上市公司融资行为及其对公司业绩影响的研究

发布时间：2018-01-05 23:10

本文关键词：上市公司融资行为及其对公司业绩影响的研究　出处：《山东大学》2013年硕士论文　论文类型：学位论文

【摘要】：自1990年上海证券交易所和深圳证券交易所陆续成立以来,上市公司便开始在证券市场进行融资。融资是企业的重要事项,它不仅能够保证企业获得所需要的资金,而且融资方式的选择会影响企业的资本结构,进而影响企业的价值与业绩。在证券市场20多年的发展历程中,上市公司的融资行为在不断的发生变化,而且不同的阶段呈现出不同的特征。根据1990-2012年的融资数据,中国上市公司融资行为的发展变化可以分为5个阶段：1990年以前企业融资的早期阶段、1990-1997年上市公司融资的起步阶段、1998-2001年的成长阶段、2001-2005年的调整阶段及2006年-2012年的完善阶段。1984年以前由于计划经济体制的影响,企业的融资行为呈现以财政拨款为主的特征；而计划经济体制转变为市场经济体制后,在1984-1989年银行贷款这种融资行为成为企业最为主要的融资方式；1990年以后,银行贷款融资的主导地位逐渐被股权融资所取代,上市公司出现股权融资偏好,但1990-1992年并没有再融资方式,这阶段上市公司的股权融资只有IPO,1993年开始出台配股的政策,并且使得配股成为1993-1997年期间股票市场上唯一的再融资方式；1998年上市公司出现公开增发和可转债的再融资行为,并在1998-2001年阶段表现出以配股为主、公开增发和可转债为辅的融资特征；2001-2004年,随着融资政策的不断变化,上市公司的融资呈现出以配股、公开增发、可转债并重的多元化融资格局,2005年是比较特殊的一年,股权分置改革使得资本市场暂停其融资功能,这样就使得IPO、配股和可转债的融资额出现大幅度的下滑；2006年证监会颁布的新的融资政策对于再融资方式的发行条件进行了进一步调整,在放宽配股条件的同时,提出非公开发行(定向增发)这种新的再融资方式,由于低成本和发行简便等优势,定向增发成为近几年最受欢迎的融资选择,2006-2012年的融资行为可概括为：定向增发为主,公开增发、配股和可转债为辅的融资格局。不同的融资方式有不同的融资政策,而政策中对于公司财务业绩也有不同的要求,因此它们会对公司业绩产生不同的影响。由于上市公司的业绩指标有很多,如果只用一个指标,不可避免的会产生片面性的误差,因此该论文采用12个综合业绩指标,借助因子分析的方法对定向增发、公开增发及配股与公司业绩之间的关系进行了实证研究,通过比较2008-2011年公司业绩综合排名的变化情况,验证融资前后对公司业绩是否产生显著的影响。通过实证研究发现：从短期来看,上市公司的定向增发对于公司的业绩影响并不显著,但对于公司的长期业绩有显著的消极影响；上市公司的公开增发对于公司增发当年的业绩影响并不显著,但对公司的短期业绩和长期业绩都有显著的负面影响,即会造成业绩的下降；而进行配股的上市公司,配股对于公司当年的业绩有显著的正面影响,但对于公司的短期业绩及长期业绩的影响都不显著。
[Abstract]:Since 1990 the Shanghai stock exchange and Shenzhen stock exchange were established, listed companies began financing in the securities market. Financing is an important matter of the enterprise, it can not only ensure the enterprise to get the necessary funds, and the choice of financing will affect the company's capital structure, thereby affecting the value and performance of the enterprise in the course of development. The stock market in the past 20 years, the financing behavior of Listed Companies in the unceasing change, and different stage presents different characteristics.
According to the financial data of 1990-2012, development and changes in the financing behavior of listed companies Chinese is divided into 5 stages: before 1990, financing the early stages of 1990-1997 financing of Listed Companies in the initial stage, the growth stage of 1998-2001 years, the adjustment phase and 2006 2001-2005 perfect stage.1984 -2012 years years ago due to the influence of planned economy system, the financing behavior of enterprises is characterized by fiscal appropriation; and the planned economy system into market economy system, in the 1984-1989 this year bank loan financing behavior has become the main way of financing for enterprises; after 1990, the leading position of bank loans financing equity financing gradually replaced, the listed company equity financing preference, but 1990-1992 years did not re financing, equity financing of listed companies at this stage is only IPO, beginning in 1993 with the introduction of Shares of the policy, and the rights during the period of 1993-1997 stock market become the only way of refinancing; 1998 listed companies refinancing public issuance and convertible bonds, and in the 1998-2001 stage show allotment, the characteristics of financing public issuance of convertible bonds and the subsidiary; 2001-2004 years, with the changing of the financing policy the financing of listed companies, showing a public issuance, allotment, diversified financing pattern of convertible bonds can be of equal importance, 2005 is a special year, non tradable share reform makes the capital market to suspend its financing function, which makes the IPO, allotment of shares and convertible bonds financing drastically declined; in 2006 the Commission issued the new financing policy for financing the issuing conditions were further adjusted in the relaxation of the conditions of allotment at the same time, the non-public offering (private placement) this new Due to the advantages of low cost and ease of issuance, private placement has become the most popular financing option in recent years. The 2006-2012 years' financing behavior can be summarized as follows: private placement, public issuance, share rights and convertible bonds.
Different financing modes have different financing policies and policies for the company's financial performance have different requirements, so they will have different effects on the performance of the company. Because there are many performance indicators of listed companies, if only one index, will inevitably produce one-sided error, so this paper uses 12 a comprehensive performance index, with the method of factor analysis on the relationship between private placement and public issuance, allotment and the performance of the company to carry on the empirical research, through the comparison of changes in 2008-2011 company performance ranking, verify the performance of the company is financing and have a significant impact. The empirical study found that: in the short term, market orientation the company's issuance of the company's performance is not significant, but has a significant negative impact on the long-term performance of the company; the public issuance of listed companies For companies in the performance impact is not significant, but has a significant negative impact on the short-term performance and long-term performance of the company, which will decrease the performance; and allotment of listed companies, shares have a significant positive impact on the company performance of the year, but the impact of short-term performance and long-term performance of the company is not significant.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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