我国创业板上市公司再融资决策

发布时间：2018-01-03 07:40

本文关键词：我国创业板上市公司再融资决策　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国创业板在历经了10年的学界讨论及监管层开板准备后,于2009年10月30日正式开板,首批有28家创业板公司挂牌上市。2010年3月,证监会在《关于进一步做好创业板推荐工作的指引》中,明确提出：保荐机构首当重点推荐九大领域的企业在创业板发行上市,即新能源、新材料、信息、生物与新医药、节能环保、航空航天、海洋、先进制造、高技术服务等。这份指引与当前我国正在进行的经济产业升级、转型的大时代背景是相当吻合的,这极大地激发了中国广大中小创新型企业参与资本市场的热情,也带动了风险投资、私募股权投资等民间资本的活跃和发展,未来也将引导着我国高新技术企业发展和资本市场形成良性互动的格局。本文在借鉴国内外学者研究成果的基础上,结合我国融资市场实际情况,使用理论指引、数据实证、事件分析相结合的方法,先从资本市场再融资功能的角度分析我国主板上市公司、中小板上市公司进行再融资时的几种重要的融资工具使用情况,接着重点分析和探讨了创业板上市公司再融资决策目标和决策内容。本文共分为以下五个部分：第一部分主要阐述了国外公司融资的理论文献综述及我国国内关于创业板研究的理论文献综述。国外公司融资的理论及实证研究主要包括：分析公司融资决策的经典框架理论——现代资本结构理论、从企业管理和产业组织角度分析企业资本结构差异的战略公司财务理论、从资本市场参与者行为角度分析公司再融资决策的行为公司金融理论以及从设计最优金融契约角度出发分析公司融资的证券设计理论。目前,我国专家与学者对创业板的研究大多集中在海外创业板制度、创业板风险及创业板上市公司成长性等这些问题上,以求能够借鉴海外创业板市场建设及运行制度方面的经验,设计出一套符合我国资本市场运行规律、风险与收益匹配、操作性强的创业板制度,以避免海外大多数创业板市场从出生到死的“速生速死”状况发生。第二部分首先利用数据对比分析法,对我国主板上市公司再融资工具使用与监管层相应政策导向进行对比分析,从主板上市公司配股、增发、可转换债券、公司债、短期融资券、附认股权公司债这些再融资工具发展的历史演变出发,发现我国再融资工具的发展盛衰与监管层的政策导向基本一致。欧美国家的监管属于“市场型”监管,他们的职责侧重于维护市场秩序,避免违规交易发生及违规交易处理等,而我国属于“计划型”监管传统,监管当局侧重于政策制定,制度安排等,且从数据分析发现：我国长期的资本市场融资是服务于大型国企改制过程的,带有浓厚的行政安排色彩。从我国上市公司再融资角度来看,监管层并不直接参与上市公司的再融资决策,但最终“审核”再融资的实施。监管层从国家经济宏观层面考虑,从解决整个经济主体的融资难题、维持与发展融资市场、保护投资者利益的角度出发,控制再融资的发行总量及发行节奏,并对上市公司选择融资方式表示出导向性意见。在我国,监管者对资本市场的直接干预,在一定程度上代替了资本市场参与主体自身的谈判与博弈。其次,文章从监管层、上市公司及承销商这些再融资参与利益主体出发,得出了我国上市公司再融资行为决策是监管层、上市公司及券商之间博弈的结果：监管层对上市公司选择融资方式表示出导向性意见；上市公司受到金融压抑、“计划型监管”的限制,几乎无法自主选择融资方式,再融资不但要达到证监会的发行标准,还要进行“发审排队等候”,并且其发行数量也受到限制；承销商会在承销风险既定的条件下,追求收益最大。佣工金收益大的前提在于项目周期短、成功率高,监管部门审批宽松,募集资金量大,包销风险最少。因此承销商会根据资本市场供求状况的来建议上市公司采取何种融资方式及定价,容易说服上市公司在股票市场高涨、投资者热情高时发行股票,在债券市场火爆、债券融资成本低的情况下发行债券,而较少真正考虑上市公司的资本结构、融资成本等问题。第三部分简单介绍了六大国际创业板市场(美国NASDAQ市场、新加坡凯利板、英国另类投资市场、德国新市场、加拿大创业交易所、香港创业板市场)发展状况及我国创业板产生背景,即,推动我国自主创新战略实施、加快科技成果产业化、推动中国自主创新战略；通过数据实证研究,分析我国创业板目前的运行状况,得出我国创业板市场运行存在高增长、高成长性放缓,高抑价、高市盈率现象得到缓解,高超募额现象逐渐减少,超募资金的使用逐渐规范化,上市公司向投资者分红、高转配成主流,企业兼并重组高潮迭起,上市公司推行股权激励市场质疑度高等特点。第四部分首先提出了我国创业板上市公司再融资决策的理论目标、现实目标,上市公司理论再融资目标就是选择使得公司价值最大化的再融资方式。对于我国创业板上市公司而言,第一现实目标为通过再融资来逐步完善公司治理结构。创业板公司上市之前大多规模偏小,具有“家族化”的管理模式,而数百年的发达国家公司发展表明,从“人治”到“法治”的转变和经理人团队的建设才能较好的保障公司成为“百年企业”。