物流上市公司股权再融资经营绩效研究

发布时间：2018-05-24 16:15

本文选题：物流上市公司 + 股权再融资　；参考：《郑州大学》2017年硕士论文

【摘要】：改革开放以来,我国物流产业取得了蓬勃发展,目前物流业正处在转型升级的重要阶段,为了满足自身发展的需要,越来越多的物流上市公司选择了股权再融资方式筹集资金。国内外学者在股权再融资经营绩效研究方面取得了大量的研究成果,但在研究样本的选择上多以行业规模较大的制造业为主,对上市公司分行业、分地区研究的文献较少。因此,本文针对物流上市公司研究其股权再融资前后经营绩效的变化。以1993-2016年间实施股权再融资的物流上市公司为研究对象,研究其再融资前一年、再融资当年及再融资后三年共计五年间经营绩效的变化情况。结果表明,实施配股再融资的物流上市公司其经营绩效表现出下降趋势且呈现显著性;实施增发的物流上市公司其经营绩效变化不显著;发行可转债的物流上市公司,经营绩效呈现下降趋势且部分指标具有显著性;三种股权再融资方式对物流上市公司经营绩效的影响存在显著性差异;增发再融资是物流上市公司最优选的方式,可转债次之,配股最后。选用最小角回归方法,以股权再融资当年以及后三年共计四年的净资产收益率与再融资前一年的平均相对变化率为目标变量,从公司规模、股权结构等方面选取了七个自变量,分析了配股、增发及可转债对物流上市公司经营绩效的影响。研究表明,首先,对于配股,资产负债率是物流上市公司经营绩效变化的最大影响因素,且资产负债率与企业经营绩效呈逆向变化趋势;其次,资产负债率也是增发公司经营绩效最大的影响因素,且与经营绩效呈现同向变化趋势;最后,对于发行可转债的物流上市公司,发行前公司的自由现金流指标对公司的经营绩效影响最大,并且呈现同向变化。
[Abstract]:Since the reform and opening up, China's logistics industry has made vigorous development. At present, the logistics industry is in an important stage of transformation and upgrading. In order to meet the needs of its own development, more and more listed logistics companies choose equity refinancing to raise funds. Scholars at home and abroad have made a great deal of research results in the performance of equity refinancing, but in the selection of research samples mainly in the larger industry manufacturing industry, there is less literature on the listed companies by industry, by region. Therefore, this paper studies the change of operating performance before and after equity refinancing for logistics listed companies. Taking the listed logistics companies that implemented equity refinancing from 1993 to 2016 as the research object, this paper studies the changes of the operating performance of the listed companies in the year before refinancing, in the year of refinancing and in the three years after refinancing. The results show that the operating performance of the listed logistics companies with refinancing of the rights issue shows a downward trend and is significant; the operating performance of the logistics listed companies with additional issuance is not significant; the logistics listed companies issuing convertible bonds have no significant changes in their operating performance; The operating performance shows a downward trend and some indicators are significant; the impact of three kinds of equity refinancing on the operating performance of the listed logistics companies has significant differences; additional refinancing is the best way for the logistics listed companies to choose, and convertible bonds are the second. The rights issue is the last. Using the method of minimum angle regression, taking the return of net assets in the year of equity refinancing and the average relative rate of change of the year before refinancing as the target variable, seven independent variables are selected from the aspects of company size, equity structure, etc. This paper analyzes the impact of rights issue, additional issuance and convertible bonds on the operating performance of logistics listed companies. The results show that, firstly, asset-liability ratio is the most important factor influencing the change of operating performance of logistics listed companies, and the asset-liability ratio has a reverse trend with enterprise operating performance. The asset-liability ratio is also the biggest factor that affects the performance of the additional issuance company, and shows the same trend of change with the operating performance. Finally, for the logistics listed companies that issue convertible bonds, Before issue, the free cash flow index has the greatest influence on the company's operating performance, and presents the same direction change.
【学位授予单位】：郑州大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F259.23;F253.7

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