發(fā)布時(shí)間：2018-03-29 18:47

  本文選題：定向增發(fā)　切入點(diǎn)：過(guò)度融資　出處：《北京交通大學(xué)》2017年碩士論文

【摘要】：我國(guó)的定向增發(fā)市場(chǎng)經(jīng)歷了一定程度的過(guò)度膨脹后,受到了政策的限制。非公開發(fā)行股票作為企業(yè)再融資方式的一種,一直受到上市公司青睞,其規(guī)模于2016年實(shí)現(xiàn)了突破。但隨之而來(lái)的是上市公司過(guò)度募資、投機(jī)謀利的問題。2017年2月證監(jiān)會(huì)發(fā)文修改了非公開發(fā)行股票的細(xì)則,一定程度上緩解了這種現(xiàn)狀。本文基于這樣的背景,試圖通過(guò)定向增發(fā)這一再融資形式,研究上市公司的過(guò)度融資行為。本文選取了大康牧業(yè)(002505)2013年的定向增發(fā)事件進(jìn)行相關(guān)問題的研究。本文的研究問題是上市公司通過(guò)定向增發(fā)進(jìn)行的過(guò)度融資行為應(yīng)該如何識(shí)別判定,并在此基礎(chǔ)上考量大康牧業(yè)定向增發(fā)后對(duì)募集資金的配置效率。目前我國(guó)針對(duì)上市公司過(guò)度融資行為的案例研究尚處于較為基礎(chǔ)的階段,研究的融資渠道涵蓋了我國(guó)上市公司的IPO、定向增發(fā)等,同時(shí)多數(shù)研究以大樣本數(shù)據(jù)為基礎(chǔ)進(jìn)行實(shí)證研究。幾乎沒有針對(duì)某一個(gè)體公司的定向增發(fā)進(jìn)行的較為深入的研究,同時(shí)也沒有針對(duì)定向增發(fā)后資金配置效率評(píng)價(jià)的充分研究。本文以大康牧業(yè)為例,從定性的層面對(duì)其定增事件進(jìn)行了分析,對(duì)其行為性質(zhì)進(jìn)行了界定,并基于此對(duì)其資源配置效率進(jìn)行了評(píng)價(jià)。在對(duì)大康牧業(yè)定增前資金狀況進(jìn)行分析認(rèn)定的前提下,本文發(fā)現(xiàn),大康牧業(yè)2014年定向增發(fā)完成之后,頻繁地將資金投資于理財(cái)產(chǎn)品,多次對(duì)資金的用途進(jìn)行了大規(guī)模的變更,部分項(xiàng)目有虛設(shè)的嫌疑,多數(shù)項(xiàng)目后被證實(shí)凈現(xiàn)值小于零、未帶來(lái)合理的預(yù)期回報(bào),流動(dòng)資金的補(bǔ)充整體效果低下。此后,本文綜合大康牧業(yè)定向增發(fā)整體前后所涉及到的重要事件,對(duì)大康牧業(yè)募集資金的配置效率進(jìn)行了評(píng)價(jià),發(fā)現(xiàn)其資金配置的水平并不高。最后,本文針對(duì)大康牧業(yè)定向增發(fā)中所涉及的問題,對(duì)其產(chǎn)生的影響進(jìn)行了描述,并給出了一些應(yīng)對(duì)的策略。本文的創(chuàng)新點(diǎn)及應(yīng)用意義在于:(1)首次以案例形式研究上市公司的過(guò)度融資行為;(2)相比以前文獻(xiàn)針對(duì)上市公司資源配置效率所做的大樣本實(shí)證研究,本文運(yùn)用案例研究法在定量的層面對(duì)上市公司的定向增發(fā)募集資金的配置效率水平進(jìn)行了詳細(xì)深入的研究。為之后上市公司進(jìn)行定向增發(fā)提供了一定的參考借鑒,有助于上市公司正確對(duì)待、使用定向增發(fā)這一融資手段,合理募集、配置市場(chǎng)資源。
[Abstract]:After going through a certain degree of excessive expansion, China's private placement market has been restricted by the policy. As a way of refinancing, non-public issuance of shares has always been favored by listed companies. Its scale broke through in 2016. But then came the question of excessive capital raising and profit-making by listed companies. In February 2017, the Securities and Futures Commission (CSRC) issued a document amending the rules governing the non-public offering of shares. To some extent, this situation has been alleviated. Based on this background, this paper attempts to use the refinancing form of directional additional issuance. This paper studies the behavior of excessive financing of listed companies. This paper selects Dacang Livestock Company 002505) in 2013 to study the related problems. The research problem of this paper is that the listed companies should conduct excessive financing behavior through private placement. How to recognize the decision, On this basis, we consider the allocation efficiency of raising funds after the targeted issuance of Dakang animal husbandry. At present, the case study of over-financing behavior of listed companies in China is still in a relatively basic stage. The financing channel of the study covers IPO, IPO and so on of listed companies in China, while most of the studies are based on large sample data for empirical research. At the same time, there is no sufficient research on the evaluation of the efficiency of capital allocation after the directional issuance. This paper takes Dakang animal husbandry as an example, analyzes its fixed increase event from the qualitative level, and defines its behavior nature. Based on this, this paper evaluates the efficiency of resource allocation. On the premise of analyzing and determining the capital situation before the fixed increase of Dakang animal husbandry, this paper finds that after the completion of the targeted issuance in 2014, the capital of Dakang Animal Husbandry frequently invested in financial management products. The use of funds has been changed on a large scale many times. Some projects are suspected of being fictitious. Most projects have been proved to be less than zero net present value (NPV), which has not brought reasonable expected returns, and the overall effect of the replenishment of working capital has been low. This paper synthesizes the important events involved before and after the directed issuance of Dakang animal husbandry, and evaluates the efficiency of the allocation of the funds raised by the animal husbandry of Dakang, and finds that the level of the allocation of funds is not high. Aiming at the problems involved in the directional issuance of Dakang animal husbandry, this paper describes its influence. The innovation and application significance of this paper lies in the first case study of the over-financing behavior of listed companies in the form of a case.) compared with the large sample empirical research on the efficiency of resource allocation of listed companies in previous literature, This paper makes a detailed and in-depth study on the allocation efficiency level of the capital raised by the listed companies at the quantitative level by using the case study method, which provides a reference for the listed companies to carry out the placement of the additional funds in the future. It is helpful for the listed companies to deal with it correctly, to use the financing means of directional additional issuance, to reasonably raise funds and to allocate market resources.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F324

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本文編號(hào)：1682379