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

【摘要】：我國的定向增發(fā)市場經歷了一定程度的過度膨脹后,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年實現了突破。但隨之而來的是上市公司過度募資、投機謀利的問題。2017年2月證監(jiān)會發(fā)文修改了非公開發(fā)行股票的細則,一定程度上緩解了這種現狀。本文基于這樣的背景,試圖通過定向增發(fā)這一再融資形式,研究上市公司的過度融資行為。本文選取了大康牧業(yè)(002505)2013年的定向增發(fā)事件進行相關問題的研究。本文的研究問題是上市公司通過定向增發(fā)進行的過度融資行為應該如何識別判定,并在此基礎上考量大康牧業(yè)定向增發(fā)后對募集資金的配置效率。目前我國針對上市公司過度融資行為的案例研究尚處于較為基礎的階段,研究的融資渠道涵蓋了我國上市公司的IPO、定向增發(fā)等,同時多數研究以大樣本數據為基礎進行實證研究。幾乎沒有針對某一個體公司的定向增發(fā)進行的較為深入的研究,同時也沒有針對定向增發(fā)后資金配置效率評價的充分研究。本文以大康牧業(yè)為例,從定性的層面對其定增事件進行了分析,對其行為性質進行了界定,并基于此對其資源配置效率進行了評價。在對大康牧業(yè)定增前資金狀況進行分析認定的前提下,本文發(fā)現,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產品,多次對資金的用途進行了大規(guī)模的變更,部分項目有虛設的嫌疑,多數項目后被證實凈現值小于零、未帶來合理的預期回報,流動資金的補充整體效果低下。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,對大康牧業(yè)募集資金的配置效率進行了評價,發(fā)現其資金配置的水平并不高。最后,本文針對大康牧業(yè)定向增發(fā)中所涉及的問題,對其產生的影響進行了描述,并給出了一些應對的策略。本文的創(chuàng)新點及應用意義在于:(1)首次以案例形式研究上市公司的過度融資行為;(2)相比以前文獻針對上市公司資源配置效率所做的大樣本實證研究,本文運用案例研究法在定量的層面對上市公司的定向增發(fā)募集資金的配置效率水平進行了詳細深入的研究。為之后上市公司進行定向增發(fā)提供了一定的參考借鑒,有助于上市公司正確對待、使用定向增發(fā)這一融資手段,合理募集、配置市場資源。
[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.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F324

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本文編號：1682379