本文關(guān)鍵詞： 定向增發(fā) 短期股價(jià) 發(fā)行對(duì)象 發(fā)行目的 公司基本面　出處：《復(fù)旦大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：定向增發(fā)是指上市公司安排向特定投資者發(fā)行股份進(jìn)行再融資的行為,自2006年在我國(guó)出現(xiàn)以來發(fā)展迅速,已經(jīng)一躍成為A股市場(chǎng)最受追捧的股權(quán)再融資方式。我國(guó)新興市場(chǎng)的特質(zhì)使得國(guó)外針對(duì)定向增發(fā)的理論學(xué)說不能很好地適用于我國(guó)的國(guó)情,而國(guó)內(nèi)相關(guān)的理論研究也有待拓展和深入。本文欲通過實(shí)證分析來探討定向增發(fā)對(duì)短期股價(jià)表現(xiàn)的影響。首先,筆者將我國(guó)A股市場(chǎng)的定向增發(fā)按照發(fā)行對(duì)象和發(fā)行目的的不同進(jìn)行分類,分別探討不同分類標(biāo)準(zhǔn)下各類定向增發(fā)對(duì)短期股價(jià)的影響；其次,通過回歸模型來探討影響短期定向增發(fā)股票二級(jí)市場(chǎng)股價(jià)波動(dòng)的公司基本面因素；最后,針對(duì)當(dāng)前我國(guó)定向增發(fā)的制度、監(jiān)管以及中小投資者利益保護(hù)等方面給出一定的建議。通過分析針對(duì)不同發(fā)行對(duì)象的定向增發(fā)在董事會(huì)預(yù)案公告前[t-30,t-1]日、公告當(dāng)日t日和公告后[t+1,t+20]日股價(jià)相對(duì)市場(chǎng)指數(shù)超額收益率,得出結(jié)論一針對(duì)大股東及大股東關(guān)聯(lián)方進(jìn)行的定向增發(fā)的公司股票比針對(duì)外部機(jī)構(gòu)投資者進(jìn)行的定向增發(fā)的公司股票具有更高的短期超額收益水平。通過分析不同發(fā)行目的的定向增發(fā)在董事會(huì)預(yù)案公告前[t-30,t-1]日、公告當(dāng)日t日和公告后[t+1.t+20]日股價(jià)相對(duì)市場(chǎng)指數(shù)超額收益率,得出結(jié)論二,項(xiàng)目融資類定向增發(fā)相比非項(xiàng)目融資類定向增發(fā)具有更高的短期超額收益水平。為了更好地解釋公司基本面狀況對(duì)定向增發(fā)股票短期走勢(shì)的影響,本文引入回歸模型,將發(fā)行規(guī)模、資產(chǎn)負(fù)債率、托賓q以及股權(quán)回報(bào)率等指標(biāo)納入考量,得出結(jié)論三,定向增發(fā)股票在短期內(nèi)是否具有超額收益及超額收益的大小受發(fā)行規(guī)模、資產(chǎn)負(fù)債率、托賓q以及股權(quán)回報(bào)率等公司基本面指標(biāo)的影響。按照不同發(fā)行對(duì)象分類來考察,增發(fā)規(guī)模、增發(fā)前公司總股本以及托賓q對(duì)以大股東為發(fā)行對(duì)象的定向增發(fā)股票累計(jì)超額收益率的影響要大于對(duì)機(jī)構(gòu)投資者定向增發(fā)時(shí)對(duì)累計(jì)超額收益率的相應(yīng)影響；而股權(quán)回報(bào)率對(duì)以大股東及其關(guān)聯(lián)方為發(fā)行對(duì)象的定向增發(fā)累計(jì)超額收益率的影響程度則要小于對(duì)機(jī)構(gòu)投資者增發(fā)時(shí)對(duì)累計(jì)超額收益率的相應(yīng)影響；按照不同發(fā)行目的分類來考察,項(xiàng)目融資類定向增發(fā)股票短期超額收益受資產(chǎn)負(fù)債率和發(fā)行規(guī)模這兩項(xiàng)指標(biāo)的影響小于非項(xiàng)目融資類定向增發(fā)所受該指標(biāo)的影響；而就股權(quán)回報(bào)率這一指標(biāo)來看,項(xiàng)目融資類定向增發(fā)的上市公司短期股價(jià)受該指標(biāo)的影響則超過非項(xiàng)目融資類定向增發(fā)所受該指標(biāo)的影響。
[Abstract]:Directional additional issuance refers to the refinancing behavior of listed companies arranging to issue shares to specific investors, which has developed rapidly since 2006 in our country. It has become the most popular way of equity refinancing in A-share market. The characteristics of emerging markets in China make the foreign theory of directional placement can not be well suited to the situation of China. But the domestic related theoretical research also needs to be expanded and deepened. This paper intends to explore the impact of directional placement on short-term stock price performance through empirical analysis. First of all. The author classifies the Chinese A-share market according to the different issuing object and the purpose of issuing, and discusses the influence of various kinds of directional additional offering on the short-term stock price under different classification standards. Secondly, through the regression model to explore the factors that affect the volatility of the stock price in the secondary market. Finally, in view of the current system, supervision and the protection of the interests of small and medium-sized investors in China, some suggestions are given. Through the analysis of the different issuing object, the targeted additional issuance is before the announcement of the board of directors' plan. [T-30 / t-1] day, t day of the announcement and after the announcement. [Excess return on stock price relative to market index on t 1 / t 20] day. A conclusion is drawn that the company shares of a company that is directed to large shareholders and their related parties have a higher level of short-term excess return than that of external institutional investors. Through the analysis, we can see that there is a higher level of short term excess return than that of external institutional investors. Additional directionally issued with the same purpose before the announcement of the board of directors' preliminary plan. [T-30 / t-1] day, t day of the announcement and after the announcement. [T 1. T 20] the excess yield of the stock price relative to the market index is the second conclusion. In order to better explain the influence of the company's fundamental situation on the short-term trend of the private placement, the project financing type of directional additional offering has higher short-term excess return level than the non-project financing type type of private placement. In this paper, regression model is introduced to take the issuance scale, asset-liability ratio, Tobin Q and equity return into consideration, and draw the conclusion three. In the short term, the size of issuance and the ratio of assets and liabilities to the excess return and excess return of the shares are subject to the issuance scale or not. The impact of Tobin Q and return on equity on corporate fundamentals. According to the classification of different issuers, the size of the additional issue. The influence of the total share capital and Tobin Q on the cumulative excess return rate of the listed stock is greater than that on the accumulated excess return rate of the institutional investors. The impact of equity return on the cumulative excess return of directional issuance is less than that of institutional investors. Classification according to the purpose of the issue. The short term excess return of the project financing type of directional additional offering stock is influenced by the asset liability ratio and the issuance scale, which is less than that of the non-project financing type of directional additional issuance index. From the point of view of the return on equity, the short-term stock price of the listed company with the project financing type of directional additional offering is more affected by the index than that of the non-project financing type of the private placement.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

