本文關(guān)鍵詞：我國(guó)上市公司大股東參與定向增發(fā)與公司成長(zhǎng)性研究　出處：《吉林大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 定向增發(fā) 公司成長(zhǎng)性 溢價(jià)認(rèn)購(gòu) 再融資新規(guī)

【摘要】：自2006年我國(guó)實(shí)施定向增發(fā)制度以來,由于定向增發(fā)信息披露要求低、審核程序簡(jiǎn)便、融資額受限少等優(yōu)勢(shì),在上市公司再融資方式選擇過程中,定向增發(fā)已經(jīng)成為上市公司首選,且其融資規(guī)模呈現(xiàn)逐年遞增的狀態(tài)。僅2016年全年定向增發(fā)募集資金總額就高達(dá)1.71億元,超過同年以IPO方式募集資金總額的十倍,其融資情況可見一斑。然而,在定向增發(fā)規(guī)模高速發(fā)展的同時(shí),一些不容忽視的問題也暴露出來,而且已引起市場(chǎng)投資者和學(xué)術(shù)界廣泛的詬病,尤其是增發(fā)價(jià)格不合理、增發(fā)價(jià)格確定基準(zhǔn)日與實(shí)施日之間存在較大折價(jià)、存在無風(fēng)險(xiǎn)套利空間等,此外,定向增發(fā)過程中暴露出來的過度融資問題、上市公司通過定向增發(fā)向利益投資者進(jìn)行利益輸送問題,使得定向增發(fā)成了一些上市公司圈錢的工具,也引起了投資者極大的不滿。為此,2017年2月17日中國(guó)證監(jiān)會(huì)出臺(tái)了《關(guān)于修改〈上市公司非公開發(fā)行股票實(shí)施細(xì)則〉的決定》,進(jìn)一步對(duì)上市公司定向增發(fā)融資行為的監(jiān)管進(jìn)一步細(xì)化和規(guī)范。我國(guó)上市公司在定向增發(fā)定價(jià)過程中存在折價(jià)。我國(guó)按照不低于定價(jià)基準(zhǔn)日前二十個(gè)交易日的平均價(jià)格作為發(fā)行底價(jià),再融資新規(guī)出臺(tái)前,定價(jià)基準(zhǔn)日可以由上市公司在董事會(huì)決議公告日、股東大會(huì)決議公告日和發(fā)行期首日中任意選擇。但是真正認(rèn)購(gòu)時(shí),市場(chǎng)價(jià)格與定價(jià)基準(zhǔn)日相比會(huì)存在一定折價(jià),因此,實(shí)施時(shí)認(rèn)購(gòu)價(jià)格與市場(chǎng)價(jià)格相比存在兩種情況:一是大多數(shù)上市公司在實(shí)施時(shí)定向增發(fā)價(jià)格會(huì)低于實(shí)施日市場(chǎng)價(jià)格,屬于折價(jià)認(rèn)購(gòu),在這種情況下,大股東參與定向增發(fā),不僅可能享受解禁后的資本利得,維護(hù)自身的控制權(quán),而且如果公司成長(zhǎng)性更好的話,還可以分享更多的公司成長(zhǎng)帶來的好處;二是市場(chǎng)中的特殊現(xiàn)象,實(shí)施時(shí),定向增發(fā)價(jià)格高于實(shí)施日市價(jià),此時(shí)大股東以及其他特定定向增發(fā)對(duì)象的認(rèn)購(gòu)行為則屬于溢價(jià)認(rèn)購(gòu),尤其是大股東認(rèn)購(gòu)還要面臨三年的解禁期,此時(shí)大股東在未來解禁時(shí)是否能獲得正的資本利得存在著很大的不確定性,而且從近年來事情實(shí)際情況看,獲利的可能性微乎其微,溢價(jià)認(rèn)購(gòu)在一定程度上又會(huì)增加大股東的投入,那么,其認(rèn)購(gòu)的動(dòng)機(jī)到底是什么呢。從信號(hào)傳遞理論來講,大股東參與公司增發(fā)融資,會(huì)向市場(chǎng)傳遞一個(gè)其對(duì)公司未來前景和成長(zhǎng)性充滿信心的信號(hào),在一定程度上有助于公司融資成功。然而信號(hào)傳遞畢竟不一定是真正的事實(shí),也不能保證公司真有很好的成長(zhǎng)性,比如大股東僅僅是為了傳遞這樣一個(gè)正向信號(hào),為了保證融資而參與認(rèn)購(gòu)即是如此。因此,本文將關(guān)注以上兩種不同情況下大股東參與定向增發(fā)認(rèn)購(gòu)行為與公司成長(zhǎng)性的關(guān)系,以期對(duì)大股東參與定向增發(fā)的真實(shí)動(dòng)機(jī)進(jìn)行考察,為投資者決策和政府部門的監(jiān)管提供有益的參考。本文首先從總體研究,針對(duì)有大股東參與和無大股東參與的全樣本,接下來,針對(duì)有大股東參與的樣本,進(jìn)一步分為大股東折價(jià)認(rèn)購(gòu)和溢價(jià)認(rèn)購(gòu)兩種情況,運(yùn)用Probit回歸分析,對(duì)大股東認(rèn)購(gòu)的動(dòng)因進(jìn)行研究;最后,針對(duì)大股東溢價(jià)認(rèn)購(gòu)的現(xiàn)象,運(yùn)用多元回歸分析,對(duì)大股東溢價(jià)認(rèn)購(gòu)的動(dòng)因進(jìn)行分析。研究過程中,本文采用了理論與實(shí)證研究相結(jié)合的研究方法,在理論方面,本文將定向增發(fā)相關(guān)理論與公司成長(zhǎng)性理論結(jié)合,系統(tǒng)闡述了研究機(jī)理及途徑。在實(shí)證方面,本文在對(duì)數(shù)據(jù)進(jìn)行收集、整理和剔除后,以2012-2014年上市公司的數(shù)據(jù)為研究樣本,建立二元選擇模型和多元回歸模型,運(yùn)用相關(guān)指標(biāo)對(duì)本文提出的假設(shè)進(jìn)行實(shí)證研究。本文得到如下結(jié)論:(1)上市公司成長(zhǎng)性對(duì)大股東參與認(rèn)購(gòu)定向增發(fā)沒有顯著的積極影響,大股東參與并非基于公司的未來成長(zhǎng),而只是為了證明自己對(duì)公司的信心,向其他投資者傳遞積極的信號(hào);(2)通過進(jìn)一步研究發(fā)現(xiàn),大股東折價(jià)和溢價(jià)認(rèn)購(gòu)與公司成長(zhǎng)性均無顯著的相關(guān)性,說明無論大股東認(rèn)購(gòu)定向增發(fā)新股的目的是為了表明對(duì)上市公司的信心,還是為了謀取控制權(quán)收益,大股東的參與并沒有基于上市公司在定向增發(fā)后的長(zhǎng)期業(yè)績(jī)?cè)鲩L(zhǎng);(3)即使在溢價(jià)認(rèn)購(gòu)時(shí)會(huì)面臨更高的風(fēng)險(xiǎn),大股東仍然積極參與認(rèn)購(gòu),我們認(rèn)為可能的解釋有三種:一是放棄短期收益,著眼于長(zhǎng)期利益,即看中公司成長(zhǎng)性以及由此帶來的長(zhǎng)期利益;二是大股東為了保證公司增發(fā)的成功,通過參與僅僅是為了向市場(chǎng)傳遞一個(gè)對(duì)公司未來有信心的信號(hào),而只是象征性地認(rèn)購(gòu)一點(diǎn)而已;三是通過定向增發(fā)進(jìn)行利益輸送,獲得控制權(quán)收益。因此,針對(duì)上市公司定向增發(fā)過程中的問題,本文認(rèn)為,應(yīng)明確資金使用意圖,避免過度融資,同時(shí)加強(qiáng)發(fā)行門檻和對(duì)實(shí)施定向增發(fā)后公司業(yè)績(jī)的監(jiān)管。
