本文關(guān)鍵詞： 認購方式 定向增發(fā) 經(jīng)營績效 因子分析法　出處：《浙江財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：2006年我國資本市場進行了股權(quán)分置改革，在這之后資本市場進入了全流通階段。定向增發(fā)具有發(fā)行門檻低、定價靈活、成本低和效率高等優(yōu)點，因此定向增發(fā)逐漸成為我國資本市場上的熱點，并且是我國上市公司擴大企業(yè)規(guī)模、改善企業(yè)結(jié)構(gòu)和引入戰(zhàn)略投資者一種有效的再融資手段。 從目前國內(nèi)研究情況來看，學術(shù)界對定向增發(fā)的研究主要集中在定向增發(fā)的公告效應(yīng)、定價機制、動機、以及經(jīng)營績效等方面，尚無學者對上市公司定向增發(fā)的認購方式與經(jīng)營績效做出相關(guān)實證研究。上市公司向少數(shù)特定投資者定向增發(fā)股份，投資者可以用現(xiàn)金或者資產(chǎn)進行股份認購。通常，投資者參與的定向增發(fā)，用現(xiàn)金認購上市公司定向增發(fā)的股權(quán)表明投資者對上市公司的支持和信心，對上市公司經(jīng)營績效的提升比資產(chǎn)認購更為明顯和確定；以資產(chǎn)認購股份，，其對上市公司經(jīng)營績效的影響與注入資產(chǎn)的質(zhì)量及匹配性有關(guān)。因此，筆者認為上市公司定向增發(fā)認購方式會影響經(jīng)營績效，進行這樣的研究具有一定的理論意義和現(xiàn)實意義。 本文采用理論分析與實證研究相結(jié)合的方法，研究定向增發(fā)不同認購方式下經(jīng)營績效的變動趨勢。在對定向增發(fā)和認購方式相關(guān)概念進行了界定，用信息不對稱理論、代理理論和監(jiān)督效應(yīng)假說對不同認購下經(jīng)營績效的差異進行分析的基礎(chǔ)上，提出了現(xiàn)金認購的定向增發(fā)給公司經(jīng)營績效帶來的影響優(yōu)于資產(chǎn)認購的定向增發(fā)的假設(shè)。以滬、深兩市2011年成功實施定向增發(fā)的上市公司為樣本，選取盈利能力、營運能力、償債能力、發(fā)展能力和現(xiàn)金流量能力五個方面共11項財務(wù)指標，運用因子分析法進行降維提取五個公因子構(gòu)造出綜合得分函數(shù)，按資產(chǎn)認購和現(xiàn)金認購兩類對樣本公司實施定向增發(fā)前后的經(jīng)營績效進行了比對分析。 研究發(fā)現(xiàn)，以現(xiàn)金方式認購的定向增發(fā)給上市公司帶來的經(jīng)營績效影響優(yōu)于以資產(chǎn)方式認購的定向增發(fā)。通過不同認購方式下各因子的比較分析發(fā)現(xiàn)兩種認購方式下各個因子變化程度不同，作用區(qū)間不同。通過不同認購方式下綜合得分的比較，發(fā)現(xiàn)以資產(chǎn)方式認購的定向增發(fā)公司經(jīng)營績效在定向增發(fā)當年有所提升，與定向增發(fā)當年相比，定向增發(fā)后一年的經(jīng)營績效并沒有得到改善反而降低，定向增發(fā)后一年的經(jīng)營績效相對于增發(fā)前一年依舊降低；以現(xiàn)金方式進行認購的定向增發(fā)公司的經(jīng)營績效在定向增發(fā)當年有所提升，與定向增發(fā)當年相比，定向增發(fā)后一年的經(jīng)營績效并沒有得到改善反而降低，但定向增發(fā)后一年相對于增發(fā)前一年仍然有所改善。具體分為以下三點（1）以現(xiàn)金方式認購的樣本公司經(jīng)營績效改善的區(qū)間多于以資產(chǎn)方式認購的樣本公司。（2）在經(jīng)營績效改善區(qū)間，以現(xiàn)金方式認購的樣本公司改善的程度大于以資產(chǎn)方式認購的樣本公司。（3）在經(jīng)營績效降低區(qū)間，以現(xiàn)金方式認購的樣本公司下降的程度小于以資產(chǎn)進行認購的樣本公司。
[Abstract]:In 2006 China's capital market share reform, after which the capital market has entered a phase of circulation. Private placement issuance has low threshold, flexible pricing, low cost and high efficiency, therefore, private placement has gradually become a hot topic in the capital market of our country, and the listed companies in China to expand the scale of enterprises, to improve the enterprise structure and the introduction of strategic investors and an effective means of financing.
From the current domestic research situation, the academic study of private placement mainly focus on the announcement effect of private placement, pricing mechanism, motivation, and performance, there are no scholars make empirical research related to the private placement of listed companies to subscribe and operating performance of listed companies. The issuance of shares to a few specific investors oriented, investors can share subscription in cash or assets. Usually, the orientation of investors to participate in the issuance, use cash to subscribe for the private placement of listed companies shows that equity investors in listed companies support and confidence on the operating performance of listed companies to enhance the ratio of asset subscription is more obvious and definite; the subscription of shares in the assets, its impact on the operating performance of listed companies with the quality of the injected assets and matching. Therefore, the author thinks that the private placement of listed companies for the way will affect the business performance It is of theoretical and practical significance to carry out such research.
This paper uses the method of theoretical analysis and empirical research combined with the trend of performance management of the private placement of different subscription mode. In the subscription mode of private placement and related concepts were defined, by using the theory of information asymmetry, analyzing the difference of agency theory and supervision effect hypothesis of different subscription of operating performance on the proposed the directional cash issuance of the subscription to assume that assets than the issuance of the subscription of the directional impact on company performance. In Shanghai, Shenzhen two city in 2011 the successful implementation of the private placement of listed companies as a sample, selection of profitability, operating capacity, solvency, a total of 11 Financial indexes in five aspects of development ability and cash flow. By using the method of factor analysis to reduce the dimensions of the five factors extracted and construct the comprehensive score function, two kinds of Sample Firms to implement the subscription according to the assets and cash subscription The performance of the business before and after the increase was compared and analyzed.
The study found that directional cash subscription issuance for listed companies to bring the performance impact of orientation is superior to assets. Through the issuance of the subscription subscription under the different factors of comparative analysis found that the variation degree of each factor of two for the way under different intervals different. Through different subscription comparison comprehensive score, found subscribe to the assets of additional directional company performance in the private placement was improved, and the private placement when compared to the performance oriented one year after the issuance did not improve the performance of directional decrease, one year after the issuance of the previous year is still lower compared with the issuance; in cash for the company's private placement the operating performance of the issuance of that year has improved in orientation, and private placement when compared to the performance oriented one year after the issuance and not Improved decrease, but a year after the issuance of private placement relative to a year ago still improved. The concrete is divided into the following three points (1) to improve the performance of Sample Firms in cash subscription business than to subscribe to the assets of the interval Sample Firms. (2) in the range of improving business performance, to subscribe in cash for the Sample Firms to improve greater than subscribe to the assets of Sample Firms. (3) decrease in the range of operating performance, cash subscription of the Sample Firms decreased less than for the Sample Firms to assets.

【學位授予單位】：浙江財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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