發(fā)布時(shí)間：2018-01-26 18:59

  本文關(guān)鍵詞： 大股東 機(jī)構(gòu)投資者 定向增發(fā) 利益協(xié)同 利益輸送　出處：《廣東外語外貿(mào)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2006年股份制改革后,定向增發(fā)在我國呈現(xiàn)出快速發(fā)展的態(tài)勢。目前,它已經(jīng)成為我國上市公司進(jìn)行權(quán)益性再融資的主要途徑。根據(jù)定向增發(fā)的對(duì)象不同,可分為三類:完全面向大股東、完全面向機(jī)構(gòu)投資者和同時(shí)面向大股東及機(jī)構(gòu)投資者的定向增發(fā)。本文選取了面對(duì)大股東及機(jī)構(gòu)投資者進(jìn)行定向增發(fā)的湖北興發(fā)化工集團(tuán)股份有限公司為案例,通過對(duì)其2012年定向增發(fā)的相關(guān)數(shù)據(jù)進(jìn)行分析,判斷興發(fā)集團(tuán)此次定向增發(fā)的動(dòng)機(jī)是利益輸送還是利益協(xié)同,并根據(jù)研究結(jié)論提出建議,以期能夠做出微薄貢獻(xiàn)。本文梳理了國內(nèi)外有關(guān)定向增發(fā)的文獻(xiàn),并分析了代理理論、信息不對(duì)稱理論和監(jiān)督效應(yīng)理論,發(fā)現(xiàn)在我國股權(quán)相對(duì)集中的環(huán)境下,以大股東為對(duì)象的定向增發(fā)中,大股東容易利用其自身的控制權(quán)和定價(jià)權(quán)壓低發(fā)行價(jià)格,進(jìn)行利益輸送,侵害中小股東的合法權(quán)益。那么機(jī)構(gòu)投資者參與定向增發(fā)之后,定向增發(fā)對(duì)象的動(dòng)機(jī)是股東與公司之間的利益協(xié)同嗎?本文從兩個(gè)角度進(jìn)行分析研究:一方面,文章將定向增發(fā)發(fā)行價(jià)格與三個(gè)可供選擇基準(zhǔn)日價(jià)格進(jìn)行對(duì)比,從而發(fā)現(xiàn)大股東及機(jī)構(gòu)投資者沒有主觀進(jìn)行利益輸送的動(dòng)機(jī)。股票解禁后的價(jià)格始終低于定向增發(fā)的發(fā)行價(jià)格,這在客觀上表明,此次定向增發(fā)無法實(shí)現(xiàn)利益輸送。無論從主觀還是客觀角度進(jìn)行觀察,此次定向增發(fā)都沒有利益輸送的動(dòng)機(jī),而是為了促進(jìn)公司的發(fā)展,增強(qiáng)公司實(shí)力,實(shí)現(xiàn)利益協(xié)同。另一方面,本文分析了興發(fā)集團(tuán)的業(yè)務(wù)結(jié)構(gòu)、產(chǎn)業(yè)鏈、財(cái)務(wù)狀況、盈利能力以及股票市場的表現(xiàn)。定向增發(fā)后,公司的業(yè)務(wù)結(jié)構(gòu)、產(chǎn)業(yè)鏈都得到了進(jìn)一步的優(yōu)化,股票價(jià)格短期表現(xiàn)出超額的月回報(bào)率,但在財(cái)務(wù)狀況、盈利能力和股價(jià)長期表現(xiàn)方面沒有達(dá)到預(yù)期水平。經(jīng)過分析研究,本文認(rèn)為興發(fā)集團(tuán)此次定向增發(fā)的動(dòng)機(jī)是實(shí)現(xiàn)公司與股東、大股東與小股東的利益協(xié)同,但定向增發(fā)的時(shí)間處于行業(yè)下行的初期,減弱了利益協(xié)同效果,同時(shí),公司與增發(fā)對(duì)象對(duì)項(xiàng)目完成后的預(yù)期結(jié)果過于樂觀,造成了增發(fā)對(duì)象的利益損失。本文根據(jù)結(jié)論提出三點(diǎn)建議:上市公司應(yīng)在定向增發(fā)前對(duì)行業(yè)周期進(jìn)行預(yù)測,盡量選擇行業(yè)上升階段的初期進(jìn)行定向增發(fā),最大程度發(fā)揮定向增發(fā)的利益協(xié)同效果;定向增發(fā)對(duì)象應(yīng)該更加謹(jǐn)慎地分析項(xiàng)目的可行性,避免由于預(yù)測過于樂觀造成自身利益損失;中小股東應(yīng)加強(qiáng)自身的專業(yè)能力,關(guān)注定向增發(fā)前的異常事項(xiàng),盡可能地維護(hù)合法利益。
[Abstract]:After the reform of shareholding system in 2006, the directional additional offering has been developing rapidly in our country. At present, it has become the main way of equity refinancing of listed companies in our country. It can be divided into three categories: completely for large shareholders. This paper chooses Hubei Xingfa Chemical Group Co., Ltd as a case. Through the analysis of the related data on 2012, we can judge whether the motivation of the directional additional issuance of Xingfa Group is benefit transmission or benefit coordination, and put forward some suggestions according to the conclusions of the study. In order to make a modest contribution. This paper combed the domestic and foreign literature on directional placement, and analyzed the agency theory, information asymmetry theory and supervision effect theory, found in the environment of relatively concentrated equity in our country. In the targeted placement of large shareholders, it is easy for the large shareholders to use their own control and pricing power to lower the price of the issue and to carry out the transfer of benefits. Infringement of the legitimate rights and interests of small and medium-sized shareholders. So after institutional investors participate in private placement, the motivation of the object of targeted issuance is the benefit synergy between shareholders and the company? This paper analyzes and studies from two angles: on the one hand, the paper compares the price of directional additional issue with the price of three alternative benchmark days. It is found that major shareholders and institutional investors do not have subjective motivation to carry out interest transmission. The price of shares after lifting the ban is always lower than the issuing price of directional additional issuance, which objectively indicates. No matter from the subjective or objective point of view, there is no motive of interest transmission, but in order to promote the development of the company and enhance the strength of the company. On the other hand, this paper analyzes the business structure, industry chain, financial situation, profitability and the performance of the stock market. The industry chain has been further optimized, the stock price shows an excess monthly return in the short term, but in the financial situation, profitability and long-term performance of the stock price has not reached the expected level. This paper thinks that the motive of the IPO of Xingfa Group is to realize the benefit coordination between the company and the shareholders, the large shareholders and the minority shareholders, but the time of the directional issuance is in the early stage of the industry downward, which weakens the benefit synergy effect and at the same time. After the completion of the project, the expected results of the company and the additional issuer are too optimistic, resulting in the loss of benefits of the additional issuers. According to the conclusions, this paper puts forward three suggestions: listed companies should forecast the industry cycle before the targeted issuance. Try to select the initial stage of the industry to increase the initial stage of directional issuance, maximize the benefit of targeted additional issuance synergistic effect; The object of directional issuance should be more careful to analyze the feasibility of the project and avoid the loss of their own interests due to over-optimistic forecast. The minority shareholders should strengthen their own professional ability, pay attention to the abnormal matters before the directional issuance, and safeguard the legitimate interests as far as possible.
【學(xué)位授予單位】：廣東外語外貿(mào)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F426.7

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