本文選題：定向增發(fā) + 折扣率��； 參考：《廈門大學(xué)》2014年碩士論文

【摘要】：自從2006年證監(jiān)會發(fā)布《上市公司證券發(fā)行管理辦法》到如今,定向增發(fā)已經(jīng)成為A股市場上最重要的股權(quán)融資方式。然而根據(jù)之前學(xué)者的相關(guān)研究成果,定向增發(fā)也是上市公司大股東進行利益輸送的重要工具和手段,這種現(xiàn)象的存續(xù)無疑會損害中小投資者的利益,并且危及我國證券市場的規(guī)范運行,所以這就需要我們對此進行細致深入的研究。在整個定向增發(fā)過程中,最核心的就是折扣率,鑒于此,本文主要研究內(nèi)容為折扣率影響因素以及其與發(fā)行后破發(fā)之間關(guān)系。在此我們主要采用規(guī)范分析與實證分析相結(jié)合的方法,通過對現(xiàn)有的國內(nèi)外的研究成果進行歸納,然后結(jié)合中國自身的情況,再從信息不對稱理論和股東控制權(quán)理論進行理論分析,然后再提出假設(shè)并構(gòu)造模型對折扣率影響因素進行實證研究；之后,本文還就上市公司定向增發(fā)的折扣率與短期破發(fā)關(guān)系進行了研究。 本文以2010-2013年問中國上市公司定向增發(fā)的數(shù)據(jù)為樣本,通過建立多元線性回歸模型和Logistic模型,研究了折扣率的影響因素及其與短期破發(fā)之間的關(guān)系。研究發(fā)現(xiàn),定向增發(fā)的折扣率與大股東認購比例呈顯著的反向關(guān)系,同時大股東認購比例與認購前大股東持股比例之差與折扣率成正比,這也就說明在定向增發(fā)中存在著大股東通過高折扣率的方式進行利益侵占的傾向；公司第二大股東與折扣率關(guān)系不是很顯著,并且公司的股權(quán)越集中,越可能出現(xiàn)大股東和其他股東之間的利益協(xié)同現(xiàn)象。進一步的研究還發(fā)現(xiàn),定向增發(fā)后的短期破發(fā)主要受折扣率的影響,折扣率越高,那么越有可能出現(xiàn)破發(fā),而在長期來看,折扣率以及發(fā)行規(guī)模占流通股比例共同導(dǎo)致破發(fā)；公司上一年的流動比率與短期破發(fā)沒有顯著的關(guān)系,但其在發(fā)行后的1年里與公司股價出現(xiàn)破發(fā)的概率呈負相關(guān)；公司上一年的資產(chǎn)收益率對于是否出現(xiàn)破發(fā)沒有顯著的影響。 最后針對本文以上的研究結(jié)果,我們結(jié)合中國的實際給出建議,即確定定向增發(fā)定價基準(zhǔn)日,改善股權(quán)結(jié)構(gòu)以及控制發(fā)行規(guī)模等。
[Abstract]:Since the Securities Regulatory Commission (CSRC) issued the "Management measures on Securities issuance of listed companies" in 2006, directional additional issuance has become the most important equity financing method in the A-share market. However, according to the related research results of previous scholars, directional additional issuance is also an important tool and means for large shareholders of listed companies to carry out interest transmission, and the existence of this phenomenon will undoubtedly harm the interests of small and medium-sized investors. It also endangers the normative operation of China's securities market, so we need to study it carefully and deeply. In the whole process of directional placement, the core is discount rate. In view of this, the main content of this paper is the influence factors of discount rate and the relationship between discount rate and post issue break. Here, we mainly adopt the method of combining normative analysis with empirical analysis, by summarizing the existing domestic and foreign research results, and then combining with the situation of China itself. Then from the information asymmetry theory and shareholder control theory to theoretical analysis, then put forward the hypothesis and construct a model to the discount rate factors for empirical research; This paper also studies the relationship between discount rate and short-term hairbreak of listed companies. Based on the data from 2010 to 2013, this paper studies the influence factors of discount rate and the relationship between discount rate and short-term break by establishing multiple linear regression model and Logistic model. It is found that the discount rate of directional placement is inversely related to the subscription ratio of large shareholders, and the difference between the subscription ratio of large shareholders and the proportion of large shareholders holding shares before subscription is directly proportional to the discount rate. This also shows that there is a tendency for large shareholders to encroach on their interests by means of a high discount rate in directional placement; the relationship between the second largest shareholder of the company and the discount rate is not very significant, and the more concentrated the shares of the company are, The more likely there is a synergy of interests between major shareholders and other shareholders. Further research also found that the short term break after directional issuance is mainly affected by discount rate, the higher the discount rate, the more likely it is to break, and in the long run, discount rate and the proportion of issuing scale to circulating shares lead to break. There is no significant relationship between the liquidity ratio of the last year and the short term break, but it is negatively correlated with the probability of a break in the stock price in the year after the issue, and the return on assets in the last year has no significant effect on the occurrence of the break. Finally, according to the above research results, we give some suggestions based on the practice in China, that is, to determine the benchmark date of pricing, to improve the equity structure, and to control the size of issuance, and so on.
【學(xué)位授予單位】：廈門大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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