本文選題：機(jī)構(gòu)投資者　切入點(diǎn)：公司業(yè)績　出處：《中國財(cái)政科學(xué)研究院》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：定向增發(fā)自從2006年正式在資本市場作為再融資工具服務(wù)上市公司以來,已經(jīng)經(jīng)歷了十個(gè)年度,不可否認(rèn)的是其對資本市場的促進(jìn)作用,可為上市公司解決資金缺乏的燃眉之急。2017年《上市公司非公開發(fā)行股票實(shí)施細(xì)則》的修訂以及《發(fā)行監(jiān)管問答—關(guān)于引導(dǎo)規(guī)范上市公司融資行為的監(jiān)管要求》的發(fā)布對于定向增發(fā)市場具有開啟新紀(jì)元式的意義。其最大的影響就是整治廣為人詬病的“定增亂象”,促進(jìn)資金流向?qū)嶓w經(jīng)濟(jì)。機(jī)構(gòu)投資者是定向增發(fā)的主要參與者,參與動(dòng)機(jī)是獲取回報(bào),上市公司的內(nèi)生性增長帶動(dòng)的業(yè)績增長是獲取回報(bào)的重要來源�，F(xiàn)有研究主要集中于研究定向增發(fā)的市場反映、定向增發(fā)實(shí)施中大股東財(cái)富轉(zhuǎn)移以及大股東資產(chǎn)注入,在研究過程中,機(jī)構(gòu)投資者僅僅作為大股東參與的對照組,缺乏深入的分析。鮮有文章聚焦機(jī)構(gòu)投資者視角觀察投資者的參與對上市公司的業(yè)績影響。筆者認(rèn)為一是由于以前的文章數(shù)據(jù)較為陳舊,機(jī)構(gòu)投資者自2010年開始超越大股東,成為定向增發(fā)認(rèn)購對象主力,同時(shí)從2014年起,融資購買資產(chǎn)類定向增發(fā)在增發(fā)目的中與項(xiàng)目融資共同成為增發(fā)主要目的。二是由于過去一段時(shí)間內(nèi),法律法規(guī)不完善的前提下,大股東通過注資等方式進(jìn)行利益輸送,證實(shí)了“大股東掏空效應(yīng)假說”,也存在大股東與機(jī)構(gòu)投資者簽訂“兜底條款”聯(lián)合投資者損害中小投資者利益。因此以往學(xué)者研究重點(diǎn)是對于大股東行為的制約。本文首先對定向增發(fā)的相關(guān)理論進(jìn)行定義,包括定向增發(fā)理論、定向增發(fā)對象、公司業(yè)績定義、衡量公司業(yè)績方法等。在實(shí)證部分,采用因子分析法,研究上市公司在2007年度至2013年度機(jī)構(gòu)投資者參與的定向增發(fā)。選取有機(jī)構(gòu)投資者參與的全樣本進(jìn)行業(yè)績變化研究,分組檢驗(yàn)只有機(jī)構(gòu)投資者參與的樣本以及有大股東及其關(guān)聯(lián)方與機(jī)構(gòu)投資者一同參與的樣本業(yè)績變化。在兩個(gè)分組中,檢驗(yàn)項(xiàng)目融資類定向增發(fā)和融資購買資產(chǎn)類定向增發(fā)的業(yè)績表現(xiàn)。得出如下結(jié)論:(1)面向機(jī)構(gòu)投資者的定向增發(fā)業(yè)績在實(shí)施當(dāng)前出現(xiàn)提升,從第一年回落,第二年再回升。(2)只有機(jī)構(gòu)投資者參與的定向增發(fā),業(yè)績表現(xiàn)好于大股東及其關(guān)聯(lián)方一并參與的定向增發(fā)。只有機(jī)構(gòu)投資者參與的樣本組在增發(fā)實(shí)施第二年業(yè)績超過增發(fā)前一年,大股東參與組在增發(fā)后第二年尚未提升至增發(fā)前一年的業(yè)績。(3)項(xiàng)目融資類定向增發(fā)則明顯導(dǎo)致上市公司業(yè)績下滑,兩個(gè)組別下滑都通過了顯著性檢驗(yàn)。但是大股東組下滑的程度要遠(yuǎn)遠(yuǎn)超過只有機(jī)構(gòu)投資者認(rèn)購組,說明機(jī)構(gòu)投資者發(fā)揮了監(jiān)督作用,有效控制項(xiàng)目融資中大股東“掏空行為”。(4)融資購買資產(chǎn)類定向增發(fā)顯著提升上市公司的業(yè)績。在兩個(gè)組別中,有大股東及其關(guān)聯(lián)方參與的組別要優(yōu)于只有機(jī)構(gòu)投資者參與的組別。兩個(gè)組別在定向增發(fā)實(shí)施第二年時(shí),業(yè)績都超越了定向增發(fā)實(shí)施前。只有機(jī)構(gòu)投資者樣本組業(yè)績呈逐年提升趨勢,大股東參與樣本組業(yè)績先提升再回落,但是增發(fā)后兩年都明顯高于增發(fā)實(shí)施前一年。
[Abstract]:The private placement since 2006 formally in the capital market refinancing of listed companies as a tool service, has gone through ten years, it is undeniable that its role in promoting the capital market for listed companies to solve the lack of funds as pressing danger of non-public offering of stock in.2017 < > and < detailed rules for the implementation of the revised regulatory issue Q - a guide and standardize the behavior of listed companies from the regulatory requirements > release for the private placement market has opened a new era of the significance of the listed company. The greatest impact is widely criticized for the regulation set by the chaos ", promote capital flows to the real economy. The institutional investors are the main participants in the private placement, participation motivation is obtained in return, endogenous growth driven by the performance of listed companies is an important source of growth returns. Current research mainly focuses on the research on private placement City Field reflects the implementation of the private placement in shareholder wealth transfer and shareholder asset injection, in the course of the study, institutional investors only as control shareholder participation, lack of in-depth analysis. Few articles focus on institutional investors view investors of listed companies' performance. I believe that one is due to the previous data the