本文選題：新三板　切入點：定向增發(fā)　出處：《首都經(jīng)濟貿(mào)易大學》2017年碩士論文　論文類型：學位論文

【摘要】：我國新三板市場作為當下資本市場的熱門話題之一,牽動著眾多中小企業(yè)的心。而定向增發(fā)作為股權(quán)融資重要手段之一,其不論是從融資規(guī)模、融資效率來看,都是企業(yè)非常樂意選擇的手段。由于我國A股市場發(fā)展時間較久,所以研究其定向增發(fā)公告效應的體系較為成熟和完善,然而我國新三板仍屬于起步階段,研究文獻較少。本文旨在研究我國新三板市場掛牌企業(yè)定向增發(fā),是否存在公告效應。本文首先,通過整理現(xiàn)有的假說和定向增發(fā)數(shù)據(jù),獲悉了新三板定向增發(fā)市場的火熱程度。其次,通過搜集而來的2014年5月至2016年12月完成預案公告日披露的定向增發(fā)數(shù)據(jù),進行了均值檢驗,獲悉了存在顯著公告效應的結(jié)論。再者,通過引入考量定向增發(fā)目的是否為項目融資,進行了單因素方差分析,獲悉了項目融資型定向增發(fā)的公告效應更為顯著的結(jié)論,并在此基礎(chǔ)上引入了其他幾個因素,進行多元回歸分析,聯(lián)合考察其對累計超額收益率的影響。最后,在此基礎(chǔ)上與其他A股市場定向增發(fā)公告效應論文結(jié)論進行對比,獲悉這兩個市場上定向增發(fā)公告相應的相同和不同之處。本文的研究結(jié)果是基于論文中的實證分析、文獻分析、對比分析,對新三板定向增發(fā)各參與方的建議,為新三板市場的投資者、融資者、監(jiān)管者,提出更規(guī)范有效的建議。筆者認為,投資者應該審慎對待每一個定向增發(fā)項目、融資者應該對企業(yè)進行良性經(jīng)營管理、監(jiān)管者應該盡快完善定向增發(fā)的相關(guān)體制,希望能對完善我國新三板市場貢獻綿薄之力。
[Abstract]:As one of the hot topics in the current capital market, China's new third board market is affecting the hearts of many small and medium-sized enterprises. As one of the important means of equity financing, directional additional issuance is one of the important means of equity financing, no matter from the view of financing scale and efficiency. Because the A share market in our country has been developing for a long time, so the system of studying the effect of directional additional issuance announcement is more mature and perfect. However, the new three boards of our country are still in the initial stage. The purpose of this paper is to study whether there is a public announcement effect in China's new three-board market. First of all, this paper collates the existing hypothesis and the data of directional additional issuance. We have learned about the hot degree of the new three boards' targeted additional issuance market. Secondly, through the data collected from May 2014 to December 2016, which was disclosed on the date of completion of the announcement of the preliminary plan, the mean value test has been carried out. The conclusion that there is a significant announcement effect is obtained. Furthermore, by introducing the objective of additional placement for project financing, a single factor variance analysis is carried out, and the conclusion that the announcement effect of the project financing type of directional additional offering is more significant is obtained. On the basis of this, several other factors are introduced, and multivariate regression analysis is carried out to investigate its influence on cumulative excess return. Finally, the conclusion of this paper is compared with that of other A-share market. The research results of this paper are based on the empirical analysis, literature analysis, comparative analysis, and suggestions to the participants of the new three boards. For the investors, financiers and regulators of the new third-board market, they should put forward more standardized and effective suggestions. The author believes that investors should be cautious about every targeted additional issue project, and the financiers should manage the enterprises in a sound manner. Regulators should improve the related system of directional issuance as soon as possible, hoping to contribute a small contribution to the improvement of China's new third board market.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51

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本文編號：1606405