上市公司定向增发动因与财务后果研究

发布时间：2017-12-31 13:20

本文关键词：上市公司定向增发动因与财务后果研究　出处：《西安石油大学》2013年硕士论文　论文类型：学位论文

【摘要】：定向增发是我国资本市场一种新兴的融资方式，具有发行程序简便、门槛低、融资周期短等优点，受到我国上市公司的极度追捧。近几年上市公司定向增发的数量和规模都日益居多，定向增发也逐渐成为我国会计学界的研究热点之一。我国定向增发动因与财务后果研究以理论居多，实证研究较少。本文试图运用理论分析与实证研究相结合的的方法探究定向增发动因与财务后果之间的联系。本文从定向增发外部环境和公司内部两个方面分析，创新性得提出规模驱动、公司治理驱动、风险驱动、业绩驱动等四个定向增发动因，并提取相应的财务指标以进行实证研究。本文定向增发财务后果分为短期股东财富效应和长期财务绩效两个部分，通过建立定向增发动因与股东财富效应回归模型以及增发动因与财务绩效回归模型进行实证研究。研究结果表明，我国上市公司在规模驱动下选择定向增发具有一定的盲目性，对于定向增发更多地体现在其作为一种融资工具，对于增发后期募集资金的用途没有合理的规划和利用。公司治理因素对于定向增发后公司价值的提升有明显作用，短期股东财富效应和长期业绩均显著为正。在风险驱动下，公司定向增发后短期股东财富效应不甚明显，财务绩效改善也不是很乐观，说明了市场投资者对于经营风险程度较高的上市公司具备一定的抵抗情绪，显示了风险厌恶的偏好。业绩驱动下公司增发后短期股东财富效应为正，财务绩效具有积极的影响，定向增发对高速成长型公司的发展具有很强的推动作用，因此定向增发受到高成长型公司的热烈欢迎。
[Abstract]:Directional placement is a new financing method in China's capital market, which has the advantages of simple issuing procedure, low threshold, short financing cycle and so on. In recent years, the number and scale of targeted additional issuance of listed companies are increasingly in the majority. Private placement has gradually become one of the research hotspots in the field of accounting in our country. In our country, the research on the motivation and financial consequences of directional placement is mostly theoretical. There are few empirical studies. This paper attempts to explore the relationship between the motivation and financial consequences of directional placement by combining theoretical analysis with empirical research. This paper analyzes the external environment and the internal of the company, innovatively proposes four drivers: scale driven, corporate governance driven, risk driven, performance driven, and so on. And extract the corresponding financial indicators for empirical research. The financial consequences of targeted placement are divided into two parts: short-term shareholder wealth effect and long-term financial performance. The empirical research is carried out by establishing the regression model of the incentive of directional issuance and the wealth effect of shareholders, and the regression model of the motivation of additional offering and financial performance. The research results show that. China's listed companies under the scale driven by the choice of additional directional offering has a certain blindness, for the targeted issuance more reflected in its as a financing tool. There is no reasonable planning and utilization for the use of the funds raised in the later period of additional issuance. The corporate governance factors have obvious effect on the promotion of the company value after the directional issuance. Short-term shareholder wealth effect and long-term performance are significantly positive. Under the risk driven, the short-term shareholder wealth effect is not obvious, and the improvement of financial performance is not very optimistic. It shows that the market investors have some resistance to the listed companies with high operating risk, which shows the preference of risk aversion. The financial performance has the positive influence, the directional additional offering has the very strong promotion function to the high-speed growth company's development, therefore the directional additional offering is warmly welcomed by the high growth company.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

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