本文選題：股權(quán)再融資 + 地區(qū)金融發(fā)展水平��； 參考：《東北財經(jīng)大學(xué)》2014年碩士論文

【摘要】：股權(quán)再融資在我國從1993年開始興起,從最初1993年60.19億元的規(guī)模發(fā)展到2013年4575.08億元的規(guī)模,而股權(quán)再融資在股權(quán)融資中所占的比例也從1993年的20.5%增加到2012年的79.32%,由于2013年的IPO暫停,2013年所有的股權(quán)融資都是通過增發(fā)和配股這兩種股權(quán)再融資方式來實現(xiàn)的�？梢娙缃�,股權(quán)再融資在融資市場上占據(jù)著非常重要的地位。這些資金為促進(jìn)企業(yè)的發(fā)展起到了積極的作用。 另一方面,隨著我國市場經(jīng)濟(jì)的不斷發(fā)展壯大,地區(qū)金融發(fā)展的不平衡也是我國經(jīng)濟(jì)社會的一大現(xiàn)實問題。金融市場越發(fā)達(dá),規(guī)模越大,融資企業(yè)能夠享受金融發(fā)展帶來的機(jī)會越多,而在金融發(fā)展水平差的地區(qū),融資企業(yè)則明顯受到當(dāng)?shù)亟鹑跈C(jī)構(gòu)規(guī)模的限制。有研究發(fā)現(xiàn),我國金融發(fā)展程度相對較弱地區(qū)的企業(yè)更偏向于股權(quán)融資,由于在統(tǒng)一的股票市場上股權(quán)融資的成本在不同地區(qū)之間的差異不大,金融發(fā)達(dá)地區(qū)的優(yōu)勢更多的體現(xiàn)在債權(quán)融資的低成本上,因為金融發(fā)展有助于企業(yè)克服“道德風(fēng)險”和“逆向選擇”的問題,進(jìn)而減少信息不對稱和契約不完備所導(dǎo)致的資本市場的不完善,因此金融發(fā)展有利于緩解上市公司(尤其是民營上市公司)的融資限制。 那么,在證券市場可提供的資金相對有限于我國企業(yè)的股權(quán)再融資偏好的情況下,金融發(fā)展水平不相同的地區(qū)獲得股權(quán)再融資資金的機(jī)會是否平等,在獲得股權(quán)再融資機(jī)會之后是否會有相同的表現(xiàn),對這些問題的研究可以擴(kuò)展到對股權(quán)再融資的研究之中。 最初,關(guān)于股權(quán)再融資資源配置效率的研究是從盈余管理開始著手的,研究認(rèn)為,一些企業(yè)使用盈余管理的手段來達(dá)到股權(quán)再融資的條件進(jìn)而使得部分資金未能流入資源配置效率更高的企業(yè),降低了資源配置效率。隨后出現(xiàn)了從產(chǎn)權(quán)性質(zhì)角度對股權(quán)再融資資源配置效率進(jìn)行的研究,研究認(rèn)為,在其他條件相同的情況下,國有性質(zhì)的企業(yè)比非國有性質(zhì)的企業(yè)更容易得到股權(quán)再融資的機(jī)會,而實證分析結(jié)果表示非國有性質(zhì)的企業(yè)在得到股權(quán)再融資的資金后會有更出色的表現(xiàn),因此,這種融資機(jī)會的不平等現(xiàn)象降低了股權(quán)再融資的資源配置效率。 本文在借鑒已有文獻(xiàn)的基礎(chǔ)上,以2003年至2013年間中國資本市場中進(jìn)行股權(quán)再融資申請的上市公司為研究樣本探討地區(qū)金融發(fā)展水平不同對申請股權(quán)再融資上市公司事前和事后的影響。首先,通過對數(shù)據(jù)的描述性分析可以看出金融發(fā)展水平高的地區(qū)比金融發(fā)展水平低的地區(qū)更容易獲得股權(quán)再融資的機(jī)會；其次,通過Logistic回歸模型對數(shù)據(jù)進(jìn)行分析,發(fā)現(xiàn)在控制變量相同的情況下,地區(qū)金融發(fā)展水平高的地區(qū)依然比金融發(fā)展水平低的地區(qū)更容易獲得股權(quán)再融資的機(jī)會；然后,通過多變量線性回歸模型對申請進(jìn)行股權(quán)再融資的企業(yè)未來兩年的盈利情況進(jìn)行回歸分析,發(fā)現(xiàn)獲得股權(quán)再融資的企業(yè)未來的經(jīng)營業(yè)績更好,還發(fā)現(xiàn)金融發(fā)展水平高的地區(qū)的企業(yè)在獲得股權(quán)再融資后,企業(yè)未來的經(jīng)營業(yè)績會有更快的增加；最后得出結(jié)論：在盈利能力、企業(yè)規(guī)模、資本結(jié)構(gòu)、發(fā)展水平不變的情況下,金融發(fā)展水平高的地區(qū)的企業(yè)更容易獲得股權(quán)再融資的機(jī)會,而且金融發(fā)展水平高的地區(qū)利用股權(quán)再融資募集資金以后的投資效率更高,這可能是由于融資機(jī)會的不平等影響了企業(yè)的發(fā)展并進(jìn)一步加深了這種不平等。 因此,政府決策部門應(yīng)在再融資政策方面適當(dāng)增加對金融欠發(fā)達(dá)地區(qū)上市公司的政策支持,保證金融欠發(fā)達(dá)地區(qū)上市公司合理的資金需求,盡量保證股權(quán)再融資資源配置的公平,促進(jìn)地區(qū)經(jīng)濟(jì)更加平衡的發(fā)展。
[Abstract]:The equity re - financing began to rise in our country from 1993 to 457.08 billion yuan in 2013 , from 20.5 % in 1993 to 79.32 % in 2012 , and all equity financing in 2013 has been realized through the two ways of equity financing and equity financing . Now , equity refinancing plays a very important role in the financing market . These funds play a positive role in promoting the development of the enterprise .