relatively old, institutional investors began to surpass large shareholders since 2010, has become the main object of private placement subscription at the same time, from 2014 onwards, the financing to buy assets in the issuance of private placement purposes and project financing become common. Two additional main purpose is due to the past period of time, the premise of laws and regulations are not perfect, major shareholders transfer of benefits through capital injection, confirmed that the "tunneling effect hypothesis", there are also large shareholders and institutional investors signed a "pocket bottom clause" With investors to harm the interests of small investors. Therefore, previous research focus is restricted to the behavior of large shareholders. On the basis of the definition of the related theory of private placement, including placement theory, object placement, the performance of the company is defined to measure firm performance methods. In the empirical part, using factor analysis of Listed Companies in the year 2007 to the year 2013 oriented institutional investors to participate in the selection of the full sample. There are institutional investors to participate in the performance change of sample, only institutional investors to participate in the group test and sample performance changes of large shareholder and its related parties and institutional investors to participate. In two groups, test class placement and financing project financing buy the asset class performance of private placement. Draw the following conclusions: (1) orientation for institutional investors in the implementation of additional performance The current rise, from the first year to fall, second years again. (2) only the orientation of institutional investors to participate in the issuance, directional performance was better than the big shareholders and related parties are involved in the issuance. Only institutional investors to participate in the sample group in the implementation of additional performance over second years before the issuance of a year, the large shareholders to participate in the group after the issuance of second years has not increased to before the issuance of a one-year performance. (3) the project financing private placement will obviously lead to the decline in performance of listed companies, the two groups have slipped through a significant test. But the largest shareholder group decline more than only institutional investors group, indicating that institutional investors play a supervision effect of effective control of major shareholders "tunneling project financing". (4) to finance the purchase of assets of private placement to significantly improve the performance of listed companies. In two groups, with the largest shareholder and its related Party group is superior to the only institutional investors to participate in the group. Two groups of second years in the implementation of additional orientation, results are beyond the implementation of the private placement. Only institutional investors group performance was increased year by year trend, the large shareholders to participate in the sample group of the first performance of ascension fell again, but the additional two years are significantly higher than the issuance of the implementation the year before.

【學(xué)位授予單位】：中國財(cái)政科學(xué)研究院
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F275

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