中国卫星配股再融资的财务效应研究
发布时间：2019-07-06 07:29
【摘要】：随着我国经济体制的不断推进与资本市场改革的不断深入,提高上市公司质量、强化上市公司竞争优势、有效提高上市公司融资效率,正成为我国资本市场当前所面临的重要任务。深入研究上市公司的配股等再融资问题,考察上市公司配股融资效率及其对公司财务与未来发展的影响,对于促进上市公司快速发展、逐步完善资本市场具有重要的现实意义。本文拟通过中国卫星配股再融资案例研究,深入分析上市公司配股对公司财务活动及其财务状况的影响,为航天行业上市公司配股再融资理论与实践提供参考。本文通过运用主成分分析法、事件法等研究方法,以中国卫星2013年配股再融资案例为研究对象,深入分析了中国卫星配股再融资对公司财务活动、公司经营绩效、公司治理结构等方面的影响,以及配股事件的市场反应等问题。本文主要分为五个部分:第一部分绪论。主要介绍研究的背景及意义等内容;第二部分基础理论及文献综述。主要阐述配股再融资的相关理论及国内外研究现状;第三部分中国卫星配股再融资案例简介与动因分析。主要介绍中国卫星配股再融资案例情况,并分析配股再融资动因;第四部分中国卫星配股再融资对公司财务影响分析。深入分析中国卫星配股再融资对公司财务活动等方面影响及配股事件市场反应;第五部分结论与建议。总结研究结论并提出建议。通过上述研究,本文得出以下结论:(一)中国卫星配股再融资对公司财务活动具有显著的正向积极影响;(二)中国卫星配股再融资对公司经营绩效提升的作用显著;(三)中国卫星配股再融资事件的市场反应良好,得到了资本市场投资者的认可。
[Abstract]:With the continuous promotion of China's economic system and the deepening of capital market reform, it is becoming an important task for China's capital market to improve the quality of listed companies, strengthen the competitive advantages of listed companies, and effectively improve the financing efficiency of listed companies. It is of great practical significance to deeply study the refinancing problems such as the rights issue of listed companies, and to investigate the efficiency of allotment financing of listed companies and its influence on the financial and future development of listed companies, which is of great practical significance for promoting the rapid development of listed companies and gradually perfecting the capital market. Through the case study of satellite allotment refinancing in China, this paper deeply analyzes the influence of the rights issue of listed companies on the financial activities and financial situation of listed companies, and provides a reference for the theory and practice of refinancing of listed companies in aerospace industry. By using principal component analysis and event method, this paper takes the case of Chinese satellite rights issue refinancing in 2013 as the research object, and deeply analyzes the influence of Chinese satellite rights issue refinancing on corporate financial activities, corporate operating performance, corporate governance structure, and the market response of rights issue events. This paper is divided into five parts: the first part is the introduction. Mainly introduces the background and significance of the study; the second part of the basic theory and literature review. This paper mainly expounds the related theory of refinancing of allotment rights and the research status at home and abroad. The third part is a brief introduction and motivation analysis of the case of refinancing of satellite rights issue in China. This paper mainly introduces the case of refinancing of satellite rights issue in China, and analyzes the motivation of refinancing of satellite rights issue. The fourth part is the analysis of the financial impact of China satellite rights issue refinancing on the company. This paper deeply analyzes the influence of Chinese satellite rights issue refinancing on the financial activities of the company and the market response of the allotment event. The fifth part is the conclusion and suggestion. Summarize the research conclusions and put forward some suggestions. Through the above research, this paper draws the following conclusions: (1) the refinancing of satellite rights issue in China has a significant positive impact on the financial activities of the company; (2) the refinancing of satellite rights issue in China plays a significant role in improving the operating performance of the company; (3) the market response of the refinancing event of satellite rights issue in China is good and has been recognized by investors in the capital market.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.5;F406.7
本文编号：2510879
[Abstract]:With the continuous promotion of China's economic system and the deepening of capital market reform, it is becoming an important task for China's capital market to improve the quality of listed companies, strengthen the competitive advantages of listed companies, and effectively improve the financing efficiency of listed companies. It is of great practical significance to deeply study the refinancing problems such as the rights issue of listed companies, and to investigate the efficiency of allotment financing of listed companies and its influence on the financial and future development of listed companies, which is of great practical significance for promoting the rapid development of listed companies and gradually perfecting the capital market. Through the case study of satellite allotment refinancing in China, this paper deeply analyzes the influence of the rights issue of listed companies on the financial activities and financial situation of listed companies, and provides a reference for the theory and practice of refinancing of listed companies in aerospace industry. By using principal component analysis and event method, this paper takes the case of Chinese satellite rights issue refinancing in 2013 as the research object, and deeply analyzes the influence of Chinese satellite rights issue refinancing on corporate financial activities, corporate operating performance, corporate governance structure, and the market response of rights issue events. This paper is divided into five parts: the first part is the introduction. Mainly introduces the background and significance of the study; the second part of the basic theory and literature review. This paper mainly expounds the related theory of refinancing of allotment rights and the research status at home and abroad. The third part is a brief introduction and motivation analysis of the case of refinancing of satellite rights issue in China. This paper mainly introduces the case of refinancing of satellite rights issue in China, and analyzes the motivation of refinancing of satellite rights issue. The fourth part is the analysis of the financial impact of China satellite rights issue refinancing on the company. This paper deeply analyzes the influence of Chinese satellite rights issue refinancing on the financial activities of the company and the market response of the allotment event. The fifth part is the conclusion and suggestion. Summarize the research conclusions and put forward some suggestions. Through the above research, this paper draws the following conclusions: (1) the refinancing of satellite rights issue in China has a significant positive impact on the financial activities of the company; (2) the refinancing of satellite rights issue in China plays a significant role in improving the operating performance of the company; (3) the market response of the refinancing event of satellite rights issue in China is good and has been recognized by investors in the capital market.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.5;F406.7
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