本文選題：定向增發(fā)　切入點：經(jīng)營績效　出處：《遼寧大學(xué)》2014年碩士論文

【摘要】：在2012年11月2日浙江世寶公開發(fā)行股票之后，直到2014年1月8日才有新寶股份公開發(fā)行股票，在這長達14個月的停止發(fā)行新股過程中，上市公司的融資方式也在悄然的發(fā)生轉(zhuǎn)變，定向增發(fā)在這期間規(guī)模不斷擴大，由2011年的183家增加到2013年底的217家。這個轉(zhuǎn)變正在引起學(xué)術(shù)界和投資者的眾多關(guān)注，定向增發(fā)能否真正改變上市公司的經(jīng)營績效還存在疑問�；谶@個問題，才有學(xué)者開始研究新形勢下定向增發(fā)對A股經(jīng)營績效的影響，但相關(guān)文獻較少，大多數(shù)文獻研究的重點是：定向增發(fā)對公司股價的影響、增發(fā)前盈余管理以及增發(fā)目的的影響。本文在前者的基礎(chǔ)上著重研究了定向增發(fā)對我國A股上市公司經(jīng)營績效的影響，，因此,本文的研究具有一定的參考價值和現(xiàn)實意義。 通過篩選2011年實施定向增發(fā)的108家在滬深A(yù)股上市公司的樣本,本文選取與盈利能力指標(biāo)、償債能力指標(biāo)、營運能力指標(biāo)、發(fā)展能力指標(biāo)和現(xiàn)金流量能力這五個大方面相關(guān)聯(lián)的13項財務(wù)指標(biāo)，組成研究體系,這些指標(biāo)體系能夠比較全面地反映出公司的經(jīng)營績效情況。本文應(yīng)用因子分析法對挑選的13項指標(biāo)進行降維然后提取出公因子,構(gòu)造出因子分析模型,再計算出樣本公司的綜合績效得分。通過對比定向增發(fā)前后模型的得分情況,得出結(jié)論,定向增發(fā)對我國A股上市公司的經(jīng)營績效沒有得到明顯改善。從實證的結(jié)果看來,在2011年實施定向增發(fā)的公司業(yè)績并沒有想象中那么樂觀,甚至有不增反降的趨勢，這一現(xiàn)象應(yīng)當(dāng)引起眾多投資者的關(guān)注。在此結(jié)論的基礎(chǔ)上，在論文的結(jié)尾部分提出了相關(guān)政策和建議：從宏觀角度出發(fā)，上市公司應(yīng)當(dāng)改善定向增發(fā)后的信息披露制度；提高投資者的素質(zhì)，同時投資者在進行投資時應(yīng)當(dāng)保持謹(jǐn)慎的態(tài)度；確保機構(gòu)投資者注入的資產(chǎn)是優(yōu)良資產(chǎn)。這些建議可以規(guī)避上市公司在定向增發(fā)中的一些不足，使上市公司的經(jīng)營績效能有顯著的提高。
[Abstract]:It was not until January 8, 2014, after the Zhejiang Shibao public offering of shares on November 2, 2012, that Xinbao shares were publicly issued, during the 14-month process of suspending the issuance of new shares.The way of financing of listed companies is also quietly changing, the size of targeted issuance has been expanding during this period, from 183 in 2011 to 217 at the end of 2013.This change is attracting a lot of attention from academic circles and investors. It is still doubtful whether directional placement can really change the operating performance of listed companies.Based on this problem, some scholars have begun to study the impact of private placement on the performance of A shares under the new situation, but there are few related documents, most of the research focus is: the impact of private placement on the share price of the company.Earnings management before additional issuance and the impact of the purpose of additional issuance.On the basis of the former, this paper focuses on the impact of directional placement on the operating performance of A-share listed companies in China, so this study has certain reference value and practical significance.By screening the samples of 108 A-share listed companies in Shanghai and Shenzhen in 2011, this paper selects the indexes of profitability, solvency, operating capacity, etc.There are 13 financial indexes which are related to the five aspects of development ability and cash flow ability, which can reflect the performance of the company in a more comprehensive way.In this paper, we use factor analysis to reduce the dimension of 13 selected indexes, then extract common factors, construct a factor analysis model, and then calculate the comprehensive performance score of the sample company.By comparing the scores of the models before and after the placement, it is concluded that the performance of the A-share listed companies has not been significantly improved.According to the empirical results, the performance of the companies in 2011 is not as optimistic as expected, and there is even a tendency to decline rather than increase. This phenomenon should attract the attention of many investors.On the basis of this conclusion, the paper puts forward some relevant policies and suggestions at the end of the paper: from the macro point of view, the listed companies should improve the information disclosure system after the placement, and improve the quality of investors.At the same time, investors should be cautious in their investments to ensure that the assets injected by institutional investors are good assets.These suggestions can avoid some shortcomings of the listed companies in the directional additional offering, so that the operating performance of the listed companies can be significantly improved.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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