如果引导着企业向前发展的力量是个人的财富效应的话,那么只能说明这个企业还停留在个体户、小规模的阶段。因此,在我国创业板公司大规模发展的过程中,家族企业需要转化为社会企业,需要完成创业资本的多元化,机构投资者、战略投资者的引入必不可少。另外,我国创业板公司大多属于民营企业,成立时问短,公司规模较小,行业内领先地位不够稳固,因此,公司再融资的第二现实目标为实现企业扩张,达到产品规模效应。根据处于不同生命周期公司的财务战略选择差异,处于成长期的创业板公司经营风险高,未来成长预期好,且正处于稳固行业地位的关键时期,这时往往需要大量资金用于技术研发、产品开拓、销售渠道拓展等。其次,结合创业板上市公司特点,在本章中提出了针对上市公司和监管层的建议。一为创业板上市公司应选择资金到位快、资金成本低的再融资方式。从现有A股市场再融资情况看,受政策影响较大,普遍具有再融资申请发行周期较长、融资规模较大、程序统一安排、且无论融资规模大小都需聘请保荐机构等特点,但是,创业板公司普遍股本较小,融资规模较小,如果适用与主板市场类似的再融资方式,则会倒逼创业板上市公司采用“一次性、大量搞定”的方式来融资,闲置资金的使用效率大幅下降,对创业板块的长期发展不利。相应的,我国监管层应适时推出创业板上市公司“再融资橱架制度”。这种制度给予了融资工具发行较大的自由度,有助于降低发行人和承销商的发行风险,节省公司发行时问成本与资金成本。二为监管层应引导上市公司发行可转换债券,本文认为发行可转换更加符合处于成长期的创业板上市公司的未来发展需求,处于成长期的创业板公司常因市场份额变化、竞争者的出现等种种因素使得公司现金流大幅波动,发生财务危机的几率较高,因此,这时公司融资应以股权融资为主,在决策时第一考虑的不是降低融资成本的问题,而是重点考虑使用某种融资方式时如何设置融资工具条款才能与公司的未来经营现金流入匹配,保持相对灵活应变的财务状况及良好的公司信誉,降低财务危机的可能性。相应的,监管层应逐步放宽可转债的发行财务条件。其三为公司也应在满足监管部门的融资标准的情况下,进行融资方案创新,包括确定融资类型、创新弹性条款、适当选择融资时机和地点,形成最合理的最适宜公司未来发展的融资方式,相应的,监管层应逐步引导各类型公司进行理性投资。第五部分主要用本文研究再融资决策的思路,结合事件分析法对“中国银行千亿融资计划”和“立思辰定向增发收购友网科技”进行案例分析。
[Abstract]:China's gem after 10 years of academic discussion and regulatory board preparation, on October 30, 2009 officially opened, the first batch of 28 GEM companies listed on the.2010 in March, the Commission clearly stated in the "on further improving the work of the gem recommended guidelines, the sponsor: when the first nine key recommendation in the field of business in the gem listing, new energy, new materials, information, biology and new medicine, energy saving and environmental protection, aerospace, marine, advanced manufacturing, high technology service. The guidelines and the current China's ongoing economic transformation and industrial upgrading, the background is quite consistent, this the Chinese has greatly stimulated the innovative small and medium-sized enterprises to participate in the capital market enthusiasm, but also led to the risk of investment, and active development of private equity investment of private capital, the future will also guide China's high-tech enterprises. The exhibition and the capital market have formed a sound interaction pattern.
