我国上市公司定向增发前后经营业绩变化的实证研究

发布时间：2018-04-20 22:01

本文选题：定向增发 + 经营业绩　；参考：《浙江工商大学》2012年硕士论文

【摘要】：有关上市公司再融资行为研究一直是理论界的热点。2005年以后,随着股权分置改革的顺利进行,我国上市公司再融资方式也发生了巨大的变化,从以往的偏好公开增发与配股再融资慢慢转向了定向增发再融资。自此越来越多的理论界与实务界的人士关注起“定向增发”这个新宠。但我国上市公司定向增发发展的时间较短,目前对于这方面的研究还不够成熟,如何指引定向增发朝健康、稳定的方向发展是个亟待解决的难题。本文采用规范和实证相结合的方法对我国上市公司定向增发前后经营业绩变化进行相关研究,然后根据研究结论发现定向增发中存在的问题,并提出相应的政策建议。本文的主要研究思路如下：以在2008年定向增发的上市公司为研究样本,运用因子分析法计算样本公司在2007、2009、2010年的经营业绩得分排名。以此为基础,本文采用描述性统计与非参数检验法等对公司定向增发前后的企业经营业绩排名变化进行研究分析,并进一步分析在不同增发特征(如增发对象、增发规模、增发折价等)下企业业绩变化有何差异。经过实证研究,本文得出以下结论：一、本文发现企业定向增发后的短期经营业绩变化虽不明显,中长期业绩表现却为走弱,这证实了大股东在定向增发过程中可能存在利益侵占行为。二、当定向增发特征不同时企业经营业绩下滑的幅度会有所差别：(1)当定向增发对象中含有大股东及其关联方时,大股东的利益侵占会愈加严重,增发后企业经营业绩下降的幅度会更大；(2)当定向增发对象中含有机构投资者时,由于监督效应的存在,企业业绩下降的幅度则会小些；(3)当定向增发规模较大时企业业绩下降的幅度会小些；(4)定向增发折价的高低不同对企业业绩的影响没有显著的差异。
[Abstract]:The research on refinancing behavior of listed companies has always been a hot topic in the theoretical circle. After 2005, with the smooth implementation of the reform of split share structure, the refinancing mode of listed companies in our country has also undergone tremendous changes. From the previous preference for public issuance and rights issue refinancing slowly to directional refinancing. Since then, more and more theorists and practitioners have paid attention to the new pet of directional issuance. However, the development of the listed companies in China is relatively short, the current research on this area is not mature enough, how to guide the direction of directional placement to health, stable development is a difficult problem to be solved. This paper adopts the method of normative and empirical combination to study the changes of operating performance of listed companies before and after directional placement, and then finds out the problems existing in directional placement according to the research conclusions, and puts forward corresponding policy recommendations. The main research ideas of this paper are as follows: with the listed companies listed in the year 2008 as the research sample, factor analysis is used to calculate the operating performance score of the sample companies in 2007 / 09 and 2010. On this basis, this paper uses descriptive statistics and non-parametric test method to study and analyze the change of business performance ranking before and after the company's directional placement, and further analyzes the characteristics of different additional offerings (such as the object of additional issuance, the scale of additional issuance, etc.) Additional offer discount etc.) under the enterprise performance change has any difference. Through the empirical research, this paper draws the following conclusions: first, this paper finds that the short-term performance changes are not obvious, but the medium- and long-term performance is weak. This confirms that the major shareholders may have the behavior of interest encroachment in the process of directional issuance. Second, when the characteristics of the directional placement are different, the extent of the decline in the business performance of the enterprise will be different.) when the object of the directional additional offering contains large shareholders and their related parties, the interests of the large shareholders will become more and more serious. The decline in business performance will be even greater after additional issuance.) when there is institutional investors in the targeted placement target, because of the existence of the supervisory effect, The extent of decline of enterprise performance will be smaller than that of other companies. When the scale of directional additional issuance is larger, the extent of decline of enterprise performance will be smaller. (4) there is no significant difference in the influence of different discount price of directional additional offering on enterprise performance.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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