本文關(guān)鍵詞：新三板企業(yè)定向增發(fā)與短期收益研究　出處：《浙江大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 新三板定向增發(fā) 價(jià)格研究 收益研究

【摘要】：新三板作為資本市場的基石性市場,旨在培育中小企業(yè),也為投資者提供了分享企業(yè)價(jià)值成長的機(jī)會(huì)。新三板定向增發(fā)投資中重要的環(huán)節(jié)是企業(yè)估值,但過往研究對于新三板企業(yè)定增估值的影響因素仍未有系統(tǒng)性的梳理。本文試圖通過理論模型構(gòu)建與實(shí)證檢驗(yàn),發(fā)現(xiàn)新三板企業(yè)定向增發(fā)估值的規(guī)律,以填補(bǔ)這一研究空白,幫助投資者在未來估值過程中提高估值準(zhǔn)確度。本文所構(gòu)建的新三板企業(yè)定向增發(fā)估值模型全面地研究各類因素對于定增價(jià)格的影響,包括企業(yè)每股指標(biāo)、經(jīng)營指標(biāo)、交易指標(biāo)、行業(yè)/集群指標(biāo)、投資者特質(zhì)等。文章通過實(shí)證檢驗(yàn),發(fā)現(xiàn)企業(yè)每股凈資產(chǎn)、凈利潤、行業(yè)歸屬及投資者特質(zhì)等指標(biāo)都會(huì)對增發(fā)估值產(chǎn)生重要的影響。企業(yè)整體運(yùn)營情況越佳,估值越高。定增估值存在投資者歧視,內(nèi)部投資者,尤其是控股股東/實(shí)際控制人,獲得的股價(jià)明顯偏低;外部投資者,尤其是投資公司,定增價(jià)格顯著偏高,這意味著外部投資者在估值時(shí)需要更加謹(jǐn)慎,使用可比企業(yè)數(shù)據(jù)時(shí)也應(yīng)根據(jù)投資者身份做一定調(diào)整。定向增發(fā)中另一個(gè)備受關(guān)注的問題是增發(fā)收益。本文所構(gòu)建的新三板企業(yè)定向增發(fā)短期收益模型納入了企業(yè)每股指標(biāo)、經(jīng)營指標(biāo)、交易指標(biāo)、行業(yè)/集群指標(biāo)、投資者特質(zhì)等影響因素。通過回歸分析發(fā)現(xiàn),定向增發(fā)短期收益與定增價(jià)格有較高的相關(guān)性。定增價(jià)格越低,短期收益越高。這可能意味著,能夠獲得低股價(jià)的內(nèi)部投資者,短期收益可能高于外部投資人,外部投資者估值時(shí)需要考慮這一因素的影響。受制于新三板市場運(yùn)行時(shí)間有限,精準(zhǔn)的長期收益研究目前還無法完成,但相信這會(huì)是未來一個(gè)重要的研究方向。在應(yīng)用環(huán)節(jié),本文根據(jù)實(shí)證結(jié)果設(shè)計(jì)了新三板投資標(biāo)的篩選模型,容納了企業(yè)BPS、EPS、每股現(xiàn)金流、營業(yè)收入、凈利潤、創(chuàng)新層/基礎(chǔ)層、轉(zhuǎn)讓方式等核心價(jià)值變量,以對企業(yè)價(jià)值進(jìn)行初步評價(jià),幫助投資者篩選綜合素質(zhì)優(yōu)秀的投資標(biāo)的。此外,實(shí)證研究結(jié)論將給新三板企業(yè)估值,尤其是相對估值以啟示。
[Abstract]:The new board as the foundation of the capital market market, to develop small and medium-sized enterprises, but also provides a shared enterprise value growth opportunities for investors. Three new board placement is an important part of investment in enterprise valuation, but the past researches on effects of three new board set by the enterprise valuation factors have not been systematically combing. This paper attempts by theory model construction and empirical test, found that three new board business placement valuation rules, to fill the gap in this research, to help investors in the future in the valuation process to improve the valuation accuracy. Three new board business oriented the issuance valuation model comprehensively studies the various factors for the increase in price impact, including the enterprise share index. Business indicators, trading index, industry index / cluster, investor characteristics. Through empirical testing, found that the enterprise net assets, net profit per share, industry belonging The characteristics of indicators and investors will have an important impact on the issuance of enterprise valuation. The overall operation is good, the higher the valuation given by existing investors. The valuation of discrimination, internal investors, especially the controlling shareholder / actual controller, the price is significantly lower; external investors, especially investment company, will increase the price significantly higher. This means that the external investors need to be cautious in the valuation, using comparable enterprise data also should be adjusted according to the identity of investors in the private placement. Another major concern is the additional income. Three new board business orientation the issuance of short-term profit model into enterprise share index, operation index, trade index industry cluster, / index, factors and so on. Investors traits through regression analysis found that the private placement of short-term gains a high correlation with the price set by the price will increase. The lower short-term income higher. This may mean that the investors can obtain low price inside, short-term gains may be higher than outside investors, investors need to consider the external evaluation of the impact of this factor. Subject to the new third market operation time is limited, accurate income long-term research is still not complete, but I believe it will is an important research direction in the future. In the application areas, screening model according to the results, the design of the new board of investment targets, to accommodate the enterprise BPS, EPS, the cash flow per share, operating income, net profit, innovation layer / layer based transfer mode, the core value of variables, to evaluate the value of enterprises to help investors select the investment, excellent comprehensive quality standard. In addition, the empirical research conclusion will give the new board of enterprise valuation, especially the relative valuation with inspiration.

【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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本文編號：1407768