In this paper, on the basis of research results of scholars at home and abroad, combined with the actual situation of China's financial market, the use of theoretical guidance, empirical data, event analysis method of combining, first from the capital market financing function analysis of our country listed on the SME board, the listed company refinancing several important financing tools use case, then focuses on the analysis and discussion of the GEM listed companies refinancing decision objectives and decision-making. This paper is divided into the following five parts:
The first part mainly expounds the foreign corporate financing theory and literature review of domestic research on the gem of the theory of literature review. Theoretical and empirical studies on foreign financing mainly includes: analysis of corporate financing decision theory, the classical framework of modern capital structure theory, financial theory, strategic differences of corporate capital structure from the Perspective of business management and the analysis of industrial organization, from the point of view of the behavior of participants in capital market analysis company refinancing decision behavior corporate finance theory and from the perspective of the design of optimal financial contract design theory analysis of securities company financing. At present, research on the gem of the Chinese experts and scholars are mostly concentrated in the overseas gem system, the risk of gem and GEM listed the growth of the company and so on these issues, in order to learn from the overseas gem market construction and operation system. Experience has designed a set of gem system which is consistent with China's capital market operation rules, risk and earnings matching, and has strong operability, so as to avoid the rapid growth and death of most overseas growth enterprise market from birth to death.
The second part of the first use of data comparative analysis on China's main board listed company refinancing tools and regulators corresponding policy were analyzed from the issuing company listed on the main board, allotment of shares, convertible bonds, corporate bonds, short-term financing bonds with warrants, the Holdings Company debt refinancing tool history, I found the refinancing tool development of ups and regulatory policy orientation is consistent. The European and American countries regulation belongs to the "market" regulation, their duties focus on maintaining market order, to avoid illegal transactions and illegal transaction processing, but our country belongs to the "plan" supervision tradition, regulatory authorities focus on policy making. The institutional arrangements, and from the data analysis found that long-term capital market financing in China is to serve the large state-owned enterprise restructuring process, with a strong administrative arrangements from China's color. The refinancing of listed companies point of view, regulators are not directly involved in the listed company refinancing decision, but the implementation of the final audit refinancing. Regulators from the national economy from the macro level to consider, to solve the financing problems of the economic subject, the maintenance and development of finance market, protect the interests of investors perspective, control of refinancing the total amount of the issue and the issue of rhythm, and the choice of the financing way of listed companies show oriented views. In our country, the capital market regulators intervene directly, negotiation and game to a certain extent, instead of the capital market in the main body.
Secondly, this article from the regulators, listed companies and underwriters in the interests of the refinancing, the financing behavior of Listed Companies in China is the decision of supervision, the game between listed companies and securities regulators of listed companies: the choice of the financing way of showing guiding opinions; listed companies by financial repression, "plan supervision" restrictions, almost unable to independently choose the way of financing, financing not only to achieve the SFC issued standard, but also for the "trial queue", and the number of distribution is limited; bearing pin chambers in the conditions established under the underwriting risk, the pursuit of maximum profit. Profit is the premise of gold helpers the project cycle is short, high success rate, easing regulatory approval, the amount of funds raised, underwriting risk minimum. Therefore the underwriter according to capital market supply and demand to public suggestions Take our financing and pricing, easy to persuade listed companies in the stock market rising, the enthusiasm of investors is to issue stock, popular in the bond market, bond financing cost under the condition of low issuance of bonds, but few really consider the capital structure of listed companies, financing costs and other issues.
