我国上市公司股权再融资后财务业绩及其影响因素分析

发布时间：2018-02-26 19:14

本文关键词： 股权再融资财务业绩影响因素　出处：《东北财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：股权再融资(Seasoned-Equity-Offering)近年来一直是国内外理论和实务研究的热门领域。在我国,20世纪90年代末期以来,随着增发新股方式的出现,上市公司的股权再融资方式不再仅是单一的配股,在资金全球化的推动下不少上市公司为了开发新项目、多元化发展等对资金的需求也在不断增长,更多的融资选择为上市公司提供了更加便利的融资环境和更多发展壮大的机会。股权融资与债务融资相比具有弹性大、融资额高等优越性,因而成为了很多上市公司的首选融资方式。这些公司融资后的财务状况也成为利益相关者关心的重要问题,融资后是否能给上市公司带来更多盈利机会和利润前景,其业绩的变化都归因于哪些重要因素等都是本文即将深入探讨的问题。关于股权再融资后业绩变化的相关问题已有不少研究成果,但大多数是关于股价变化等市场反应的结论,对于融资后的长期财务业绩至今尚未得到一致结果,且影响业绩变化的相关因素仍鲜有研究者涉足,本文基于对此研究空白的探索,尝试总结出影响上市公司股权再融资后业绩的变化情况以及相关影响因素。本文以沪深两市2001年～2004年实行配股和增发的121家A股上市公司作为研究样本,以其融资前两年至融资后六年的9年时间作为观察期,对多种不同财务指标进行统计量描述和非参数检验,得出业绩变化趋势的相关结论,并通过信息不对称理论、股权结构理论、代理理论以及盈余管理假说等理论为依托,提出相关假设,利用多元线性回归模型将样本数据分别从短期和长期进行回归分析,归纳出可能的影响因素。研究结论表明：上市公司在融资后普遍存在短期财务绩效不佳,且业绩不及融资前,与同期未进行再融资的配比样本相比,业绩也并不具有优势；但经过三年左右的调整期,从长期来看并未出现持续滑坡。从影响因素方面,融资额与净资产的比例不协调是影响企业融资后短期业绩低下的重要原因,这也反应出我国上市公司的“圈钱”动机；而股权集中度和公司规模对融资后的长期业绩有显著影响,股权越集中的公司融资后的长期业绩越差、规模越大的公司在融资后能够较好地发挥资金的有效性,外部监督作用的发挥和对企业信息披露的高要求,使大公司的长期业绩要明显好于小公司。最后分别从外部和内部提出政策建议以及针对公司治理问题的相关改进措施。
[Abstract]:Equity refinancing (Seasoned-Equity-Offering) has been a hot field of theoretical and practical research at home and abroad in recent years. Since the end of 90s of 20th century, with the emergence of new equity issuance, the equity refinancing of listed companies is no longer a single rights issue. Driven by the globalization of funds, many listed companies are also increasing their demand for capital in order to develop new projects and diversify their development. More financing options provide a more convenient financing environment and more opportunities for the development of listed companies. Compared with debt financing, equity financing has the advantages of greater flexibility and higher financing. As a result, it has become the preferred financing method for many listed companies. The financial situation of these companies after financing has also become an important issue of concern to stakeholders. Whether the financing can bring more profit opportunities and profit prospects to listed companies, The changes of its performance are all attributed to some important factors which will be discussed in this paper. There have been a lot of research results on the changes of performance after equity refinancing, but most of them are conclusions of market reaction such as stock price changes. For the long-term financial performance after financing has not yet been consistent results, and the factors affecting performance changes are rarely involved, this paper based on this research blank exploration, This paper tries to summarize the changes of performance of listed companies after equity refinancing and the related factors. From 2001 to 2004, 121 A-share listed companies listed in Shanghai and Shenzhen stock markets were used as the research samples, and the 9-year period from two years before financing to six years after financing was taken as the observation period. Based on the statistical description and nonparametric test of various financial indicators, this paper draws a conclusion on the trend of performance change, and relies on information asymmetry theory, equity structure theory, agency theory and earnings management hypothesis. The related hypothesis is put forward, and the sample data are regressed from short and long term by using multivariate linear regression model, and the possible influencing factors are concluded. The results show that the short-term financial performance of listed companies is generally poor after financing, and the performance is not as good as that before financing, compared with the matching sample without refinancing in the same period, the performance has no advantage, but after about three years of adjustment period, In the long run, there has not been a sustained decline. In terms of influencing factors, the disharmony between the amount of financing and net assets is an important reason for the low short-term performance of enterprises after financing, which also reflects the motivation of "circle money" of listed companies in China. The degree of ownership concentration and the size of the company have a significant impact on the long-term performance after financing, the more concentrated shares of the company's long-term performance after financing, the larger the size of the company after financing can play a better role in the effectiveness of the funds. The exertion of external supervision function and the high requirement to enterprise information disclosure make the long-term performance of large company obviously better than that of small company. Finally, the paper puts forward the policy suggestion from outside and inside, and the related improvement measures aiming at the problem of corporate governance.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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