本文關(guān)鍵詞：錦江股份定向增發(fā)的效應(yīng)分析　出處：《深圳大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：定向增發(fā)是上市公司常用的一種再融資的方法,經(jīng)常用于企業(yè)并購(gòu)、項(xiàng)目籌資、債務(wù)重組、補(bǔ)充資本等方面,尤其是在進(jìn)入“全流通”時(shí)代后,越來(lái)越受到上市公司的青睞。相對(duì)于其他融資方式,定向增發(fā)融資速度較快、成本較低、融資周期較短等特點(diǎn)。企業(yè)可以進(jìn)行定向增發(fā)融資來(lái)幫助公司改善公司的財(cái)務(wù)狀況,優(yōu)化公司的資本結(jié)構(gòu);可以通過(guò)定向增發(fā)進(jìn)行項(xiàng)目融資,加快企業(yè)的規(guī)模擴(kuò)張;也可以進(jìn)行定向增發(fā)來(lái)變更實(shí)際控制人,實(shí)行兼并收購(gòu)。由于定向增發(fā)的能夠在企業(yè)資產(chǎn)運(yùn)作中發(fā)揮多種作用,近幾年上市公司進(jìn)行定向增發(fā)的案例出現(xiàn)迅速的增長(zhǎng)。混合所有制改革是我國(guó)在社會(huì)主義市場(chǎng)經(jīng)濟(jì)逐漸完善和發(fā)展的過(guò)程中提出的國(guó)有企業(yè)市場(chǎng)化的重要舉措。中央工作會(huì)議提出要繼續(xù)深化混合所有制改革的力度和范圍的政策,混合所有制改革的政策環(huán)境、法律環(huán)境、輿論環(huán)境得到了顯著改善。通過(guò)混合所有制改革使企業(yè)優(yōu)化股權(quán)結(jié)構(gòu)、增強(qiáng)治理能力、完善激勵(lì)機(jī)制、提高經(jīng)營(yíng)效率。地方國(guó)企改革是混合所有制改革的重要組成部分,也是改革的新熱點(diǎn)。中央工作會(huì)議后,各地政府紛紛出臺(tái)了具體的地方國(guó)有企業(yè)改革指導(dǎo)意見(jiàn),地方國(guó)企改革的步伐顯著加快。本文以定向增發(fā)和混合所有制改革的相關(guān)理論為基礎(chǔ),對(duì)錦江股份通過(guò)定向增發(fā)引入弘毅投資的案例進(jìn)行分析。選取該案例的原因主要有:錦江股份是探索實(shí)行混合所有制改革較早的地方國(guó)有企業(yè);定向增發(fā)規(guī)模在同期混合所有制的企業(yè)中較大,對(duì)企業(yè)業(yè)績(jī)的作用明顯;引入的戰(zhàn)略投資者參與企業(yè)經(jīng)營(yíng)治理較為深入。本文通過(guò)事件分析法、EVA分析法、績(jī)效分析法等方法進(jìn)行案例分析。首先,介紹定向增發(fā)的參與方和事件過(guò)程,分析定向增發(fā)的動(dòng)因。其次,運(yùn)用回歸分析來(lái)研究二級(jí)市場(chǎng)在預(yù)案公告日前后10天的反應(yīng)。再次,通過(guò)分析企業(yè)的財(cái)務(wù)報(bào)表,對(duì)錦江股份定向增發(fā)后的資本結(jié)構(gòu)和盈利狀況進(jìn)行指標(biāo)分析,使用經(jīng)濟(jì)增加值分析法來(lái)研究企業(yè)的短期績(jī)效。通過(guò)對(duì)該案例的分析,得出國(guó)有控股上市公司通過(guò)定向增發(fā)引入戰(zhàn)略投資者的成果和經(jīng)驗(yàn),為今后國(guó)有企業(yè)進(jìn)行混合所有制改革提供經(jīng)驗(yàn)和啟示。
[Abstract]:Directional placement is a common refinancing method for listed companies, which is often used in M & A, project financing, debt restructuring, capital replenishment and so on, especially after entering the era of "full circulation". More and more favored by listed companies. Compared with other financing methods, the financing speed of directional additional issuance is faster and the cost is lower. The financing cycle is short. The enterprise can carry on the directional additional financing to help the company to improve the company's financial condition, optimize the company's capital structure; The project financing can be carried out through the directional additional issuance to accelerate the scale expansion of the enterprise; May also carry on the directional additional issue to change the actual controller, implements the merger and acquisition. Because the directional additional issuance can play a variety of roles in the enterprise assets operation. In recent years, there has been a rapid increase in the cases of targeted additional issuance of listed companies. The reform of mixed ownership is an important measure for the marketization of state-owned enterprises put forward in the course of the gradual improvement and development of the socialist market economy in China. The Central working Conference proposed a policy of continuing to deepen the strength and scope of the reform of mixed ownership. The policy environment, legal environment and public opinion environment of the mixed ownership reform have been significantly improved. Through the mixed ownership reform, enterprises can optimize the ownership structure, strengthen their governance ability, and improve the incentive mechanism. The reform of local state-owned enterprises is an important part of the reform of mixed ownership and a new hot spot of reform. Local governments have issued specific guidance on the reform of local state-owned enterprises, the pace of the reform of local state-owned enterprises has been significantly accelerated. This paper is based on the related theories of targeted issuance and mixed ownership reform. This paper analyzes the case of Jinjiang shares introducing Hony Investment through directional additional issuance. The main reasons for selecting this case are as follows: Jinjiang shares are local state-owned enterprises which explored the early implementation of mixed ownership reform; The scale of directional additional issuance is larger in the mixed ownership enterprises in the same period, and it plays a significant role in the performance of the enterprises. The introduction of strategic investors involved in corporate governance is more in-depth. This paper through the event analysis method EVA analysis, performance analysis and other methods for case analysis. First of all. This paper introduces the participants and event process, analyzes the motivation of the placement. Secondly, it uses regression analysis to study the reaction of the secondary market 10 days before and after the announcement of the plan. Again. Through the analysis of the financial statements of the enterprises, the capital structure and profit status of Jinjiang shares are analyzed, and the short-term performance of the enterprises is studied by using the method of economic added value. The results and experiences of introducing strategic investors into state-owned holding listed companies through directional placement provide experience and inspiration for the reform of mixed ownership in state-owned enterprises in the future.
【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F719.2;F832.51

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