本文關(guān)鍵詞： 定向增發(fā) 公開(kāi)增發(fā) 控制權(quán)結(jié)構(gòu) 信息不對(duì)稱 Logistic模型　出處：《江西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：上市公司在IPO之后的一個(gè)重要的融資手段便是股權(quán)再融資,選擇不同的股權(quán)再融資方式不僅會(huì)影響到上市公司的現(xiàn)金流、資本成本和股權(quán)結(jié)構(gòu),也會(huì)對(duì)股票市場(chǎng)的資本配置效率和投資者利益產(chǎn)生一定的影響,因此對(duì)于股權(quán)再融資方式選擇的問(wèn)題值得我們關(guān)注和研究。隨著我國(guó)資本市場(chǎng)的不斷發(fā)展,上市公司在不同時(shí)期對(duì)股權(quán)再融資的方式表現(xiàn)出了不同的偏好,并先后出現(xiàn)了“配股熱”、“公開(kāi)增發(fā)熱”和“定向增發(fā)熱”的現(xiàn)象。尤其是股權(quán)分置改革的順利完成推動(dòng)了我國(guó)證券市場(chǎng)的復(fù)興,股票市場(chǎng)的流動(dòng)性大大增強(qiáng),通過(guò)增發(fā)新股實(shí)現(xiàn)再融資的公司數(shù)量不斷增多。并且隨著《上市公司證券發(fā)行管理辦法》和《上市公司非公開(kāi)發(fā)行股票實(shí)施細(xì)則》的相繼頒布實(shí)施,近年來(lái)定向增發(fā)已成為我國(guó)上市公司增發(fā)新股融資的最主要方式,并且有半數(shù)以上的上市公司在增發(fā)時(shí)以大股東為其增發(fā)對(duì)象。 然而,到底是什么原因使得上市公司偏好于使用定向增發(fā)而不是公開(kāi)增發(fā)進(jìn)行融資呢?并且在定向增發(fā)中是什么原因促使上市公司會(huì)選擇對(duì)不同的對(duì)象進(jìn)行發(fā)行?這些都是公司金融領(lǐng)域值得探討的問(wèn)題,對(duì)這些問(wèn)題的研究不僅有利于上市公司優(yōu)化其融資決策,而且對(duì)監(jiān)管層的監(jiān)督管理有一定的借鑒意義。因此,本文結(jié)合了國(guó)內(nèi)外關(guān)于定向增發(fā)和公開(kāi)增發(fā)的相關(guān)理論及實(shí)證研究成果,在總結(jié)我國(guó)A股市場(chǎng)增發(fā)融資現(xiàn)狀的前提下,探討了我國(guó)上市公司選擇定向增發(fā)與公開(kāi)增發(fā)的動(dòng)因,并進(jìn)一步分析了定向增發(fā)對(duì)象的選擇問(wèn)題。 本文將上市公司增發(fā)方式選擇的影響因素分為公司外部和公司內(nèi)部?jī)蓚�(gè)部分,又將公司內(nèi)部動(dòng)因歸納為控制權(quán)結(jié)構(gòu)和信息不對(duì)稱兩個(gè)方面,并利用我國(guó)股票市場(chǎng)上最新的上市公司樣本數(shù)據(jù)進(jìn)行了實(shí)證分析。實(shí)證研究發(fā)現(xiàn),控制權(quán)結(jié)構(gòu)和信息不對(duì)稱程度均會(huì)對(duì)增發(fā)方式以及定向增發(fā)對(duì)象的選擇產(chǎn)生不同程度的影響。在上市公司是選擇定向增發(fā)還是公開(kāi)增發(fā)時(shí),信息不對(duì)稱程度是其主要的影響因素。信息不對(duì)稱程度越大,上市公司越傾向于選擇定向增發(fā)。在定向增發(fā)對(duì)象的選擇時(shí),控制權(quán)結(jié)構(gòu)是其主要的影響因素。大股東控制力越弱的上市公司越傾向于向大股東發(fā)行。并且通過(guò)對(duì)股權(quán)性質(zhì)的研究發(fā)現(xiàn),國(guó)有控股上市公司更傾向于定向增發(fā)并且往往是針對(duì)大股東發(fā)行。 本文共分為以下五個(gè)部分： 第一部分為緒論,主要介紹了本文的研究背景、意義及思路,并對(duì)國(guó)內(nèi)外的相關(guān)文獻(xiàn)進(jìn)行了回顧,概括歸納了國(guó)內(nèi)外學(xué)者的主要研究觀點(diǎn)。然后簡(jiǎn)要介紹了 下本文的研究思路及框架,并闡述了本文的創(chuàng)新及不足。 第二部分為我國(guó)定向增發(fā)與公開(kāi)增發(fā)的發(fā)行制度比較以及現(xiàn)狀分析。通過(guò)發(fā)行制度比較發(fā)現(xiàn),定向增發(fā)具有一定的制度優(yōu)勢(shì)。定向增發(fā)的發(fā)行門檻相對(duì)更低、操作更加簡(jiǎn)便快捷,并且其資產(chǎn)認(rèn)購(gòu)的方式能為上市公司的并購(gòu)重組以及整體上市提供一條有效途徑。通過(guò)對(duì)增發(fā)融資現(xiàn)狀的分析可見(jiàn),目前定向增發(fā)是我國(guó)上市公司進(jìn)行增發(fā)新股融資的主要方式,定向增發(fā)與公開(kāi)增發(fā)都比較集中地分布于制造業(yè)、能源業(yè)及房地產(chǎn)業(yè)等領(lǐng)域,并且定向增發(fā)的發(fā)行對(duì)象主要是大股東及機(jī)構(gòu)投資者,個(gè)人投資者較少參與。 第三部分為關(guān)于選擇定向增發(fā)與公開(kāi)增發(fā)動(dòng)因的理論分析。首先介紹了關(guān)于選擇公開(kāi)增發(fā)的理論解釋,包括監(jiān)管成本理論、承銷商公正假說(shuō)和流通成本假說(shuō)；其次介紹了關(guān)于選擇定向增發(fā)的理論解釋,包括監(jiān)控假說(shuō)、信息不對(duì)稱假說(shuō)和管理層防御假說(shuō)；然后,基于我國(guó)股權(quán)再融資市場(chǎng)的特殊背景從公司內(nèi)部和公司外部?jī)蓚�(gè)方面提出了可能影響我國(guó)上市公司增發(fā)方式選擇的因素,并對(duì)這些因素進(jìn)行了理論分析。 第四部分為實(shí)證研究部分。通過(guò)選取2009至2012年間我國(guó)A股市場(chǎng)上實(shí)施了定向增發(fā)與公開(kāi)增發(fā)的上市公司樣本,運(yùn)用Logistic模型從控制權(quán)結(jié)構(gòu)和信息不對(duì)稱的角度分析了影響上市公司選擇不同增發(fā)方式的內(nèi)部動(dòng)因,并且在定向增發(fā)的基礎(chǔ)上,進(jìn)一步分析了控制權(quán)結(jié)構(gòu)和信息不對(duì)稱程度對(duì)定向增發(fā)對(duì)象選擇的影響。 第五部分為研究結(jié)論與政策建議。首先總結(jié)了不同因素對(duì)上市公司增發(fā)方式選擇以及定向增發(fā)對(duì)象選擇的影響。其次,在研究結(jié)論的基礎(chǔ)上,分別對(duì)上市公司和監(jiān)管層提出了相關(guān)的意見(jiàn)及建議。