【相似文獻(xiàn)】

相關(guān)期刊論文 前10條

1 黃建中;;警惕定向增發(fā)中的關(guān)聯(lián)交易[J];新財(cái)經(jīng);2006年06期

2 閆莉;;定向增發(fā):燙手山芋變成香餑餑[J];股市動(dòng)態(tài)分析;2006年28期

3 劉亮;;海航定向增發(fā)懸疑[J];資本市場(chǎng);2006年07期

4 黃建中;;“九折規(guī)則”失靈與定向增發(fā)泛濫[J];股市動(dòng)態(tài)分析;2006年31期

5 索建宏;;定向增發(fā)方案主要內(nèi)容[J];會(huì)計(jì)師;2006年11期

6 索建宏;;定向增發(fā)對(duì)投資者利益影響分析[J];會(huì)計(jì)師;2006年11期

7 凌愛文;;定向增發(fā)登陸A股市場(chǎng)[J];首席財(cái)務(wù)官;2006年06期

8 高正昶;;上市公司為何熱衷于定向增發(fā)[J];財(cái)務(wù)與會(huì)計(jì);2006年22期

9 楊海蓉;;定向增發(fā)作為并購工具在資本市場(chǎng)的應(yīng)用[J];世界經(jīng)濟(jì)情況;2006年05期

10 張穎;;從“馳宏鋅鍺”看如何完善定向增發(fā)的相關(guān)制度[J];財(cái)務(wù)與會(huì)計(jì);2007年03期

相關(guān)會(huì)議論文 前7條

1 黎文靖;江偉;;制度安排、大股東支持與定向增發(fā)折價(jià)——來自中國(guó)證券市場(chǎng)的經(jīng)驗(yàn)證據(jù)[A];中國(guó)會(huì)計(jì)學(xué)會(huì)高等工科院校分會(huì)2008年學(xué)術(shù)年會(huì)（第十五屆年會(huì)）暨中央在鄂集團(tuán)企業(yè)財(cái)務(wù)管理研討會(huì)論文集（上冊(cè)）[C];2008年

