国内上市公司定向增发定价水平及市场效应

发布时间：2018-01-25 04:05

本文关键词： 定向增发折价溢价市场效应　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：近年来,定向增发已成为中国上市公司资本市场股权再融资的最重要方式。本文重点研究以项目融资为目的的定向增发,首先考察定向增发定价水平的影响因素,在研究定向增发价格折价的基础上,进一步引入了相对发行底价的溢价指标作为补充,并主要从公司成长性、市场时机、信息不对称、投资者预期等方面对其进行了解释。本文以我国2008年-2012年6月包含较完整市场周期的定向增发上市公司为样本,研究发现：由于机构投资者(非关联投资者)对信息补偿的诉求,发行价格受到抑制,传统的折价率指标很难反映公司自身的成长性；引入溢价指标后发现,公司自身成长性与发行价相对底价的溢价程度显著正相关；无论以折价或溢价衡量,定价水平与以询价数据表征的投资者预期高度相关。此外,较好的市场时机、信息不对称程度的降低,有助于提高发行价格的定价水平。之后本文还进一步讨论了定向增发实施后股价的市场效应。研究发现,剔除行业因素后,溢价程度较高的定向增发公司,股票的二级市场平均表现要更好。具体来看,定向增发成功实施后短期内——5个交易日和20个交易日,溢价程度越高,超额收益水平也越高,而高的申购资金以及公募基金参与认购有助于进一步提高超额收益水平。然而在长期,溢价程度与股价的市场效应间的关系并不明显。
[Abstract]:In recent years, private placement has become the most important way of equity capital markets Chinese refinancing of listed companies. This paper focuses on the project financing for the purpose of the first study on the influencing factors of private placement, private placement pricing level, based on the private placement price discount, further introduces the premium index relative to the issue price as a supplement and the main growth from the company, market timing, information asymmetry, investor expectations and other aspects of the explanation to it.
The orientation in China in 2008 -2012 year in June contains more complete market cycle the issuance of listed companies as a sample, it is found that the institutional investors (unaffiliated investors) of information compensation demands, the issue price is suppressed, the growth of the traditional discount rate index, it is difficult to reflect the company's introduction of premium index found; the premium level is positively related to company's own growth and price relative price; whether the discount or premium pricing level to measure, and inquiry data to characterize the investors' expectations are highly correlated. In addition, a better time, reduce the degree of information asymmetry, helps to raise the issue price level.
This paper further discusses the private placement market effects of stock after the implementation. The study found that excluding industry factors, directional premium higher degree of additional companies, stock market two average performance better. Specifically, the successful implementation of the private placement in a short period of time after - 5 days and 20 days more. The high premium level, excess income level is also higher and higher, the subscription funds and raised funds to participate in the subscription and help to further improve the excess income level. However in the long term, the relationship between the market effects and stock price between the premium level is not obvious.

【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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