發(fā)布時(shí)間：2018-07-04 17:50

  本文選題：增發(fā)統(tǒng)計(jì) + 增發(fā)分類研究�。� 參考：《北京交通大學(xué)》2014年碩士論文

【摘要】：上市公司增發(fā)融資、收購(gòu)資產(chǎn)是企業(yè)規(guī)模擴(kuò)張的重要方式,而上市公司本身就是經(jīng)濟(jì)活動(dòng)中最活躍的組織。因此,有必要針對(duì)上市公司增發(fā)情況進(jìn)行相應(yīng)的研究。上市公司增發(fā)到底有哪些方式,如何選擇?上市公司增發(fā)完成后,績(jī)效的提升情況如何?上市公司增發(fā)預(yù)案提出后,股價(jià)的短期表現(xiàn)如何?這三個(gè)問(wèn)題,也是本論文主要的回答的問(wèn)題。 本論文的主要目的為梳理2006年—2013年以來(lái)上海證券市場(chǎng)上市公司的增發(fā)情況,并根據(jù)不同的增發(fā)方式對(duì)各類增發(fā)進(jìn)行統(tǒng)計(jì)分類；在完成相關(guān)分類后,對(duì)增發(fā)后上市公司的績(jī)效水平進(jìn)行了研究,通過(guò)ROE絕對(duì)水平的變化、企業(yè)ROE相對(duì)水平變化(與行業(yè)的對(duì)比),對(duì)增發(fā)企業(yè)進(jìn)行績(jī)效研究；另外,就不同的增發(fā)類型,分別統(tǒng)計(jì)了相應(yīng)的股價(jià)短期走勢(shì)情況,并結(jié)合市場(chǎng)整體走勢(shì)、注入資產(chǎn)的額度比例進(jìn)行了關(guān)聯(lián)性分析。 根據(jù)統(tǒng)計(jì)結(jié)果,梳理了各類增發(fā)的情況,對(duì)8年內(nèi)上海證券交易所上市公司所有增發(fā)進(jìn)行了梳理；此外通過(guò)研究發(fā)現(xiàn)：在完成現(xiàn)金、資產(chǎn)增發(fā)后,上市公司的經(jīng)營(yíng)績(jī)效在2-3年后反而出現(xiàn)了一定程度的下滑；投資者對(duì)于現(xiàn)金增發(fā)趨于理性,但對(duì)資產(chǎn)增發(fā)仍然存在較高的期待。
[Abstract]:The listed company is the most active organization in the economic activities. Therefore, it is necessary to conduct a corresponding study on the situation of additional issuance of listed companies. What are the ways of issuing additional shares of listed companies and how to choose them? How about the performance improvement of the listed company after the completion of the additional issuance? How about the short-term performance of the stock price after the advance plan of the additional issue of the listed company? These three questions are also the main answers in this paper. The main purpose of this paper is to sort out the situation of additional issuance of listed companies in Shanghai Stock Market from 2006 to 2013, and to classify all kinds of additional offerings according to different ways. Through the change of absolute level of ROE, the relative level of ROE (compared with the industry), the performance of the listed companies is studied. The short term trend of stock price is counted, and the proportion of injected assets is analyzed according to the overall market trend. According to the results of the statistics, this paper combs all kinds of additional offerings, and combs all the additional offerings of listed companies on the Shanghai Stock Exchange within 8 years. In addition, through the research, it is found that: after the completion of the additional issuance of cash and assets, The operating performance of listed companies declined to a certain extent after 2-3 years. Investors tend to rational cash issuance, but there is still a high expectation of additional asset issuance.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 何麗梅;蔡寧;;我國(guó)上市公司定向增發(fā)長(zhǎng)期股價(jià)效應(yīng)的實(shí)證研究[J];北京工商大學(xué)學(xué)報(bào)(社會(huì)科學(xué)版);2009年06期

2 紀(jì)任雄;;上市公司通過(guò)定向增發(fā)整體上市的績(jī)效研究[J];東方企業(yè)文化;2010年01期

3 朱紅軍;何賢杰;陳信元;;定向增發(fā)“盛宴”背后的利益輸送:現(xiàn)象、理論根源與制度成因——基于馳宏鋅鍺的案例研究[J];管理世界;2008年06期

4 陸滿平;上市公司增發(fā)新股的國(guó)際比較與借鑒[J];宏觀經(jīng)濟(jì)研究;2002年05期

5 馮根福,吳林江;我國(guó)上市公司并購(gòu)績(jī)效的實(shí)證研究[J];經(jīng)濟(jì)研究;2001年01期

6 胡乃武,閻衍,張海峰;增發(fā)融資的股價(jià)效應(yīng)與市場(chǎng)前景[J];金融研究;2002年05期

7 劉力,王汀汀,王震;中國(guó)A股上市公司增發(fā)公告的負(fù)價(jià)格效應(yīng)及其二元股權(quán)結(jié)構(gòu)解釋[J];金融研究;2003年08期

8 周宏;王海妹;張巍;;相對(duì)績(jī)效評(píng)價(jià)的績(jī)效形式研究[J];會(huì)計(jì)研究;2008年06期

9 張鳴;郭思永;;大股東控制下的定向增發(fā)和財(cái)富轉(zhuǎn)移——來(lái)自中國(guó)上市公司的經(jīng)驗(yàn)證據(jù)[J];會(huì)計(jì)研究;2009年05期

10 吳正杰;宋獻(xiàn)中;;企業(yè)績(jī)效測(cè)評(píng)標(biāo)準(zhǔn)選擇——困惑、對(duì)策與啟示[J];會(huì)計(jì)研究;2011年04期

，

本文編號(hào)：2096872