[Abstract]:Since the implementation of the private placement system since 2006 in China, because the private placement information disclosure requirements, the audit process is simple, less the amount of financing limited advantage, re financing of Listed Companies in the selection process, private placement has become the first choice of listed companies, and its financing scale has been increasing state. Only the year 2016 private placement to raise funds a total of up to 171 million yuan, more than the same year IPO to raise ten times the total amount of funds, the remarkable financing situation. However, in the rapid development of the scale of private placement at the same time, some problems can not be ignored also exposed, and the market has attracted investors and academia widely criticized, especially the issuing price is not reasonable. There is a big discount between the issuance price to determine the base date and the date of implementation, there is no risk of arbitrage space, in addition, revealed excessive financing to the private placement process The problem of listed companies through private placement, transfer of benefits to the interests of investors, the private placement to some shareholders of listed companies, investors also caused great dissatisfaction. Therefore, in February 17, 2017 Chinese Commission issued a decision on Amending the < > "rules for the implementation of non listed companies issuing shares to the public, further additional financing the behavior of the listed company oriented to further refine and standardize the supervision of Listed Companies in China. The issuance of discount pricing process in our country. According to the directional average price of twenty before not less than the benchmark price on the trading day as the issue price, financing new regulations promulgated, the pricing benchmark by Listed Companies in the announcement board resolution the arbitrary choice, the announcement day of the decision and on the first day of issue of the general meeting of shareholders. But the real time of subscription, the market price will exist compared with the pricing benchmark Some discount, therefore, the implementation of the subscription price and the market price in two ways: one is the majority of Listed Companies in the implementation of directional issuance price will be lower than the market price discount to implement, subscription, in this case, the large shareholders to participate in the private placement, not only can enjoy after the lifting of the ban on capital gains, to maintain control of their own but, if the growth of the company better, you can also share the benefits of more growth; two is a special phenomenon in the market, the implementation of the private placement, the price is higher than the market price at the implementation date, shareholders and other specific private placement subscription behavior object belongs to a premium subscription, especially large shareholders to subscribe to facing three years ban, the largest shareholder in the future whether the ban can obtain capital gains there is great uncertainty, but from the actual situation in recent years. Look at the situation, very little possibility of profit, premium subscription will increase shareholders' investment, to a certain extent, then, what is the motivation of the subscription. From the signal transmission theory, a major shareholder to participate in additional financing, will transfer to the market a signal of the company's future prospects and growth of confidence and contribute to the success of corporate finance to a certain extent. However, the signal transmission after all is not the true facts, also can not guarantee the