南京医药定向增发引入境外战略投资者的案例研究

发布时间：2018-01-02 09:54

本文关键词：南京医药定向增发引入境外战略投资者的案例研究　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国改革开放与经济全球化的逐渐深化,越来越多的外国企业进入中国市场,对我国企业进行投资并取得合作,境外战略投资者逐渐成为一种风潮。起初,境外战略投资者大多对我国的银行进行投资,但我国资本市场日渐完善,境外企业的投资与合作开始扩展到各个行业。引入境外战略投资者可以帮助企业完善公司的治理结构、强化经营约束机制、提高技术开发能力、提升企业形象及公司业绩等,因此我国对正确适当的引入境外战略投资者是鼓励与支持的。采用何种方式引入境外战略投资者是值得企业关注的,在我国实施股权改革后,定向增发由于发行成本较低、发行流程较为简便、准入门槛偏低等优势,赢得我国上市企业的普遍认可,并且已成为我国资本市场上最主要的股权融资模式。由于企业定向增发的对象中包含着境外战略投资者,所以我国上市公司选择以定向增发方式引入境外战略投资者的行为不断增加,问题也接踵而至。因此,关于企业运用定向增发模式引入境外战略投资者方面的研究也逐渐增多。本文对有关于定向增发以及引入境外战略投资的文献进行梳理与研究,在阐述定向增发与境外战略投资者的相关概念与理论的基础之上,对南京医药通过定向增发方式引入境外战略投资者的案例进行深入全面的分析。在对南京医药定向增发引入境外战略投资者的分析中,首先介绍了南京医药与战略投资者的基本情况、此次定向增发的背景及流程,随后重点分析了南京医药定向增发引入境外战略投资者的动机、对境外战略投资者的选择、公司选择定向增发方式引入境外战略投资者的原因以及南京医药定向增发引入境外战略投资者给公司在治理、业务、财务、筹资投资及二级市场方面带来的影响来检验此次定向增发引入境外战略投资者的效果。最终得出关于此案例的启示与思考,为我国非银行金融企业定向增发引入境外战略投资者提供一定的借鉴。
[Abstract]:With the gradual deepening of reform and opening-up and economic globalization in our country, more and more foreign enterprises to enter the Chinese market, invest in enterprises of our country and achieve cooperation, foreign strategic investors has gradually become a trend. At first, most foreign strategic investors to invest in China's banks, but China's capital market gradually improved, investment and cooperation for overseas enterprises began to expand to various industries. The introduction of foreign strategic investors can help enterprises to improve the corporate governance structure, strengthen the management mechanism, improve the ability of technical development, enhance corporate image and corporate performance, therefore our country to properly introduce foreign strategic investors is to encourage and support. By means of introducing overseas strategic investors is worthy of attention of enterprises, the implementation of equity reform in China after the issuance of private placement due to low cost, the issuance process is relatively simple Then, the access threshold is low advantage, won general recognition of China's listed companies, equity financing mode and has become China's capital market, the main object of the enterprise. Because the private placement contains foreign strategic investors, so the choice of Listed Companies in China in the way of private placement to introduce foreign strategic investors behavior increasing there are problems. Therefore, research on the enterprise uses the placement mode of introduction of foreign strategic investors has also gradually increased. In this paper, a private placement, the introduction of foreign strategic investment literature to sort out and study, based on the related concepts and directional issuance of foreign strategic investors and theory, in-depth analysis the Nanjing medicine by way of private placement to the introduction of foreign strategic investors in the case of Nanjing medicine. Introduction of private placement environment Analysis of foreign strategic investors, first introduced the basic situation of Nanjing pharmaceutical and strategic investors, the placement of the background and process, then analyzes the Nanjing medicine placement of introduction of foreign strategic investors in the motivation of foreign strategic investors, the reason companies choose private placement to introduce foreign strategic investors and financial Nanjing medicine placement of the introduction of foreign strategic investors to the company in the management, business, investment and financing, impact of two class market to test the placement of the introduction of foreign strategic investors. Finally draw inspiration and thinking about this case, non bank financial firms for private placement in China to introduce foreign strategic investors to provide a reference.

【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.72

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