發(fā)布時(shí)間：2018-04-14 19:08

  本文選題：定向增發(fā) + 短期股價(jià)效應(yīng)�。� 參考：《浙江大學(xué)》2017年碩士論文

【摘要】：雖然中國(guó)證券市場(chǎng)的定向增發(fā)自2006年以來(lái)已經(jīng)推出并發(fā)展了十年,且研究上市公司定向增發(fā)短期、中長(zhǎng)期股價(jià)效應(yīng)的文獻(xiàn)均有,但是總體文獻(xiàn)數(shù)量仍然較少,能夠深入研究的更是少之又少。目前,我國(guó)證券市場(chǎng)上的再融資有95%以上是通過(guò)定向增發(fā)來(lái)完成的,定向增發(fā)逐漸發(fā)展成為了我國(guó)股權(quán)再融資的首要選擇和主要手段。由此,有必要對(duì)定向增發(fā)進(jìn)行深入研究,總結(jié)這十年來(lái)的實(shí)踐經(jīng)驗(yàn),形成系統(tǒng)性的定向增發(fā)理論體系,這對(duì)我國(guó)證券市場(chǎng)的健康發(fā)展是極有意義的。本文旨在研究上市公司定向增發(fā)的短期股價(jià)效應(yīng),主要研究了三個(gè)方面：上市公司定向增發(fā)的短期股價(jià)效應(yīng)如何；并購(gòu)重組型定向增發(fā)和財(cái)務(wù)融資型定向增發(fā)的股價(jià)表現(xiàn)差異；有控股股東及其關(guān)聯(lián)方參與的定向增發(fā)和無(wú)控股股東及其關(guān)聯(lián)方參與的定向增發(fā)的股價(jià)表現(xiàn)差異。本文采用理論研究與實(shí)證研究相結(jié)合、定性研究與定量研究相結(jié)合的研究方法。理論研究主要以最優(yōu)資本結(jié)構(gòu)理論、代理成本理論、監(jiān)督效應(yīng)理論、信息不對(duì)稱理論以及增長(zhǎng)機(jī)會(huì)理論為理論基礎(chǔ)進(jìn)行理論分析推導(dǎo),并隨之提出本文的三個(gè)研究假說(shuō)。實(shí)證研究主要采取事件研究法,首先選擇樣本、確定事件日與研究時(shí)間窗口,其次定義研究變量,再次構(gòu)建研究模型,最后運(yùn)用描述性統(tǒng)計(jì)、檢驗(yàn)分析、多元線性回歸分析和穩(wěn)健性檢驗(yàn)等一系列方法進(jìn)行實(shí)證分析。本文分別從不同定向增發(fā)募資用途、發(fā)行對(duì)象的視角對(duì)定向增發(fā)短期股價(jià)效應(yīng)進(jìn)行系統(tǒng)性的理論推演和實(shí)證研究,豐富和完善了我國(guó)上市公司定向增發(fā)短期股價(jià)效應(yīng)方面的理論解釋,得出了與眾不同的研究結(jié)論。同時(shí),本文的研究為我國(guó)的證券監(jiān)督管理機(jī)構(gòu)在制定定向增發(fā)相關(guān)政策法規(guī)時(shí)提供了決策依據(jù),為企業(yè)根據(jù)自身需要合理選擇定向增發(fā)募資用途和發(fā)行對(duì)象提供了理論指導(dǎo),也為中小投資者在面對(duì)上市公司定向增發(fā)事項(xiàng)時(shí)提供了一定的投資參考。本文在研究過(guò)程中具有研究樣本豐富且與時(shí)俱進(jìn)以及多視角分解定向增發(fā)研究樣本等獨(dú)特的創(chuàng)新點(diǎn)。
[Abstract]:Although the private placement in China's securities market has been launched and developed for ten years since 2006, and the literature on the short-term and medium- and long-term stock price effects of the listed companies is still in short order, the overall number of documents is still relatively small.Much less can be studied in depth.At present, more than 95% of the refinancing in our country's securities market is completed by means of additional directional issuance, which has gradually developed into the primary choice and main means of equity refinancing in our country.Therefore, it is necessary to make a thorough study on the placement of additional directional offerings, sum up the practical experience of the past ten years, and form a systematic theoretical system of directional placement, which is of great significance to the healthy development of China's securities market.The purpose of this paper is to study the short-term stock price effect of the listed companies, mainly in three aspects: the short-term stock price effect of the listed companies, the difference of the price performance between the M & A and the financial financing.There are differences in the performance of the share price of the private placement with the participation of the controlling shareholder and its associated party and that of the non-controlling shareholder and its associated party.This paper combines theoretical research with empirical research, qualitative research with quantitative research.The theoretical research is mainly based on the optimal capital structure theory, agency cost theory, supervision effect theory, information asymmetry theory and growth opportunity theory, and then puts forward three hypotheses of this paper.The empirical research mainly adopts the event research method, first selects the sample, determines the event day and the research time window, secondly defines the research variable, constructs the research model again, finally uses the descriptive statistics, the test analysis.A series of methods such as multiple linear regression analysis and robustness test are analyzed.This paper makes a systematic theoretical deduction and empirical study on the short-term stock price effect of private placement from the perspective of different purpose and object of issuance.It enriches and perfects the theoretical explanation of the short-term stock price effect of directional placement of listed companies in China, and draws a distinctive conclusion.At the same time, the research of this paper provides the decision-making basis for the securities regulatory bodies in our country when making the related policies and regulations of the directional additional issuance, and provides the theoretical guidance for the enterprises to reasonably select the purpose and the object of the additional issuance according to their own needs.It also provides a certain investment reference for small and medium investors in the face of listed companies.In the process of research, this paper has a unique innovation, such as abundant research samples and keeping pace with the times, and multi-perspective decomposition of targeted additional research samples.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 陳嘉藝;;定增新規(guī)下的上市公司再融資模式研究[J];中國(guó)民商;2017年12期

，

本文編號(hào)：1750631