The third part introduces the six international gem market (NASDAQ market in the United States, Singapore catalist, British offbeat investment market, the German market, Canadian venture exchange, Hongkong gem market) development status and background of China's gem, namely, to promote independent innovation strategy in China, accelerate the industrialization of scientific and technological achievements, promote China independent innovation strategy; through empirical research data, analysis of the operating situation of gem in China at present, that China's GEM market operation has high growth, high growth slowdown, high price, high profit rate, alleviate the phenomenon, raise the amount of superb phenomenon gradually reduced, the use of raised funds gradually standardized. The listed company dividend to investors, high impact into the mainstream, corporate mergers and acquisitions climax, listed companies to implement equity incentive market question features.
The fourth part puts forward the theoretical goal, refinancing decision of GEM listed companies in China real target, listed companies refinancing theory goal is chosen so that the maximum value of the company's re financing for China's GEM listed companies, the first real target for improving corporate governance structure gradually to the gem refinancing. Before the company is listed mostly small in scale, with "family" management mode, and the company developed hundreds of years of development shows that from the "rule of man" to "rule of law" and the transformation of the construction of the team managers to better protect the company to become the "enterprise". If the leading development of enterprises is the power of wealth the effect of individual words, only then that the enterprises still remain in the self-employed, small scale stage. Therefore, in the large-scale development of China's GEM companies in the process of, Family enterprises need to be transformed into social enterprises, and the diversification of venture capital needs to be completed. The introduction of institutional investors and strategic investors is essential.
In addition, China's GEM companies are mostly private enterprises, set up a short time, the smaller size of the company, a leading position in the industry is not stable enough, therefore, refinancing second reality in order to realize the goal of enterprise expansion, achieve economies of scale. According to the different product life cycle, the financial strategy choice of differences in the growth stage of the GEM companies operating risk, expected future growth, and is in a critical period of a solid position in the industry, it often requires a lot of money for technology research and development, product development, expand sales channels.
Secondly, combining the characteristics of the companies listed on GEM, this chapter puts forward the listed companies and regulators. One is the GEM listed companies should choose funds quickly, the low cost of capital refinancing way. From the existing A stock market refinancing situation, influenced by the policy, generally with refinancing applications the release cycle longer, financing large-scale program unified arrangements, and regardless of the size of the financing size are required to employ the sponsor and other characteristics, but the GEM companies generally smaller equity financing scale is small, if applicable, and the motherboard market similar refinancing way, will be forced by the GEM listed companies "one-time, fix a lot." the way of financing, efficiency in the use of idle funds fell sharply, adverse long-term development of the entrepreneurial sector. Accordingly, China's regulators should be timely launch of the GEM listed companies' refinancing shelf This system gives a larger degree of freedom to the issuance of financing tools, which helps to reduce issuers and underwriters' issuing risks, and save the cost and cost of funds when issuing companies.
The regulators should guide the listed companies issuing convertible bonds, the convertible is more in line with the future development needs in the growth stage of the GEM listed companies, in the growth of GEM companies often due to changes in market share of all sorts of factors, the emergence of competitors makes the company cash flow volatility, the higher probability of financial crisis therefore, at this time, the company financing should be equity financing, the first consideration in decision-making is not to reduce the financing costs, but also consider the use of some financing ways how to set up financing tools to terms with the company's future operating cash flows, relatively flexible financial condition and good corporate reputation, reduce the possibility of the financial crisis. Accordingly, regulators should gradually relax the financial conditions of the issuance of convertible bonds.
The company should also meet regulatory standards in the financing situation, financing scheme innovation, including the determination of types of financing innovation, elastic terms, appropriate choice of financing time and place, the formation of the future development of the most suitable, the most reasonable way of financing, the regulators should gradually guide the various types of rational investment company.
The fifth part of this paper mainly with the study of refinancing decision thinking, combined with analysis of the event "China billion bank financing plan" and "lanxum placement to acquire friends network technology" case analysis.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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