大股东认购方式、资产评估增值率与公司业绩

发布时间：2018-08-27 12:27

【摘要】：2006年5月《上市公司证券发行管理办法》的颁布实施，不仅为定向增发股权再融资在我国资本市场的运用奠定了法律基础，，同时也使得定向增发股权再融资成为我国上市公司募集资金的最重要方式之一。2006-2008年的三年期间，300多家上市公司成功的进行了定向增发筹集股权资金，占我国上市公司总数的15%左右。与此同时，学术界对定向增发事件的研究方兴未艾，纵观这几年的研究，学者们的研究重点基本集中于定向增发事件本身的短期公告效应、长期股价效应、发行价格的确定及大股东利益侵占等问题，研究结论不一。本文在已有研究文献的基础之上，透过定向增发事件本身，试图从另一个视角进行更深层次的剖析。本文选取2006-2008三年期间成功实施定向增发的上市公司为样本，根据大股东认购资产类型的不同，将所有样本分为现金认购和资产认购两种，对比分析了不同认购方式的短期公告效应及其对公司短期业绩的影响、长期股价效应及其对公司长期业绩的影响；并在此基础之上，把资产认购的样本按照资产评估增值率进行分组，研究不同资产评估增值率的市场反应其及对公司业绩的影响。结果表明，现金认购的短期公告效应优于资产认购，但由于控股股东对上市公司资金的占用，使得现金认购的短期公司业绩低于资产认购；在长期股价效应方面，现金认购优于资产认购，但由于上市公司大股东占用上市公司资金的问题未得到改善，导致现金认购的长期业绩低于资产认购；在对资产认购的样本按照资产评估增值率进行分组后，我们发现，资产评估增值率较低的一组市场反应优于资产评估增值率较高的一组，且资产评估增值率较低的一组公司业绩也明显较优。
[Abstract]:The promulgation and implementation of the measures for the Administration of Securities issuance of listed companies in May 2006 not only laid a legal foundation for the use of refinancing of targeted additional equity in China's capital market. At the same time, it also makes refinancing of private additional shares one of the most important ways for Chinese listed companies to raise funds. During the three years from 2006 to 2008, more than 300 listed companies successfully raised equity funds by private placement. It accounts for about 15% of the total number of listed companies in China. At the same time, the academic circles are in the ascendant to the research of the private placement event. Throughout the past few years, the research focus of the scholars is basically focused on the short-term announcement effect and the long-term stock price effect of the directed placement event itself. The issue price determination and the major shareholder interests encroachment and so on question, the research conclusion is different. On the basis of the existing literature, this paper attempts to analyze further from another perspective through the directed placement event itself. In this paper, the listed companies that successfully implemented the directional additional issuance in 2006-2008 are selected as samples. According to the different types of assets subscribed by large shareholders, all the samples are divided into cash subscription and asset subscription. This paper compares and analyzes the short-term announcement effect of different subscription methods and its impact on the short-term performance of the company, the long-term stock price effect and its impact on the long-term performance of the company, and on the basis of this, The asset subscription samples are grouped according to the asset appreciation rate to study the market response of different asset appreciation rates and its impact on the performance of the company. The results show that the short-term announcement effect of cash subscription is better than that of asset subscription, but the short-term performance of cash subscription is lower than that of asset subscription due to the holding of funds by controlling shareholders. Cash subscription is better than asset subscription, but due to the problem that large shareholders of listed company occupy the capital of listed company, the long-term performance of cash subscription is lower than asset subscription. After grouping the asset subscription samples according to the asset valuation appreciation rate, we find that the market response of the group with lower asset valuation appreciation rate is better than that of the asset valuation appreciation rate group. In addition, the performance of a group of companies with low asset appreciation rate is also significantly better.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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