本文關(guān)鍵詞： 定向增發(fā) 公司績(jī)效 實(shí)證研究　出處：《華東理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：自2006年股權(quán)分置改革順利完成,以及證監(jiān)會(huì)出臺(tái)了《上市公司證券發(fā)行管理辦法》,對(duì)上市公司定向增發(fā)首次做出明文規(guī)定以來,定向增發(fā)在我國(guó)上市公司中蓬勃發(fā)展。 而定向增發(fā)具有諸多如發(fā)行受限制條件較少、審批程序較為簡(jiǎn)單、發(fā)行成本較低、發(fā)行周期相對(duì)較短等公開增發(fā)和配股融資所不具備的優(yōu)勢(shì),并且在為企業(yè)籌集項(xiàng)目投資或者日常經(jīng)營(yíng)活動(dòng)所需資金的同時(shí),還是企業(yè)引入戰(zhàn)略投資者、整體上市的有力手段,因此逐漸成為我國(guó)上市公司股權(quán)再融資的首選方式。 但由于在我國(guó)證券市場(chǎng)上定向增發(fā)興起時(shí)間較短,和它相關(guān)的法律法規(guī)、審核制度以及監(jiān)管等都還不是十分健全,且我國(guó)證券市場(chǎng)有其自身的特殊性,國(guó)外學(xué)者的相關(guān)研究成果并不能完全適用于我國(guó)資本市場(chǎng)。而目前國(guó)內(nèi)學(xué)者對(duì)定向增發(fā)主要關(guān)注其公告效應(yīng)、定向增發(fā)的動(dòng)機(jī)、折價(jià)問題以及利益輸送等問題,對(duì)于定向增發(fā)對(duì)上市公司財(cái)務(wù)績(jī)效的影響研究則較少。僅有的對(duì)定向增發(fā)財(cái)務(wù)績(jī)效的實(shí)證研究也主要集中在股權(quán)分置時(shí)期,而經(jīng)過幾年的發(fā)展,定向增發(fā)行為日趨成熟,投資者也變得更為理性,因此就近幾年定向增發(fā)對(duì)上市公司財(cái)務(wù)績(jī)效的影響進(jìn)行實(shí)證研究具有重大的現(xiàn)實(shí)意義。另外,現(xiàn)有的針對(duì)定向增發(fā)對(duì)上市公司業(yè)績(jī)影響的研究,大多停留在分析增發(fā)前后上市公司整體績(jī)效的變化情況。而對(duì)于定向增發(fā)的認(rèn)購(gòu)對(duì)象、折價(jià)程度、投資者認(rèn)購(gòu)方式等因素與定向增發(fā)企業(yè)業(yè)績(jī)的相關(guān)性的研究,尚未得出一致的結(jié)論。 因此,本文以滬深A(yù)股市場(chǎng)2009至2010年實(shí)行定向增發(fā)的上市公司為研究樣本,采用2008-2012年的相關(guān)財(cái)務(wù)數(shù)據(jù),從定向增發(fā)的特征出發(fā),通過建立回歸模型,分析研究定向增發(fā)認(rèn)購(gòu)對(duì)象(包括區(qū)別大股東和機(jī)構(gòu)投資者,以及區(qū)別戰(zhàn)略投資者和財(cái)務(wù)投資者)、折價(jià)率、投資者認(rèn)購(gòu)方式等因素對(duì)上市公司業(yè)績(jī)的可能影響。研究結(jié)果發(fā)現(xiàn),上市公司定向增發(fā)后當(dāng)年業(yè)績(jī)有所上升,中長(zhǎng)期業(yè)績(jī)回落；大股東及其關(guān)聯(lián)投資者的參與對(duì)上市公司定向增發(fā)后的業(yè)績(jī)表現(xiàn)有促進(jìn)作用；引入戰(zhàn)略投資者的公司定向增發(fā)后業(yè)績(jī)與僅引入財(cái)務(wù)投資者的公司相比并未顯著提高；定向增發(fā)折價(jià)程度越大,公司增發(fā)后業(yè)績(jī)表現(xiàn)越好；投資者以資產(chǎn)等非現(xiàn)金方式認(rèn)購(gòu)增發(fā)股份的公司業(yè)績(jī)表現(xiàn)明顯優(yōu)于投資者以現(xiàn)金方式認(rèn)購(gòu)的公司。根據(jù)以上結(jié)論,本文進(jìn)而提出更有針對(duì)性的解釋和政策建議。
[Abstract]:Since the successful completion of the reform of the split share structure in 2006 and the issuance by the Securities Regulatory Commission (CSRC) of the measures for the Administration of Securities issuance of listed companies, since the first explicit regulation on the additional directional issuance of listed companies, the directional additional issuance has flourished in the listed companies in our country. Directional additional issuance has many advantages, such as less restricted conditions of issuance, simpler examination and approval procedures, lower issuance costs, shorter issuance cycles, and so on, which do not have the advantages of public additional issuance and rights issue financing. At the same time, it is also a powerful means for enterprises to introduce strategic investors and overall listing, so it has gradually become the preferred way of equity refinancing of listed companies in our country. However, due to the short rise time of directional additional issuance in China's securities market, the relevant laws and regulations, auditing system and supervision are not very sound, and our securities market has its own particularity. The related research results of foreign scholars can not be fully applied to China's capital market. At present, domestic scholars mainly pay attention to the announcement effect, motivation, discount problem and profit transmission of directional additional issuance. The only empirical research on the financial performance of the listed companies is mainly focused on the period of split share structure, but after several years of development, the behavior of private placement is becoming more and more mature. Investors also become more rational, so it is of great practical significance to study the impact of private placement on the financial performance of listed companies in recent years. In addition, the existing research on the impact of private placement on the performance of listed companies is of great practical significance. Most of them stay in the analysis of the changes of the overall performance of the listed companies before and after the additional offering. However, the research on the correlation between the subscription object, the discount degree, the investor subscription mode and the performance of the listed company, and so on, A unanimous conclusion has not yet been reached. Therefore, this paper takes the listed companies in Shanghai and Shenzhen A-share market from 2009 to 2010 as the research samples, adopts the relevant financial data from 2008 to 2012, starts from the characteristics of directional additional offerings, and establishes a regression model. This paper analyzes the possible influence on the performance of listed companies by the factors such as distinguishing between large shareholders and institutional investors, as well as between strategic investors and financial investors, discount rate, investor subscription mode, etc. The performance of the listed company in the year after the placement has increased and the long-term performance has fallen; the participation of the majority shareholders and their associated investors has promoted the performance of the listed company after the placement. Compared with the companies that only introduce financial investors, the performance of the companies with the introduction of strategic investors is not significantly improved, the greater the discount degree of directional placement is, the better the performance of the companies is after the issuance. The performance of the investors who subscribe for additional shares by non-cash means such as assets is obviously better than that of the companies which are subscribed by the investors in the form of cash. According to the above conclusions, this paper puts forward more targeted explanations and policy suggestions.
【學(xué)位授予單位】：華東理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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