【摘要】：定向增發(fā)以其特有的優(yōu)越性逐漸成為市場(chǎng)主流的融資方式源于我國(guó)在2006年實(shí)施的《上市公司證券發(fā)行管理辦法》,這一措施的施行使市場(chǎng)恢復(fù)到最基本的融資功能。定向增發(fā)涉及的范圍比較廣,企業(yè)在資產(chǎn)收購(gòu)、項(xiàng)目融資、補(bǔ)充營(yíng)運(yùn)資金、償還債務(wù)時(shí)均可運(yùn)用定向增發(fā)解決融資需求問(wèn)題。與公開(kāi)增發(fā)相比,定向增發(fā)發(fā)行成本低、發(fā)行環(huán)節(jié)簡(jiǎn)單、發(fā)行門(mén)檻低、融資時(shí)間短等優(yōu)點(diǎn),受到上市公司的追捧,近年來(lái)發(fā)行的數(shù)量暴增。定向增發(fā)后,企業(yè)不僅獲得資金,還獲得戰(zhàn)略合作伙伴,促進(jìn)公司的長(zhǎng)遠(yuǎn)發(fā)展。在定向增發(fā)的過(guò)程中,上市公司在公告增發(fā)預(yù)案、實(shí)施定向增發(fā)這兩個(gè)階段,影響了二級(jí)市場(chǎng)股價(jià)波動(dòng),具有明顯的市場(chǎng)效應(yīng)。但是有時(shí)股價(jià)并不能真實(shí)反應(yīng)企業(yè)的價(jià)值,這是需要用財(cái)務(wù)指標(biāo)來(lái)分析定向增發(fā)對(duì)公司業(yè)績(jī)的影響。本文選擇定向增發(fā)這一熱點(diǎn)議題作為切入點(diǎn),選取了金融行業(yè)上市銀行交通銀行作為研究對(duì)象,對(duì)其定向增發(fā)股權(quán)再融資綜合研究分析。首先對(duì)有關(guān)定向增發(fā)長(zhǎng)短期效應(yīng)相關(guān)的文獻(xiàn)進(jìn)行了了解與概述;然后在交通銀行案例進(jìn)行介紹的基礎(chǔ)上,分析了交通銀行本次定向增發(fā)的需求、股權(quán)融資的成本、籌資面臨的風(fēng)險(xiǎn)以及定向增發(fā)所帶來(lái)的股價(jià)效應(yīng)和財(cái)務(wù)效應(yīng);最后得出結(jié)論和啟示。本文通過(guò)研究得出如下結(jié)論:(1)在監(jiān)管要求日趨嚴(yán)格和行業(yè)競(jìng)爭(zhēng)日益激烈的前提下實(shí)施定向增發(fā),實(shí)現(xiàn)補(bǔ)充核心資本目的,交通銀行存在融資需求;定向增發(fā)以其低廉的成本,成為股權(quán)融資方案里面最優(yōu)的選擇;在實(shí)施定向增發(fā)的時(shí)候所面臨折價(jià)風(fēng)險(xiǎn)、股東股權(quán)被稀釋、經(jīng)營(yíng)風(fēng)險(xiǎn),風(fēng)險(xiǎn)可控。(2)交通銀行無(wú)論在定增預(yù)案公告時(shí)還是在定增實(shí)施后的股價(jià)效應(yīng)都是負(fù)效應(yīng),主要是受到市場(chǎng)低迷行情影響。(3)定向增發(fā)完成后交通銀行的財(cái)務(wù)狀況有所改善。
[Abstract]:Because of its unique superiority, directional additional issuance has gradually become the mainstream financing method in the market. It comes from the "Management measures of Securities issuance of listed companies" implemented in China in 2006, and the implementation of this measure makes the market recover to the most basic financing function. The scope of directional additional issuance involves a wide range, enterprises in asset acquisition, project financing, replenishment of working capital, debt repayment can be used to solve the financing needs. Compared with public additional issuance, it has the advantages of low cost, simple issuing link, low threshold and short financing time, etc., and has been sought after by listed companies. In recent years, the number of issuance has increased dramatically. After the directional issuance, the enterprise not only obtains the capital, but also obtains the strategic cooperation partner, promotes the company's long-term development. In the process of directional additional offering, the listed company announces the additional offering plan and implements the two stages of the additional issuance, which affects the fluctuation of the secondary market stock price and has obvious market effect. But sometimes the stock price can not really reflect the value of the firm, it is necessary to use financial indicators to analyze the impact of targeted placement on the performance of the company. In this paper, the hot issue of directional placement is chosen as the starting point, and the Bank of Communications, a listed bank in the financial industry, is selected as the research object. Firstly, the literature about the long and short term effect of directional placement is summarized. Then, on the basis of the introduction of Bank of Communications case, the paper analyzes the demand, the cost of equity financing, the risk of financing, the stock price effect and the financial effect brought by the private placement of Bank of Communications. Finally, the conclusion and enlightenment are drawn. This paper draws the following conclusions through the study: (1) under the premise of the increasingly strict regulatory requirements and the increasingly fierce competition in the industry, the bank of communications has financing needs to implement additional directional issuance to achieve the purpose of supplementing the core capital; With its low cost, the directional additional offering has become the best choice in the equity financing scheme. In the implementation of directional additional issuance, the risk of discount is faced, shareholders' equity is diluted, the operating risk and risk are controllable. (2) the stock price effect of Bank of Communications is negative whether in the announcement of the fixed increase plan or after the implementation of the fixed increase. Mainly affected by the market downturn. (3) after the completion of the targeted issuance of the Bank of Communications financial situation has improved.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51;F832.33

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