[Abstract]:With the development of capital market in our country , listed companies have different preferences to the capital allocation efficiency and investor interest of the stock market . However , what is the reason for the listed companies to prefer to use directional hair growth instead of public issuance ? And what causes the listed companies to choose to issue different objects ? These are the problems that are worth discussing in the financial field of the company . Therefore , this paper discusses the reasons for the listed companies to choose oriented and open and increase the issue , and further analyzes the choice of the targeted increase in China ' s listed companies . In this paper , the influencing factors of the choice of listed companies are divided into two parts : the outside of the company and the inner part of the company , and the internal motivation of the company is divided into two aspects : control structure and information asymmetry . This article is divided into the following five parts : The first part is introduction , mainly introduces the research background , significance and thinking of this paper , and reviews the relevant literatures at home and abroad , summarizes the main research opinions of scholars both at home and abroad . The research ideas and framework of this paper are discussed , and the innovations and shortcomings of this paper are expounded . The second part is the comparison of the distribution system and the current situation analysis of China ' s oriented increase and issuance . By comparison of the distribution system , it is found that the orientation increase has a certain institutional advantage . The distribution threshold of the directional increase is relatively lower , the operation is more convenient and fast , and the way of subscription of its assets can provide an effective way for the merger and reorganization of the listed company and the whole listing . The third part is about the theory analysis of the choice of the direct increase and the open increase motivation . Firstly , the author introduces the theory explanation of choosing the open increase , including the theory of supervision cost , the hypothesis of the underwriter fairness hypothesis and the hypothesis of the flow cost . Secondly , the paper introduces the theory explanation of choosing the oriented increment , including the monitoring hypothesis , the information asymmetry hypothesis and the management defense hypothesis , and then puts forward the factors that may affect the choice of the increase of the listed companies in our country based on the special background of China ' s equity re - financing market , and makes a theoretical analysis on these factors . The fourth part is divided into the empirical research part . By selecting the sample of the listed company which has carried out the orientation increase and the public increase in China ' s A - share market during the period from 2009 to 2012 , the influence of the control structure and the degree of asymmetry of the information asymmetry on the selection of directional augmentation object is analyzed by using the Logistic model from the angle of control structure and information asymmetry . The fifth part is the research conclusion and policy suggestion . Firstly , the paper summarizes the influence of different factors on the selection of listed companies and the choice of orientation . Secondly , on the basis of the research conclusion , the relevant opinions and suggestions are put forward to listed companies and regulatory layers respectively .

【學(xué)位授予單位】：江西財(cái)經(jīng)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;F224

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