2 章衛(wèi)東;鄒斌;廖義剛;張蓉星;;定向增發(fā)股份解鎖后機(jī)構(gòu)投資者減持行為與盈余管理——來自我國(guó)上市公司定向增發(fā)新股解鎖的經(jīng)驗(yàn)數(shù)據(jù)[A];第三屆海峽兩岸會(huì)計(jì)學(xué)術(shù)研討會(huì)論文集[C];2011年

3 俞靜;;究竟是大股東利益輸送抑或投資者樂觀情緒推高了定向增發(fā)折扣?——來自中國(guó)證券市場(chǎng)的證據(jù)[A];第四屆（2009）中國(guó)管理學(xué)年會(huì)——會(huì)計(jì)與財(cái)務(wù)分會(huì)場(chǎng)論文集[C];2009年

4 吳育輝;魏志華;吳世農(nóng);;定向增發(fā)的時(shí)機(jī)選擇、停牌操控與控股股東掏空[A];第五屆（2010）中國(guó)管理學(xué)年會(huì)——公司治理分會(huì)場(chǎng)論文集[C];2010年

5 熊劍;陳卓;;大股東營(yíng)私:定向增發(fā)與減持套利——來自中國(guó)上市公司的證據(jù)[A];中國(guó)會(huì)計(jì)學(xué)會(huì)2011學(xué)術(shù)年會(huì)論文集[C];2011年

6 裘瑩;宋英慧;安亞人;;定向增發(fā)對(duì)象類型對(duì)公司業(yè)績(jī)的影響研究——來自我國(guó)A股上市公司的經(jīng)驗(yàn)數(shù)據(jù)(2006～2010)[A];中國(guó)會(huì)計(jì)學(xué)會(huì)2011學(xué)術(shù)年會(huì)論文集[C];2011年

7 俞靜;徐斌;;發(fā)行對(duì)象、市場(chǎng)行情與定向增發(fā)市場(chǎng)反應(yīng)異象——基于中國(guó)證券市場(chǎng)數(shù)據(jù)的實(shí)證分析[A];中國(guó)會(huì)計(jì)學(xué)會(huì)2012年學(xué)術(shù)年會(huì)論文集[C];2012年

相關(guān)重要報(bào)紙文章 前10條

1 劉麗靚;定向增發(fā)慎防“概念”炒作[N];證券日?qǐng)?bào);2007年

2 侯捷寧;定向增發(fā)相關(guān)規(guī)則正在完善[N];證券日?qǐng)?bào);2007年

3 朱寶琛;定向增發(fā)頻遭紅牌的背后[N];證券日?qǐng)?bào);2007年

4 張歆;定向增發(fā)股 暴漲暴跌藏風(fēng)險(xiǎn)[N];證券日?qǐng)?bào);2007年

5 ;新股定向增發(fā)規(guī)則指引將頒布[N];財(cái)會(huì)信報(bào);2006年

6 CUBN記者 鄧贊贊;壓縮尋租空間 定向增發(fā)新規(guī)或?qū)⒊雠_(tái)[N];中國(guó)聯(lián)合商報(bào);2007年

7 余凱;關(guān)注定向增發(fā)新潮流下的投資機(jī)會(huì)[N];中國(guó)冶金報(bào);2006年

8 本報(bào)記者　 曹騰;全流通時(shí)代 定向增發(fā)變臉“資產(chǎn)證券化”[N];中國(guó)證券報(bào);2006年

9 江蘇天鼎 秦洪;定向增發(fā) 新的奶酪[N];中國(guó)證券報(bào);2006年

10 本報(bào)記者 趙凱;馳宏鋅鍺 定向增發(fā)方案順利通過[N];中國(guó)證券報(bào);2006年

相關(guān)博士學(xué)位論文 前7條

1 趙根;我國(guó)上市公司定向增發(fā)定價(jià)偏好及經(jīng)濟(jì)后果研究[D];西南財(cái)經(jīng)大學(xué);2009年

2 蔣雪琴;定向增發(fā)前大股東操縱行為及其偏好研究[D];華南理工大學(xué);2015年

3 曹立z，

本文編號(hào)：1459644