我国A股市场上市公司定向增发定价及经济后果研究

发布时间：2018-06-19 08:04

本文选题：定向增发 + 折价发行　；参考：《天津财经大学》2012年硕士论文

【摘要】：定向增发作为我国股权再融资方式之一,近年来逐渐成为上市公司的主流选择。论文以2006年到2010年我国A股市场成功实施定向增发的上市公司为样本,理论分析了我国上市公司定向增发的折价问题及其经济后果。并采用描述性统计分析、相关分析、均值检验、多元线性回归分析等方法实证检验理论分析结论。在定向增发发行价格方面,论文认为在信息不对称的条件下,上市公司定向增发存在折价发行的偏好。尽管为了满足《上市公司证券发行管理办法》的溢价发行规定,上市公司都会选择董事会决议日为定价基准日,但实际上却是按照发行公告日为基准日进行折价发行,使得定向增发特定的发行对象受益。同时研究还认为大股东或大股东关联方作为发行对象的折价率要小于其他两种发行对象的折价率。在定向增发经济后果的利益输送方面,研究发现上市公司实施定向增发所产生的价值增值部分,将会按持股比例分别被股东瓜分,而参与定向增发的大股东和机构投资者要想获得更大收益一定会侵占中小股东利益。在定向增发经济后果的市场反应方面,以累计超额收益率为定向增发对上市公司造成市场反应的衡量标准认为,首先存在短期为正的公告效应,其次控股股东持股比例与定向增发后短期市场反应呈负相关,最后发行对象对上市公司定向增发市场反应都没有显著性差别。在定向增发经济后果的公司反应方面,研究结果得到上市公司实施定向增发后,不同行业会产生不同的公司反应。文章通过对定向增发定价机制的研究,在探讨其是否公平的基础上,找到影响定向增发价格制定的因素。同时在对经济后果的研究中,分析定向增发对股东之间的利益均衡影响,以及产生的市场反应和公司反应。这样在保护广大中小股东利益的同时,也有利于提高上市公司经营绩效和整个资本市场的发展。
[Abstract]:As one of the ways of equity refinancing in China, directional placement has gradually become the mainstream choice of listed companies in recent years. This paper analyzes the discount problem and its economic consequences of China's A-share market from 2006 to 2010, taking the listed companies that successfully implemented additional directional offerings as samples. Descriptive statistical analysis, correlation analysis, mean test, multiple linear regression analysis and other methods are used to test the theoretical analysis conclusions. In the aspect of the price of IPO, the paper thinks that under the condition of asymmetric information, the listed company has the preference of offering at a discount. Although in order to meet the premium issuance provisions of the "measures for the Administration of Securities issuance of listed companies", the listed companies will choose the date of resolution of the board of directors as the pricing base date, in fact they will issue at a discount in accordance with the date of the issuance announcement as the base date. So that targeted additional issuance of specific objects benefit. At the same time, it is considered that the discount rate of large shareholders or related parties is lower than that of the other two kinds of issuing objects. With regard to the transmission of benefits from the economic consequences of directional placement, it is found that the value added part of the listed companies will be divided according to the proportion of shares held by shareholders. The large shareholders and institutional investors who participate in the private placement must encroach on the interests of the minority shareholders if they want to gain more income. In the market response to the economic consequences of directional placement, the cumulative excess return rate is taken as the measure of the market response to the listed companies. It is considered that there is a short-term positive announcement effect. Secondly, there is a negative correlation between the proportion of controlling shareholders and the short-term market reaction after the placement, and there is no significant difference in the market response of the final issuers to the listed companies. In the aspect of corporate response to the economic consequences of directional placement, the research results show that different industries will produce different corporate responses after the listed companies implement private placement. Based on the study of the pricing mechanism and the fairness of the pricing mechanism, this paper finds out the factors that influence the pricing of the placement. At the same time, in the study of economic consequences, this paper analyzes the impact of directional placement on the interests of shareholders, as well as the market reaction and corporate response. In this way, while protecting the interests of the majority of minority shareholders, it is also conducive to improving the operating performance of listed companies and the development of the capital market as a whole.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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