本文選題：經(jīng)營業(yè)績 + 定向增發(fā)��； 參考：《對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)》2014年碩士論文

【摘要】：本文在假設(shè)實(shí)施定向增發(fā)的上市公司業(yè)績出現(xiàn)改善的前提下，以2012年實(shí)施定向增發(fā)的部分A股上市公司為樣本，采用具代表性的財(cái)務(wù)指標(biāo)進(jìn)行因子分析并構(gòu)建定增企業(yè)業(yè)績分析模型，根據(jù)模型分別計(jì)算樣本企業(yè)在定增前一年度、定增當(dāng)年及定增后一年度的業(yè)績得分，并對(duì)業(yè)績得分進(jìn)行統(tǒng)計(jì)分析，，最終得出結(jié)論：實(shí)施定向增發(fā)的上市公司當(dāng)年業(yè)績會(huì)發(fā)生一定的正向變化，而在定增完成后的一整個(gè)會(huì)計(jì)年度中，企業(yè)業(yè)績的正向變化逐漸消失。即對(duì)實(shí)施定向增發(fā)的企業(yè)平均來看，定向增發(fā)當(dāng)年業(yè)績改善明顯，而其長期業(yè)績的改善并不顯著。 在此基礎(chǔ)上，本文對(duì)在2012年實(shí)施了定向增發(fā)的某A股上市公司繼續(xù)進(jìn)行了個(gè)案研究。通過對(duì)企業(yè)增發(fā)內(nèi)容的梳理、對(duì)標(biāo)的資產(chǎn)、募集資金以及企業(yè)整體業(yè)績等后續(xù)情況的收集整理分析，發(fā)現(xiàn)在定向增發(fā)的實(shí)施過程中，對(duì)于募集資金監(jiān)管、收購大股東資產(chǎn)估值以及外部資產(chǎn)收購后管控等方面，可能會(huì)出現(xiàn)影響企業(yè)未來業(yè)績的因素，仍需監(jiān)管機(jī)構(gòu)、企業(yè)及其大股東或?qū)嶋H控制人加強(qiáng)監(jiān)管和控制。
[Abstract]:Based on the assumption that the performance of the listed companies with additional private offerings has improved, this paper takes some A-share listed companies that implemented the additional offerings in 2012 as a sample. Using the representative financial index to carry on the factor analysis and construct the fixed increase enterprise performance analysis model, according to the model separately calculate the sample enterprise's achievement score one year before the fixed increase year and one year after the fixed increase year. Finally, it concludes that the performance of listed companies with directional placement will change positively in the current year, and the positive change of enterprise performance will gradually disappear in the whole fiscal year after the completion of the fixed increase. That is to say, on the average, the performance of the company in the year is improved obviously, but the improvement of long-term performance is not significant. On this basis, this paper continues to carry out a case study of a A-share listed company in 2012. Through combing the content of the additional issuance of the enterprise, collecting and sorting out the follow-up situation of the underlying assets, raising funds and the overall performance of the enterprise, it is found that in the process of the implementation of the directional additional issuance, the regulation of raising funds is concerned. There may be factors affecting the future performance of companies in terms of asset valuation of major shareholders and post-acquisition control of external assets, which still need to be regulated and controlled by regulators, companies and their major shareholders or actual controllers.
【學(xué)位授予單位】：對(duì)外經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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