我国上市公司再融资方式与市场绩效研究

发布时间：2018-01-02 00:16

本文关键词：我国上市公司再融资方式与市场绩效研究　出处：《西北大学》2013年硕士论文　论文类型：学位论文

【摘要】：股权再融资是我国上市公司近年来募集资金的一种重要方式,尤其是在当今经济快速发展的时代,在深沪两市上再融资的上市公司数目逐年增加,其融资金额也在逐年增加。但是,上市公司在我国这样的制度背景下适合什么样的再融资方式、企业的经营绩效在经过再融资后会发生什么样的变化、如何才能规范企业的融资过程,并使得募集到的资金能被合理利用,这都是目前学术界比较关注的问题。目前对于资本市场的研究,国内外学者的的研究焦点集中在企业的再融资行为问题研究,而与国外学者研究不同国内学者对于再融资行为的研究,主要是从以下三个方面提出的,分别是融资结构与企业价值、融资偏好问题和企业再融资对业绩的影响。本文以2007年和2008年在深沪两市只进行过一次再融资的100家上市公司为样本,按其所选择的再融资方式将其分为三类,在考察区间内对所选择的四个会计指标和两种市场回报率的变化,分别进行了T检验与Wilcoxon符号秩检验。同时还对这三种再融资方式下的超额回报率进行了横向分析,结果发现上市公司在通过配股、增发和发行可转换债券后,其业绩水平比反而有下降的趋势。通过配股和增发方式进行再融资的企业,在经过再融资一年后其各会计指标均出现明显下滑,而发行可转换债券的上市公司在发展经营方面的表现要比配股和增发好。针对文章的研究结果和我国证券市场的现状,本文分析了造成我国上市公司再融资效率不高的原因,并提出一系列相关的政策建议,争取规范和改进我国上市公司的再融资行为,促进我国证券市场的快速发展。
[Abstract]:Equity refinancing is an important way for Chinese listed companies to raise funds in recent years. Especially in the era of rapid economic development, the number of listed companies refinancing in Shenzhen and Shanghai stock markets has increased year by year. The amount of financing is also increasing year by year. However, what kind of refinancing mode is suitable for the listed companies in the background of our system, and what kind of changes will take place in the business performance of the enterprises after refinancing. How to regulate the financing process of enterprises and make the raised funds can be used reasonably, which is the current academic concern. The current research on the capital market. The research focus of domestic and foreign scholars is on the refinancing behavior of enterprises, and the research on refinancing behavior of different domestic scholars is mainly put forward from the following three aspects. They are financing structure and enterprise value, financing preference problem and the influence of enterprise refinancing on performance. This paper takes 100 listed companies that have only refinanced in Shenzhen and Shanghai Stock Exchange on 2007 and 2008 as samples, and divides them into three categories according to their choice of refinancing methods. The changes of the four accounting indicators and the two kinds of market returns are investigated. T-test and Wilcoxon sign rank test are carried out respectively. At the same time, the excess returns under these three refinancing methods are analyzed horizontally, and the results show that the listed companies are through the rights issue. After additional issuance and issuance of convertible bonds, their performance level has a downward trend. After a year of refinancing, the accounting indicators of the companies refinancing through the way of rights issue and additional issuance are obviously declining. The convertible bonds issued by listed companies in the development of business performance is better than rights issue and additional issuance. In view of the research results and the current situation of China's securities market, this paper analyzes the causes of the inefficient refinancing of listed companies in China, and puts forward a series of relevant policy recommendations. Strive to standardize and improve the refinancing behavior of listed companies in China to promote the rapid development of our securities market.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.5;F275

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