股权集中度与上市公司再融资成本、绩效实证分析

发布时间：2018-03-02 10:00

本文关键词： 股权集中度再融资成本再融资绩效　出处：《山东大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着2015年我国股市又一波牛市行情的到来,以及证监会对公司债发行主体的放开和发行方式的丰富,我国上市公司再融资市场得到了飞速发展,再融资数量和规模得到了前所未有的扩张。通过融资,可以解决公司资金需求,支持公司未来生产运营,对于公司的发展必不可少。尤其是近两年来,相关政策的大力支持,使得上市公司的再融资受到越来越广泛的关注,此时对相关问题进行研究,有着十分重要的意义。当上市公司进行再融资的时候,可以采取的方式大体可分为两种:股权再融资和债券再融资,而需要考虑的因素,无非是成本与融资绩效。本文选取了股权集中度这一方面的因素作为切入点,对上市公司再融资事件进行研究,并基于2015—2016年间发生的所有上市公司再融资事件进行实证分析,以探讨股权集中度对不同再融资方式(股权和债权)的成本、绩效的影响。本文采用目前学术研究中最常用的CR1和CR10来衡量股权集中度,使用最为广泛接受的方式来计算再融资成本和绩效,并加入其他上市公司特征,纳入同一框架内,研究它们对再融资的影响。研究结果表明,当上市公司进行再融资时,股权再融资成本与第一大股东持股比例负相关,债权再融资成本与股权集中度的关系不大。而对于融资后的绩效来说,无论是股权再融资还是债权再融资,都与前十大股东合计持股的比例正相关。
[Abstract]:With the arrival of another bull market in China's stock market in 2015, as well as the opening up of the main body of corporate bond issuance by the CSRC and the enrichment of the issuance methods, the refinancing market of listed companies in China has developed rapidly. The amount and scale of refinancing have been expanded unprecedented. Through financing, the company can meet its capital needs and support its future production and operation, which is essential for the development of the company. Especially in the past two years, the related policies have been strongly supported. It makes the refinancing of listed companies receive more and more attention. It is of great significance to study the related issues at this time. When the listed companies refinance, There are two ways that can be adopted: equity refinancing and bond refinancing, but the factors that need to be considered are only cost and financing performance. This paper studies the refinancing events of listed companies, and makes an empirical analysis based on the refinancing events of all listed companies in 2015-2016, in order to explore the cost of equity concentration on different refinancing methods (equity and debt). This paper uses the most commonly used CR1 and CR10 in current academic research to measure equity concentration, uses the most widely accepted method to calculate the refinancing cost and performance, and adds the characteristics of other listed companies into the same framework. The results show that when the listed companies refinance, the cost of equity refinancing is negatively correlated with the proportion of the largest shareholders. The cost of debt refinancing has little to do with equity concentration. For the performance after financing, both equity refinancing and debt refinancing are positively related to the proportion of the top ten shareholders' total shareholdings.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275

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