苏宁电器定向增发的案例研究

发布时间：2018-03-06 15:21

本文选题：苏宁电器　切入点：定向增发　出处：《南京财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：苏宁电器从2004年在深市上市以来，共进行了四次定向增发，第一次是2006年的闪电增发，虽然发生破发，但属于初涉此领域的可控情况，随后的两次定向增发（分别在2008年和2009年）都成功增发,这三次增发都吸引了基金的眼光，纷纷参与。2012年7月7日新股上市就一路破发，可以说此次的定向增发是失败的。本文主要目的是探寻苏宁电器定向增发成功与失败现象背后的成因与经济后果。 2006年定向增发产生于两大制度背景：一是新《证券法》，二是股市全流通时代的到来。本文首先回顾了定向增发相关的文献以及相关理论，然后分析了我国定向增发市场概况以及相关法律法规。家电行业是我国市场化最早的行业之一，苏宁电器作为家电行业的龙头企业，而2012年定向增发后股价发生了破发现象，于是本文把这一次的破发现象作为关注点入手分析苏宁电器定向增发的成功原因和失败的教训。家电行业2012年不仅遇到周期性衰退的难题，而且更重要的是行业集体遭遇发展瓶颈。家电零售以苏宁电器和国美为龙头企业，，正受到重重考验，而大量的资金投入是企业发展不可缺少的一部分。苏宁电器屡屡定向增发反映了企业处于高速成长期需要大量的资金支持，本文将苏宁电器前三次定向增发的成功与2012年定向增发的失败相比较，运用外部宏观经济因素分析和内部因素分析，具体内部因素有家电行业发展遇瓶颈；认购对象的退出与坚守；电商价格战后的利弊等。苏宁电器2012年定向增发的破发现象说明市场对其未来发展反应不佳，这与苏宁力求转型的步伐滞后有很大的关系。最后，本文根据研究总结出几点政策建议，一是企业应慎重选择定向增发，二是企业应当力求适应市场的商业模式。
[Abstract]:Since SUNING went on the market in Shenzhen on 2004, it has carried out four additional directional offerings, the first of which was an additional lightning issue on 2006. Although a burst occurred, it was a controllable situation initially involved in this field. The subsequent two private offerings (2008 and 2009) were successful, attracting the Fund's eye and participating in the initial public offering, which broke in July 7th 2012. The main purpose of this paper is to explore the causes and economic consequences behind the success and failure of SUNING Electric Appliances. In 2006, the new Securities Law came into being in the background of two systems: the new Securities Law, and the arrival of the era of full circulation of the stock market. Then it analyzes the general situation of China's market and related laws and regulations. Home appliance industry is one of the earliest market-oriented industries in our country. SUNING electric appliance is the leading enterprise in the household appliance industry. Therefore, this paper takes this break phenomenon as the focus to analyze the reasons for success and failure of SUNING's directionally additional issuance. In 2012, the household appliance industry not only encountered the problem of cyclical recession, What is more important is that the industry collective encounters the bottleneck of development. The leading enterprises in the retailing of household appliances are taking SUNING and Gome as the leading enterprises, and a large amount of capital investment is an indispensable part of the development of the enterprises. SUNING Electric Appliances repeated directional issuance reflects the need for a large amount of capital support in the period of high speed growth. This paper compares the success of the first three additional directional offerings of SUNING Electric Appliance with the failure of directional additional issuance in 2012. Using external macroeconomic factor analysis and internal factor analysis, the specific internal factors include the bottleneck in the development of the household appliance industry, the withdrawal and adherence of the subscribing object; The advantages and disadvantages after the price war of e-commerce. SUNING Electric Appliances in 2012 directional additional hair break phenomenon shows that the market response to its future development is not good, which has a great relationship with SUNING's efforts to transform the pace of lag. Finally, according to the research, this paper summarizes several policy recommendations, one is that enterprises should carefully choose the targeted issuance, the other is that enterprises should strive to adapt to the market business model.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.6

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