company's growth very good, such as the largest shareholder is simply to convey a positive signal, in order to ensure financing and participate in the subscription that is the case. Therefore, this paper will focus on more than two different case of large shareholders to participate in the subscription of additional directional relationship between behavior and the growth of the company, with a view to the real motive of large shareholders to participate in the private placement of investors and the government decision-making department Provide a useful reference to door supervision. This paper studies in general, for large shareholders to participate in the free and full sample, the large shareholders to participate in the next, for large shareholders to participate in the sample, further divided into large shareholder discount and premium subscription subscription of two cases, using Probit regression analysis, causes of large shareholders to subscribe for to conduct the study; finally, according to the shareholders a premium subscription phenomenon, using multiple regression analysis, motivation of large shareholders a premium subscription for analysis. In the process of research, this paper uses the research method of combination of theory and empirical research, in theory, the placement theory of growth theory and combined with the company, this system the research on the mechanism and approach. In the empirical analysis, based on the collection of data, sorting and removed, the 2012-2014 listed company data as the study sample, establish two yuan selection model and The multiple regression model, using the parameters related to the hypothesis of empirical research. The paper gets the following conclusions: (1) the growth of listed companies of large shareholders to participate in the subscription of the private placement have a significant positive impact, shareholder participation is not based on the company's future growth, and just to prove their confidence in the company, positive transfer a signal to other investors; (2) through further study found that the large shareholder discount and premium subscription and company growth have no significant correlation, indicating whether major shareholders to subscribe for the private placement of new shares the purpose is to show confidence in the listed companies, or in order to reap the benefits of control, large shareholders and no long-term performance based on the listed companies in the private placement of growth; (3) even in the premium subscription will face a higher risk of major shareholders, is still actively involved in the subscription, we may think The explanation has three kinds: one is to give up short-term gains, focus on long-term interests, which saw the company growth and the long-term interests of the shareholders; two is to ensure the issuance of the company's success, only by participating in the future of the company to send a signal to the market confidence, but only a symbolic subscription a little; three is through private placement for the transfer of benefits, obtain control benefits. Therefore, the private placement of Listed Companies in the process of the problem, this paper argues that the use of funds should be clear intention, avoid excessive financing, while strengthening the threshold issue and on the implementation of the private placement of the performance of the company's supervision.

【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

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