上市电力公司股权再融资效率研究
发布时间：2019-01-03 15:52
【摘要】：随着我国上市公司股权再融资规模的不断扩大,上市公司的股权再融资效率问题越发应当引起我们的重视。再融资是上市公司继IPO后获取资金的重要途径之随着中国证券市场的发展,再融资在总融资规模中已占有主导地位。中国的上市公司多倾向于股权再融资。因此,对于上市公司的股权再融资行为及其效率展开研究对于上市公司的发展及资本市场的完善都具有一定的理论及现实意义。 本文的股权再融资效率是指在上市公司进行股权再融资之后,上市公司股权再融资所筹集到的资金是否发挥了积极的作用,在投入成本最小的情况下产出是否最大,这些问题的存在影响着我国资本市场能否长远健康发展。因此,从理论和实证角度对上市公司股权再融资效率进行分析具有非常重要的现实意义。第一,研究股权再融资文献和融资理论可以让我们更深层次的理解股权再融资,同时让我国上市公司的决策层了解国外上市公司的做法,对我国再融资行为起到借鉴作用。第二,对上市公司的股权再融资效率进行实证研究,使上市公司决策层在做出融资决策时能够更有效并且更谨慎。第三,对于投资者而言,了解上市公司股权再融资的效率,可以让投资者更准确的权衡风险和收益之间的关系,合理选择投资决策。这样可以使风险在保持一定的条件下收益最大或者在收益一定的情况下而风险最小。 本文首先对国内外上市公司的现状进行研究,其次介绍了股权再融资的基本理论,随后对我国上市公司的股权再融资偏好的现状进行阐述,分析了股权再融资偏好的影响因素,并分析了我国上市公司的股权再融资偏好的原因。最后采用定性与定量相结合,理论与实证相结合的分析方法,并运用DEA模型分析了(2006-2010年)上市电力公司股权再融资低效的原因,然后提出了完善上市公司股权再融资效率的建议。本文通过对上市公司股权再融资效率问题的深入研究,在理论层面上,希望能够丰富国内相关的研究成果,促进我国上市公司股权再融资研究理论的发展；在实务层面上,希望能够使各相关主体更好的理解和看待股权再融资及其效率的相关问题,为实务操作提供经验数据和相关的建议。
[Abstract]:With the continuous expansion of the scale of equity refinancing of listed companies in China, the efficiency of equity refinancing of listed companies should be paid more attention to. Refinancing is one of the important ways for listed companies to obtain funds after IPO. With the development of China's securities market, refinancing has played a leading role in the total financing scale. Chinese listed companies tend to refinance their shares. Therefore, the research on the equity refinancing behavior and its efficiency of listed companies has certain theoretical and practical significance for the development of listed companies and the perfection of capital market. The efficiency of equity refinancing in this paper refers to whether the capital raised by the listed company plays a positive role after the listed company refinancing, and whether the output is the largest when the input cost is minimum. The existence of these problems affects the long-term and healthy development of our country's capital market. Therefore, it is of great practical significance to analyze the equity refinancing efficiency of listed companies from both theoretical and empirical perspectives. First, the study of equity refinancing literature and financing theory can make us understand equity refinancing more deeply, at the same time, let the decision makers of listed companies in our country understand the practices of foreign listed companies, and play a reference role in the refinancing behavior of our country. Secondly, empirical research on the efficiency of equity refinancing of listed companies makes the decision makers more effective and cautious in making financing decisions. Third, for investors, to understand the efficiency of equity refinancing of listed companies, investors can more accurately weigh the relationship between risk and income, and make a reasonable choice of investment decisions. In this way, the risk can be maximized under certain conditions or the risk minimized. This paper first studies the current situation of listed companies at home and abroad, then introduces the basic theory of equity refinancing, then expounds the status quo of equity refinancing preferences of listed companies in China, and analyzes the influencing factors of equity refinancing preferences. It also analyzes the reasons for the refinancing preference of listed companies in China. Finally, using qualitative and quantitative analysis, theoretical and empirical analysis method, and using DEA model to analyze the reasons for the low efficiency of equity refinancing of listed power companies from 2006 to 2010. Then it puts forward some suggestions to improve the efficiency of equity refinancing of listed companies. Through the in-depth study on the efficiency of equity refinancing of listed companies, this paper hopes to enrich the relevant domestic research results and promote the development of the theory of equity refinancing of listed companies in China. On the practical level, it is hoped that the relevant parties can better understand and look at the related issues of equity refinancing and its efficiency, and provide empirical data and relevant suggestions for practical operations.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61
本文编号：2399586
[Abstract]:With the continuous expansion of the scale of equity refinancing of listed companies in China, the efficiency of equity refinancing of listed companies should be paid more attention to. Refinancing is one of the important ways for listed companies to obtain funds after IPO. With the development of China's securities market, refinancing has played a leading role in the total financing scale. Chinese listed companies tend to refinance their shares. Therefore, the research on the equity refinancing behavior and its efficiency of listed companies has certain theoretical and practical significance for the development of listed companies and the perfection of capital market. The efficiency of equity refinancing in this paper refers to whether the capital raised by the listed company plays a positive role after the listed company refinancing, and whether the output is the largest when the input cost is minimum. The existence of these problems affects the long-term and healthy development of our country's capital market. Therefore, it is of great practical significance to analyze the equity refinancing efficiency of listed companies from both theoretical and empirical perspectives. First, the study of equity refinancing literature and financing theory can make us understand equity refinancing more deeply, at the same time, let the decision makers of listed companies in our country understand the practices of foreign listed companies, and play a reference role in the refinancing behavior of our country. Secondly, empirical research on the efficiency of equity refinancing of listed companies makes the decision makers more effective and cautious in making financing decisions. Third, for investors, to understand the efficiency of equity refinancing of listed companies, investors can more accurately weigh the relationship between risk and income, and make a reasonable choice of investment decisions. In this way, the risk can be maximized under certain conditions or the risk minimized. This paper first studies the current situation of listed companies at home and abroad, then introduces the basic theory of equity refinancing, then expounds the status quo of equity refinancing preferences of listed companies in China, and analyzes the influencing factors of equity refinancing preferences. It also analyzes the reasons for the refinancing preference of listed companies in China. Finally, using qualitative and quantitative analysis, theoretical and empirical analysis method, and using DEA model to analyze the reasons for the low efficiency of equity refinancing of listed power companies from 2006 to 2010. Then it puts forward some suggestions to improve the efficiency of equity refinancing of listed companies. Through the in-depth study on the efficiency of equity refinancing of listed companies, this paper hopes to enrich the relevant domestic research results and promote the development of the theory of equity refinancing of listed companies in China. On the practical level, it is hoped that the relevant parties can better understand and look at the related issues of equity refinancing and its efficiency, and provide empirical data and relevant suggestions for practical operations.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.61
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