平安银行定向增发案例研究
发布时间：2018-09-14 21:13
【摘要】：定向增发是一种上市公司再融资的方式,具有针对性强、实施过程方便快捷的特点。目前,定向增发已经成为了资本市场上资本运作的主要方式之一,定向增发市场的规模在不断扩大,同时定向增发市场的数目也越来越多。随着数量及规模的发展,定向增发渐渐延伸发展至中小板块,属于资本运作类的定向增发项目逐渐增加。当前市场上,每一年完成定向增发的上市公司高达数百家,定向增发的年平均市场容量已经超越了3000亿元。商业银行在我国的经济体系中发挥着极为重要的中介作用,上市商业银行地位尤为重要,它们掌控着资金,只有商业银行资金安全,才能保证社会经济稳定繁荣,不断向前发展进步。2010年巴塞尔委员会出台的《巴塞尔协议Ⅲ》,以及中国银监会推出的新四大监管工具构成了我国银行业审慎性监督新框架。我国上市商业银行都在运用各种各样的资本补充方式充实资本,以保证其大规模的信贷扩张,并确保其利润逐年稳步增长。当前我国已有数家股份制商业银行上市,随着其经营规模的不断改变和增长,资金需求也在同时增加,定向增发不失为其最优的融资渠道。本文以平安银行为例,分析其溢价定增的原因,验证了此次溢价定增的合理性;通过对其定向增发的各个阶段的情况进行分析,观察各个阶段的市场反应,发现定向增发为其带来了正的市场效应;通过对平安银行定向增发前后经营绩效的分析,研究定向增发给其带来的长期影响,发现其存在业绩发展的持续推动力,充沛的资金流能让其更加稳健的发展;分析定向增发后的股价表现,发现过高的溢价率一定程度上损害了认购方的利益。最后总结分析结论并提出相关启示。本文对整个银行业资本充足率的监管和再融资方式选择具有一定的借鉴意义,对于定向增发过程中如何控制过高的溢价率和如何防止定向增发出现破发具有一定指导意义。
[Abstract]:Directional placement is a kind of refinancing method for listed companies, which has the characteristics of strong pertinence and convenient and quick implementation. At present, the private placement has become one of the main ways of capital operation in the capital market. The scale of the market has been expanding, and the number of the market has also become more and more. With the development of quantity and scale, the directional additional issuance gradually extends to the small and medium plate, and the capital operation type of directional additional issuance projects increase gradually. In the current market, hundreds of listed companies complete private placement every year, and the average annual market capacity has exceeded 300 billion yuan. Commercial banks play an extremely important intermediary role in the economic system of our country, especially listed commercial banks. They control the funds. Only the security of the funds of the commercial banks can ensure the social and economic stability and prosperity. The Basel Accord 鈪，
本文编号：2243874
[Abstract]:Directional placement is a kind of refinancing method for listed companies, which has the characteristics of strong pertinence and convenient and quick implementation. At present, the private placement has become one of the main ways of capital operation in the capital market. The scale of the market has been expanding, and the number of the market has also become more and more. With the development of quantity and scale, the directional additional issuance gradually extends to the small and medium plate, and the capital operation type of directional additional issuance projects increase gradually. In the current market, hundreds of listed companies complete private placement every year, and the average annual market capacity has exceeded 300 billion yuan. Commercial banks play an extremely important intermediary role in the economic system of our country, especially listed commercial banks. They control the funds. Only the security of the funds of the commercial banks can ensure the social and economic stability and prosperity. The Basel Accord 鈪，
本文编号：2243874
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