On the other hand , with the development of market economy in our country , the imbalance of regional financial development is one of the realistic problems of our country ' s economy and society . The more developed the financial market , the more the financing enterprises can enjoy the financial development , the more the financing enterprises can enjoy financial development .

Then , if the funds available in the securities market are relatively limited to the equity refinancing preferences of Chinese enterprises , whether the opportunities for obtaining equity re - financing funds are equal in different regions of the financial development level are equal , and whether the same performance will occur after the equity re - financing opportunities are obtained , and the research on these issues can be extended to the study of equity refinancing .

At first , the research on the efficiency of equity re - financing resources allocation was started from the beginning of earnings management , and the study concluded that some enterprises could not flow into enterprises with higher resource allocation efficiency by using the means of surplus management , thus reducing the efficiency of resource allocation .

Based on the existing literature , listed companies that apply for equity refinancing in China ' s capital market from 2003 to 2013 are used as the research samples to explore the impact of different levels of regional financial development on the pre - and post - events of the listed companies . First , through the descriptive analysis of the data , it can be seen that the region with high level of financial development is more likely to obtain the opportunity to refinance the equity in the region with low level of financial development ;
Secondly , by analyzing the data by Logistic regression model , it is found that in the case of the same control variables , the region with high level of regional financial development is still more likely to get the chance to refinance equity in the region with low level of financial development ;
Then , through the regression analysis of the earnings of the enterprises applying for equity re - financing for the next two years , the multi - variable linear regression model finds that the future operation performance of the enterprise that obtains equity refinancing is better , and it is also found that the enterprise in the region with high financial development level will have a faster increase in the future operating performance of the enterprise after the equity re - financing is obtained ;
Finally , it comes to the conclusion that in the case that the profitability , the size of the enterprise , the capital structure and the development level are unchanged , the enterprises in the areas with high financial development level are more likely to have the opportunity to refinance the stock rights , and the investment efficiency of the region with high financial development level is higher than the investment efficiency after the equity re - financing is raised . This may be due to the unequal influence of the financing opportunity on the development of the enterprise and further deepening the inequality .

Therefore , the government decision - making department should properly increase the policy support of listed companies in the less developed areas in the aspect of refinancing policy , guarantee the reasonable capital requirements of listed companies in the underdeveloped areas of the financial system , and ensure the equity of the allocation of equity re - financing resources and promote the more balanced development of the regional economy .

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.7;F832.51

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