本文選題：現(xiàn)金注入　切入點(diǎn)：機(jī)構(gòu)投資者　出處：《天津商業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自2005年我國實(shí)行股權(quán)分置改革，定向增發(fā)就成為了上市公司進(jìn)行股權(quán)再融資的首選。定向增發(fā)成為了理論界與實(shí)務(wù)界研究的熱門話題，而對(duì)于定向增發(fā)對(duì)上市公司業(yè)績到底起到怎樣的作用也眾說不一。對(duì)定向增發(fā)已有的實(shí)證研究主要集中在定向增發(fā)的宣告效應(yīng)、定向增發(fā)中利益輸送、不同增發(fā)對(duì)象對(duì)投資者收益的影響等幾個(gè)方面;對(duì)于機(jī)構(gòu)投資者的研究主要集中在公司治理與股權(quán)融資等方面，而從機(jī)構(gòu)投資者角度去研究定向增發(fā)對(duì)企業(yè)業(yè)績影響的文獻(xiàn)卻很少。因此本文從現(xiàn)金注入類定向增發(fā)對(duì)企業(yè)業(yè)績的影響以及通過現(xiàn)金注入引入機(jī)構(gòu)投資者后其是否長期持有上市公司的股份兩個(gè)維度進(jìn)行研究。 在借鑒前人相關(guān)理論與研究成果基礎(chǔ)上，采用理論分析與實(shí)證相結(jié)合的方式，利用信息不對(duì)稱理論、成本代理理論，選取了2006-2011年中成功實(shí)施定向增發(fā)的家上市公司為樣本，，采用事件研究法，建立業(yè)績?cè)u(píng)價(jià)的相關(guān)模型。在實(shí)證分析過程中，本文主要運(yùn)用了描述性統(tǒng)計(jì)分析、相關(guān)性分析以及多元線性回歸分析等方法對(duì)模型進(jìn)行了實(shí)證檢驗(yàn)。本文的實(shí)證結(jié)果表明：（1）現(xiàn)金注入與上市公司的業(yè)績有顯著正相關(guān)關(guān)系。也就是說上市公司在利用現(xiàn)金注入類定向增發(fā)引入機(jī)構(gòu)投資者進(jìn)行股權(quán)再融資時(shí)，市場反應(yīng)業(yè)績有較明顯的增長。（2）機(jī)構(gòu)投資者持股期限與上市公司業(yè)績具有顯著正相關(guān)關(guān)系。也就是說構(gòu)投資者選擇長期持有上市公司的股份，則企業(yè)的業(yè)績有較明顯提高，相反地，若機(jī)構(gòu)投資者只是短期持有進(jìn)行過現(xiàn)金注入類定向增發(fā)的上市公司的股份，則企業(yè)的業(yè)績并沒有顯著的變化。 在文章的最后，本文基于實(shí)證分析結(jié)果從制度層面提出了相關(guān)建議：（1）鼓勵(lì)現(xiàn)金注入類定向增發(fā)的股權(quán)再融資方式（2）嚴(yán)格明確并適當(dāng)限制機(jī)構(gòu)投資者在定向增發(fā)后的持股限售期。然后指出了本文的不足之處。
[Abstract]:Since 2005, with the implementation of the split share structure reform in China, directional additional issuance has become the first choice for listed companies to refinance their shares, and directional additional issuance has become a hot topic in the theoretical and practical fields. However, there are different opinions about the effect of additional placement on the performance of listed companies. The existing empirical research focuses on the announcement effect of directional additional offering, and the transmission of benefits in the process of directional additional offering. The impact of different issuers on investors' returns and so on; the research of institutional investors mainly focuses on corporate governance and equity financing, etc. However, there is little literature to study the effect of directional placement on corporate performance from the perspective of institutional investors. Therefore, this paper focuses on the impact of cash injection on corporate performance and the introduction of cash injection into institutional investors. Whether to hold shares of listed companies for a long time to study the two dimensions. On the basis of previous relevant theories and research results, using the combination of theoretical analysis and empirical methods, using information asymmetry theory, cost agency theory, selected from 2006-2011 successful implementation of targeted placement of listed companies as a sample. In the process of empirical analysis, this paper mainly uses descriptive statistical analysis to establish the relevant model of performance evaluation. The empirical results of this paper show that the cash injection has a significant positive correlation with the performance of listed companies, that is to say, the listed companies are profitable. When introducing institutional investors to equity refinancing with cash injection type directional additional issuance, There is a significant positive correlation between the stock holding period of institutional investors and the performance of listed companies, that is to say, if investors choose to hold shares of listed companies for a long time, the performance of enterprises will be improved obviously. On the other hand, if institutional investors only hold shares in listed companies that have made directional cash injections in the short term, there is no significant change in corporate performance. At the end of the article, Based on the results of empirical analysis, this paper puts forward the relevant suggestions from the institutional level: 1) encouraging cash injection into the equity refinancing mode of directional placement) strictly defining and appropriately limiting the limited selling period of institutional investors' shareholding after the placement. Then it points out the deficiency of this paper.
【學(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F276.6;F832.51

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本文編號(hào)：1602435