烽火通信定向增发对企业经营绩效的影响研究

发布时间：2018-03-16 04:05

本文选题：烽火通信　切入点：定向增发　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：2006年中国证监会颁布的《上市公司证券发行管理办法》首次将定向增发纳入法律约束层面。由于定向增发融资方式具有门槛低、发行成本低、定价机制灵活、增发规模不受限制的优点迅速得到了很多发行公司的青睐。万得数据显示定向增发已经成为上市公司股权再融资的最主要方式。但目前定向增发改革实践刚走过十年,新情况、新问题不断出现,有些公司频频实施定向增发,经营活动产生的现金流存在短缺的问题,对上市公司定向增发及其经营绩效问题的研究具有重要的现实意义。首先通过梳理和归纳相关文献,本文对定向增发这一领域的国内外相关理论研究成果进行整理,并就定向增发的制度背景和现状予以了分析。其次,再以企业财务报告等资料为主要依据,选择烽火通信公司作为案例,运用理论研究和案例研究相结合的方法,对烽火通信定向增发后的经营绩效予以分析。烽火通信公司业绩表现良好但近年来频频实施定向增发,分别在2009年、2012年分别实施了一次定向增发,又在2015年实施了两次定向增发,且在2016年公布了新的定向增发预案。所以针对企业情况,本文深入研究了定向增发对公司经营绩效的影响。本文主要沿着定向增发可能是现金流存在问题这一思路,先分析企业在现金流上存在的问题,然后分别对烽火通信进行增发后的财务绩效、资本市场表现进行了剖析与评价,探究企业经营管理上存在的问题怎样影响了企业的现金流。进一步分析企业经营绩效的影响因素,并对定向增发影响企业经营绩效的路径进行剖析。通过以上研究本文发现企业的经营活动现金流量存在短缺的问题,且企业存在着存货周转效率低下、应收账款回收效率低等经营管理方面的问题,并就如何解决这些问题理提出相关的建议,指出了烽火通信定向增发值得借鉴的地方。本文的贡献之处在于系统分析了烽火通信定向增发前后财务绩效,并具体分析了定向增发前后企业在资本市场的表现以及定向增发对企业资产结构和业务结构的影响,指出了企业存在的实际问题,为投资者深入了解公司的经营状况和财务状况,更好的认识企业未来的发展情况提供参考。
[Abstract]:In 2006, China Securities Regulatory Commission promulgated the Regulation of Securities issuance of listed companies, which for the first time brought additional directional issuance into the legal constraint level. Due to the low threshold, low issuing cost and flexible pricing mechanism, the financing method of additional directional issuance is of low threshold, low issuing cost, and flexible pricing mechanism. The advantages of unlimited size of additional offerings have quickly gained the favor of many issuing companies. Data from Wanda show that private placement has become the most important form of equity refinancing for listed companies. But at present, the practice of private placement reform has just passed a decade, and new circumstances have emerged. New problems continue to arise, some companies frequently implement additional directional offerings, and the cash flow generated by operating activities is short. It is of great practical significance to study the issue of directional additional offering and its management performance of listed companies. Firstly, by combing and summarizing the relevant literature, this paper collates the relevant theoretical research results in the field of directional placement at home and abroad. Secondly, based on the enterprise financial report and other information as the main basis, select beacon fire communication company as a case, using the combination of theoretical research and case study method. This paper analyzes the business performance of beacon fire communication after directional additional issuance. The company has good performance, but in recent years, it has frequently implemented directional additional issuance, respectively in 2009, 2012, respectively. In 2015, two additional private offerings were implemented, and in 2016, a new plan for additional directional issuance was announced. This paper deeply studies the effect of directional additional offering on the performance of the company. This paper mainly follows the idea that the directional additional offering may be a cash flow problem, and analyzes the existing problems in the cash flow of the enterprise. Then the financial performance, capital market performance and capital market performance of Fiberhome Communications are analyzed and evaluated respectively. To explore how the problems in the management of enterprises affect the cash flow of enterprises, and further analyze the factors that affect the performance of enterprises. Through the above research, we find that the cash flow of business activities is short, and the efficiency of inventory turnover is low. Problems in the management of low recovery efficiency of accounts receivable, and relevant suggestions on how to solve these problems, The contribution of this paper lies in the systematic analysis of the financial performance before and after the targeted increase of beacon fire communication. The paper also analyzes the performance of enterprises in the capital market before and after the placement, and the influence on the asset structure and business structure of the enterprises, and points out the practical problems of the enterprises. For investors to understand the company's business and financial situation, a better understanding of the future development of enterprises to provide a reference.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626.115;F832.51

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