本文關(guān)鍵詞： 制造業(yè) 股權(quán)再融資方式 選擇 影響因素　出處：《河北經(jīng)貿(mào)大學(xué)》2015年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：股權(quán)再融資是我國(guó)公司可以獲得資金的一種重要渠道，雖然我國(guó)上市公司股權(quán)再融資發(fā)展歷程較短，可是近年來(lái)卻以飛快速度發(fā)展。本文通過(guò)回顧國(guó)外有關(guān)股權(quán)再融資的理論，比如信息不對(duì)稱理論，控制權(quán)理論，代理成本理論等等，結(jié)合我國(guó)上市公司的具體實(shí)際情況進(jìn)行分析。目前學(xué)者研究股權(quán)再融資大部分是針對(duì)全行業(yè)，對(duì)某個(gè)單獨(dú)的行業(yè)進(jìn)行選擇股權(quán)再融資方式的影響因素研究的較少。近幾年中國(guó)制造業(yè)發(fā)展面臨困境，2015年李克強(qiáng)總理在政府工作報(bào)告中提到，制造業(yè)是我們的優(yōu)勢(shì)產(chǎn)業(yè)。我們要推動(dòng)產(chǎn)業(yè)結(jié)構(gòu)逐步邁入中高端，實(shí)施“中國(guó)制造2025”，打造強(qiáng)國(guó)行業(yè)產(chǎn)業(yè)。目前制造行業(yè)普遍不景氣，資金需求大，為制造業(yè)上市公司進(jìn)行選擇股權(quán)再融資方式提供一定的參考價(jià)值是本文的研究目的，所以本文針對(duì)制造業(yè)研究股權(quán)再融資方式選擇的影響因素進(jìn)行了多方面的探討。 本文探討了影響我國(guó)制造業(yè)上市公司進(jìn)行股權(quán)再融資選擇的因素，首先進(jìn)行樣本篩選，選擇2009-2013年制造業(yè)上市公司進(jìn)行股權(quán)再融資的241個(gè)樣本，，其中有209家公司選擇增發(fā)，另外有32家公司選擇配股。采用Logistic模型實(shí)證剖析影響因素。實(shí)證結(jié)果表明：股權(quán)集中度高，增發(fā)方案越容易通過(guò)，控股股東掌握控制權(quán)，控制地位非常牢固，即使增發(fā)也不會(huì)影響控制地位，公司傾向選擇增發(fā)的方式；流通股比例高時(shí)，這些股東可以發(fā)揮自己的作用，在公司治理方面有更多的話語(yǔ)權(quán)，公司傾向選擇配股方式；資產(chǎn)負(fù)債率高，表明管理者相信公司未來(lái)效益好，傾向選擇配股的方式；凈資產(chǎn)收益率高，為了獲得更多的投資機(jī)會(huì)，所以選擇增發(fā)方式。本文建議如下：為了公司的發(fā)展，管理者應(yīng)當(dāng)根據(jù)公司自身實(shí)際情況，合理選擇適合自己的股權(quán)再融資方式，可以從股權(quán)集中度、流通股比例、資產(chǎn)負(fù)債率以及凈資產(chǎn)收益率等方面考慮。
[Abstract]:Equity refinancing is an important channel for Chinese companies to obtain funds. Although the development of equity refinancing of listed companies in China is relatively short, it has developed rapidly in recent years. For example, information asymmetry theory, control rights theory, agency cost theory and so on, combined with the actual situation of listed companies in China. At present, most of the scholars studying equity refinancing are aimed at the whole industry. Less research has been done on the factors affecting the choice of equity refinancing in a single industry. In recent years, China's manufacturing industry is facing difficulties, Premier Li Keqiang mentioned in his government work report on 2015. Manufacturing is our dominant industry. We will gradually push the industrial structure to the middle and high end, implement "made in China 2025", and build industries in powerful countries. At present, the manufacturing industry is generally depressed and the demand for capital is large. It is the purpose of this paper to provide a certain reference value for the listed companies in manufacturing industry to choose equity refinancing, so this paper discusses the influencing factors of the choice of equity refinancing mode in manufacturing industry from many aspects. This paper discusses the factors that affect the choice of equity refinancing of manufacturing listed companies in China. Firstly, we select 241 samples of listed manufacturing companies for equity refinancing from 2009 to 2013, and 209 of them choose to issue additional shares. In addition, 32 companies choose rights issue. The Logistic model is used to empirically analyze the influencing factors. The empirical results show that: the higher the concentration of equity, the easier to pass the plan of issuance, the controlling shareholder holds the control right, and the control position is very firm. Even if the additional issue will not affect the control position, the company tends to choose the way of additional issue; when the proportion of circulating shares is high, these shareholders can play their role, have more right to speak in the aspect of corporate governance, and the company tends to choose the way of rights issue; The high ratio of assets and liabilities indicates that managers believe that the company will benefit well in the future and tend to choose the way of rights issue; the return rate of net assets is high, so in order to obtain more investment opportunities, the way of issuing additional shares is chosen. The following suggestions are made in this paper: for the development of the company, According to the actual situation of the company, the manager should reasonably choose the appropriate equity refinancing method, which can be considered from the aspects of equity concentration, the ratio of circulating shares, the ratio of assets to liabilities and the rate of return on net assets, and so on.
【學(xué)位授予單位】：河北經(jīng)貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類(lèi)號(hào)】：F406.7;F425

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