H公司股权再融资绩效研究

发布时间：2018-04-06 22:04

本文选题：再融资　切入点：H公司　出处：《湘潭大学》2017年硕士论文

【摘要】：我国的证券市场随着资本市场建立之后迅速发展,融资作为证券市场活跃的一种交易方式也迅速发展着。上市公司首次公开募股后获得资金来发展企业,在遇到资金瓶颈时再融资也成了企业发展的必经之路。再融资方式发展之初还只有配股一种方式,后续发展成为了配股、增发和可转债等多种方式。特别是股权分置改革之后定向增发这种股权再融资方式得到了迅猛发展,从2015年的统计数据来看,定增市场总募集金额超过了12亿元,创造了新的记录。本文翻阅和整理相关文献和资料,采用案例研究和理论研究相结合的方法,在相关理论分析基础上,简单回顾了我国再融资制度的变迁,发现我国关于再融资的政策要求在逐步完善的基础上均有所放松,每个阶段有着不同类型的股权再融资充当主角,文章选取的时间段是在2006年股权分置改革后至今以定增作为主要的股权再融资的时期。在文献方面,梳理了关于融资理论、股权再融资偏好、股权再融资对绩效影响、业绩评价体系研究文献。目前,已有大量实证研究证明我国上市公司有股权再融资偏好。股权再融资后,上市公司业绩出现显著下滑,并且有特定项目的再融资业绩下滑的程度要小于没有特定项目的股权再融资;但具体关于不同股权再融资后如何影响企业绩效的案例研究还比较少。文章选取以定向增发为主可转债为辅的H公司作为研究对象,对案例公司的股权再融资是否也存在着上述问题展开了研究。文章通过合理设计绩效的财务评估方法与绩效评价指标的构建,通过分析H公司两种股权再融资前后业绩变化,剖析H公司股权再融资与绩效的关系。通过对H公司股权再融资前后的财务绩效指标分析得出发行可转债会使企业的盈利能力、偿债能力和成长能力降低,而有特定项目增发可以提高企业的盈利能力、偿债能力和资产质量,没有特定项目的定向增发会使企业的盈利能力、资产质量和成长能力降低。即发行可转债和没有特定项目的定向增发会使企业的财务绩效指标下滑,而发行有特定项目的定向增发没有使企业的财务绩效指标产生明显下滑,还提高了H公司的业绩。在市场绩效方面,定向增发和发行可转债方式都能带来良好的市场反应,提高H公司的市场绩效。在非财务绩效方面,股权再融资对H公司的市场份额可以带来促进作用。文章根据结论提出相应的对策,从而帮助企业更好的完善股权再融资,确保再融资的有效进行,对H公司后续进行股权再融资具有一定的借鉴作用。
[Abstract]:With the establishment of the capital market, China's securities market is developing rapidly, and financing as an active trading mode in the securities market is also developing rapidly.After the initial public offering of listed companies to obtain funds to develop enterprises, refinancing in the face of capital bottlenecks has become the only way to the development of enterprises.At the beginning of the development of refinancing, there was only one way of rights issue, followed by a variety of ways, such as rights issue, additional issuance and convertible bonds.Especially after the reform of split share structure, the refinancing method of directional additional issuance has been developed rapidly. According to the statistical data in 2015, the total amount raised in the fixed increase market has exceeded 1.2 billion yuan, which has set a new record.This paper reviews and collates the relevant documents and materials, adopts the method of case study and theoretical research, and on the basis of relevant theoretical analysis, briefly reviews the changes of the refinancing system in China.It is found that China's policy on refinancing is relaxed on the basis of gradual improvement, with different types of equity refinancing playing the leading role in each stage.The time period chosen in this paper is fixed increase as the main period of equity refinancing after the split share structure reform in 2006.In the aspect of literature, the research literature on financing theory, equity refinancing preference, equity refinancing influence on performance, performance evaluation system is reviewed.At present, a large number of empirical studies have proved that China's listed companies have equity refinancing preferences.After equity refinancing, the performance of listed companies declined significantly, and the degree of decline of refinancing performance of specific projects was less than that of equity refinancing without specific projects.However, there are few case studies on how to affect corporate performance after different equity refinancing.This paper selects H Company, which is mainly supplemented by directional additional issuance, as the research object, and studies whether the equity refinancing of the case company also has the above problems.This paper analyzes the relationship between H company's equity refinancing and performance by analyzing the changes of performance before and after H company's two kinds of equity refinancing through reasonably designing the financial evaluation method of performance and the construction of performance evaluation index.Based on the analysis of financial performance indexes before and after H company's equity refinancing, it is concluded that issuing convertible bonds will reduce the profitability, solvency and growth ability of enterprises, and that additional issuance of specific items can improve the profitability of enterprises.The ability to repay debt and the quality of assets, without a specific item of targeted issuance, will reduce the profitability, asset quality and growth ability of the enterprise.That is to say, issuing convertible bonds and issuing additional issuance without specific items will cause the financial performance index of the enterprise to decline, but the issuance of a specific item of the issuance of the targeted issuance of the financial performance index does not cause a significant decline, but also improve the performance of H company.In terms of market performance, both directional issuance and issuance of convertible bonds can bring good market response and improve H company's market performance.In non-financial performance, equity refinancing can promote H company's market share.According to the conclusion, the paper puts forward the corresponding countermeasures to help the enterprise to perfect equity refinancing better, to ensure the effective implementation of refinancing, and to provide some reference for H company to carry out equity refinancing in the future.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.61

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