本文選題：定向增發(fā)目的 + 資本配置效率��； 參考：《沈陽工業(yè)大學》2017年碩士論文

【摘要】：近年來,定向增發(fā)已經(jīng)成為股權(quán)再融資的一種重要手段。通過定向增發(fā),上市公司可以引入戰(zhàn)略投資者,使公司的股權(quán)結(jié)構(gòu)得到調(diào)整,改善公司治理狀況,提高資本配置效率;通過定向增發(fā),上市公司可以為優(yōu)質(zhì)的項目迅速融資提高盈利水平,改善資本配置效率;但也有少數(shù)公司大股東或關(guān)聯(lián)方通過定向增發(fā)進行利益輸送�？梢娚鲜泄具M行定向增發(fā)的目的各有不同,而對公司資本配置效率的影響也不同,所以本文對定向增發(fā)目的與資本配置效率之間的關(guān)系進行深入研究具有現(xiàn)實意義。本文通過對定向增發(fā)及資本配置效率相關(guān)文獻進行梳理,發(fā)現(xiàn)上市公司定向增發(fā)目的不同,其資本配置效率也不同。因此本文從界定定向增發(fā)、定向增發(fā)目的及資本配置效率概念入手,依據(jù)相關(guān)理論對定向增發(fā)目的與資本配置效率之間可能存在的關(guān)系進行分析,進而提出資產(chǎn)重組目的、項目融資目的、補充流動資金目的和償還借款目的與資本配置效率均呈正相關(guān)關(guān)系的四個假設(shè);項目融資目的資本配置效率低于資產(chǎn)重組目的、償還借款和補充流動資金目的資本配置效率均低于資產(chǎn)重組目的三個假設(shè);償還借款目的資本配置效率和補充流動資金目的無顯著差異、償還借款目的和補充流動資金目的資本配置效率均低于項目融資目的三個假設(shè)。為驗證提出的假設(shè),本文以資本配置效率為被解釋變量,以定向增發(fā)目的為解釋變量進行多元回歸分析。得出四種目的均與資本配置效率正相關(guān)。最后對不同定向增發(fā)目的資本配置效率進行方差分析得出資產(chǎn)重組目的資本配置效率高于其他三種目的資本配置效率,而償還借款目的資本配置效率與補充流動資金目的資本配置效率無顯著差異。通過本文的研究,從定向增發(fā)目的角度進一步揭示了定向增發(fā)與資本配置效率之間的關(guān)系,并探究了不同定向增發(fā)目的下公司資本配置效率的差異,豐富了定向增發(fā)對公司資本配置效率影響的研究。
[Abstract]:In recent years, the directional additional issuance has become an important means of equity refinancing.Through private placement, the listed company can introduce strategic investors, so that the equity structure of the company can be adjusted, the corporate governance situation can be improved, and the efficiency of capital allocation can be improved.Listed companies can quickly raise profits for high-quality projects and improve the efficiency of capital allocation.It can be seen that the purpose of private placement of listed companies is different, and the impact on the efficiency of capital allocation is also different. Therefore, this paper has practical significance to study the relationship between the purpose of directional placement and the efficiency of capital allocation.By combing the related literature on the capital allocation efficiency of the listed companies, it is found that the capital allocation efficiency of the listed companies is different.Therefore, this paper starts with defining the concept of the purpose and efficiency of capital allocation, analyzes the possible relationship between the purpose and the efficiency of capital allocation, and then puts forward the purpose of asset restructuring.The four hypotheses that the purpose of project financing, the purpose of supplementary liquidity and the purpose of repayment of loan have positive correlation with the efficiency of capital allocation, the efficiency of capital allocation for project financing is lower than that for the purpose of asset restructuring.The efficiency of capital allocation for repayment and replenishment purposes is lower than that for the purpose of asset restructuring, and there is no significant difference between the purpose of capital allocation for repayment purposes and the purpose of supplementary working capital.The efficiency of capital allocation is lower than that of project financing.In order to verify the proposed hypothesis, this paper takes the efficiency of capital allocation as the explained variable and the purpose of directional additional offering as the explanatory variable to carry out multivariate regression analysis.Four purposes are all positively related to the efficiency of capital allocation.Finally, the variance analysis shows that the purpose capital allocation efficiency of asset restructuring is higher than that of the other three types of capital allocation.However, there is no significant difference between the efficiency of capital allocation for the purpose of repayment and the efficiency of capital allocation for the purpose of supplementary liquidity.Through the research of this paper, this paper further reveals the relationship between the capital allocation efficiency and the capital allocation efficiency, and explores the differences of the capital allocation efficiency of the companies under the different objectives.It enriches the research on the effect of directional placement on the efficiency of capital allocation.
【學位授予單位】：沈陽工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 張波濤;;會計信息質(zhì)量、終極控制人與資本配置效率[J];財會通訊;2015年18期

2 陶虎;田金方;郝書辰;;基于Malmquist指數(shù)的國有企業(yè)資本配置效率演進特征分析[J];產(chǎn)業(yè)經(jīng)濟評論;2012年03期

3 呂品;王大俊;;我國不同所有制工業(yè)企業(yè)的資本配置效率比較研究[J];產(chǎn)經(jīng)評論;2011年04期

4 郭蘭英;紀磊磊;侯增杰;;定向增發(fā)模式下整體上市企業(yè)財務(wù)績效分析[J];財會月刊;2010年35期

5 張洪輝;王宗軍;;政府干預(yù)、政府目標與國有上市公司的過度投資[J];南開管理評論;2010年03期

6 章衛(wèi)東;李海川;;定向增發(fā)新股、資產(chǎn)注入類型與上市公司績效的關(guān)系——來自中國證券市場的經(jīng)驗證據(jù)[J];會計研究;2010年03期

7 俞靜;徐斌;;發(fā)行對象、市場行情與定向增發(fā)折扣[J];中國會計評論;2009年04期

8 徐曉東;張?zhí)煳?;公司治理、自由現(xiàn)金流與非效率投資[J];財經(jīng)研究;2009年10期

9 何賢杰;朱紅軍;;利益輸送、信息不對稱與定向增發(fā)折價[J];中國會計評論;2009年03期

10 孫文博;;河北省服務(wù)業(yè)的資本配置效率研究[J];產(chǎn)業(yè)與科技論壇;2009年06期

相關(guān)博士學位論文 前1條

1 劉斌斌;上市企業(yè)定向增發(fā)對信貸融資、投資和資本配置效率影響研究[D];江西財經(jīng)大學;2014年

相關(guān)碩士學位論文 前3條

1 王修遠;我國上市公司行業(yè)資本配置效率比較研究[D];安徽財經(jīng)大學;2015年

2 黃冕;我國A股市場定向增發(fā)定價研究[D];西南財經(jīng)大學;2009年

3 藍薇;我國股票市場資源配置效率的實證研究[D];暨南大學;2006年

，

本文編號：1732780