the effective mitigation of short term liquidity and the realization of "financial support" to the enterprises are the important reasons for the implementation of the targeted increase in the listed companies in China. In the study of enterprise follow-up credit financing, it is found that, compared with the state-owned holding enterprises, the credit financing ability of the private holding listed companies has been improved to a greater degree. Compared with the non cash ways such as asset replacement, the cash subscription of the new shares can significantly reduce the demand for credit financing. There is no significant difference between state-owned and private holding enterprises. Relative to the state-owned holding enterprises, when the large shareholders of the private holding listed companies participate in the subscription and increase the proportion of their original shareholding, the directional increase will help to improve the credit financing capacity of the enterprises, and increase with the expansion of the financing scale. In the case of the influence of the listed companies' orientation on the efficiency of the follow-up investment efficiency of the listed enterprises in our country, it is found that the listed enterprises in our country generally have excessive investment behavior, but the phenomenon of underinvestment is more serious for the directional distribution enterprises. Compared with the state-owned holding enterprises, the controlling shareholders of the private holding enterprises improve their shareholding ratio through the directional increase. It is more conducive to the improvement of the underinvestment situation of the enterprises; when the other large shareholders increase the share ratio through the directional increase, the underinvestment of the enterprises will be relieved, but the difference between the state-owned and the private holding enterprises is not significant. In the study of the impact of the Orienteering on the efficiency of the capital allocation, it is found that the orientation increase can increase the rate of return on assets higher than the market mean value of capital allocation, but it can not have a significant impact on the allocation efficiency of the state-owned holding enterprises; Compared with the non cash mode of replacement, cash subscription can increase the rate of return on assets higher than the market mean group's capital allocation efficiency, and can not have a significant impact on the capital allocation efficiency of state-owned holding enterprises. For enterprises with higher capital yield than the market mean, whether large shareholders participate in the orientation increase or not. The issuance of new shares will not have any effect on the efficiency of the capital allocation of enterprises. For enterprises with lower capital returns than the average market, the directional addition of large shareholders to private holding enterprises will contribute to the optimization of the efficiency of capital allocation. In any other situation, the directional increase in the capital allocation efficiency can not promote the efficiency of capital allocation. On the basis of the conclusion of the income research, this paper finally puts forward some policy suggestions on how to improve the function of the capital allocation efficiency of listed enterprises in China, and points out some thoughts on further research in this field. The full text is organized as follows: the first chapter is the introduction. The research background, research goal and its significance; then introduce the relevant research ideas, contents and methods; finally, point out the possible innovations and shortcomings of this study. The second chapter is the literature review. Here, there are four research results, enterprise financing, enterprise investment and capital allocation efficiency. On the basis of this, a brief review of the existing literature is carried out on this basis. The third chapter is the analysis of the characteristics and influencing factors of the directional issuance of Listed Companies in China. After introducing the meaning and the system evolution of the orientation addition, the second part of the distribution of the listed companies in China is made. The third part analyses the number of the listed companies in the market and the market time. The fourth part studies the influence of the external financing demand on the directional increase of the enterprise; the last chapter is a summary of this chapter. The fourth chapter is the study on the relationship between the orienteering and credit financing, the investment and the efficiency of capital allocation in the listed enterprises. This chapter first analyzes the three parties of credit financing, investment and capital allocation efficiency. The second part analyses the effect mechanism of the directional increase on the efficiency of credit financing, investment and capital allocation; the third part introduces the three perspectives of this article to study the impact of directional addition on the efficiency of enterprise credit, investment and capital allocation. The fifth chapter is the analysis of the impact of the targeted additional issuance of listed companies on credit financing ability. This paper analyzes the current situation of credit financing in China, and then theoretically and empirically analyses the impact of the listed companies' directional addition on the change of credit financing capacity; the last is the empirical conclusion analysis and summary. The sixth chapter is the research on the impact of the listed enterprises' directional increase on the enterprise investment efficiency. First, it introduces the measurement of the efficiency of the enterprise investment; then the theoretical and empirical analysis is on the analysis. The fourth part is the empirical conclusion and the reason explanation; the fifth part is the summary of this chapter. The seventh chapter is the analysis of the influence of the listed enterprises' directional addition on the capital allocation efficiency of the enterprises. The first part introduces the measurement of the capital allocation efficiency; the next theory and the empirical analysis of the listed companies are determined. Finally, the eighth chapter is the conclusion and policy thinking. First, it summarizes the full text, and draws the conclusion; then, on the basis of the relevant conclusions, put forward relevant policy suggestions; finally, the prospect of further research.

【學(xué)位授予單位】：江西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.4;F832.51

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