上市公司股权再融资效应及其影响因素实证研究

发布时间：2018-02-04 04:06

本文关键词： 股权再融资增发配股经营绩效影响因素　出处：《沈阳工业大学》2012年硕士论文　论文类型：学位论文

【摘要】：IPO是上市公司在证券市场上第一次大规模筹资行为，而股权再融资则是上市公司进行的第二次圈钱。随着我国经济的迅猛发展，市场制度的逐步完善，上市公司的成长速度也越来越快，甚至有些大企业已经逐步开始实施国际化战略。因此上市公司需要大量的资金来支持企业的快速发展，股权再融资就成为其首选的筹资渠道。然而在经济发达国家的证券市场上，上市公司却很少采用股权再融资方式筹集资金，因为种种迹象表明在进行股权再融资之后，上市公司的业绩会出现下滑，但是我国的上市公司却是越来越热衷于进行股权再融资。因此，对上市公司的股权再融资效应及其影响因素进行研究，具有一定的理论和现实意义。本文选取2006年-2008年三年间在沪深两市进行增发和配股的A股上市公司作为研究对象，并选取主营业务利润率、主营业务收入增长率、总资产收益率、净资产收益率四项财务指标来衡量上市公司经营绩效的变化情况，，通过描述性统计方法分析了上市公司股权再融资前后五年的绩效变化情况，并就其变化是否显著进行均值T检验。通过研究结果发现上市公司在实施增发后业绩出现了显著性下降，但在配股后并未出现显著性下降，而且配股后的业绩好于增发。然后，本文用多元逐步回归方法对上市公司增发后经营业绩变化的影响因素进行了深入的分析。通过实证研究发现，增发再融资前一年上市公司自由现金流量以及市净率与增发再融资后公司的经营业绩下降显著相关。而增发前一年的资产负债率和股权集中度对上市公司经营业绩的变化虽然也有一定的影响，但在实证检验时并不显著。最后，本文深入分析了造成我国上市公司再融资效应低下的原因，并且提出了一系列有针对性的政策建议。比如应该坚决杜绝在上市公司中普遍存在的盈余管理行为，完善上市公司的组织结构并建立良好的薪酬激励体系，逐步改进在证券市场中上市公司进行增发或者配股的准入制度，同时还要加强对上市公司对募集资金使用效率的监管。
[Abstract]:IPO is the first large-scale financing behavior of listed companies in the securities market, while equity refinancing is the second round of money for listed companies. With the rapid development of our economy, the market system is gradually improved. The growth rate of listed companies is also growing faster and faster, and even some large enterprises have started to implement internationalization strategy gradually. Therefore, listed companies need a lot of funds to support the rapid development of enterprises. However, in the stock market of developed countries, listed companies rarely use equity refinancing to raise funds. Because of various indications that after equity refinancing, the performance of listed companies will decline, but China's listed companies are increasingly keen on equity refinancing. It is of theoretical and practical significance to study the equity refinancing effect of listed companies and its influencing factors. This paper selects the A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2008 as the research object, and selects the profit margin of the main business and the growth rate of the main business income. Total return on assets, return on net assets, four financial indicators to measure the operating performance of listed companies, through descriptive statistical analysis of listed companies before and after equity refinancing before and after five years of performance changes. The results show that the performance of listed companies after the implementation of the IPO has a significant decline, but there is no significant decline after the rights issue. And the performance after the rights issue is better than the additional issue. Then, this paper uses the multiple stepwise regression method to analyze the influencing factors of the change of the operating performance of the listed company after the issuance. The free cash flow and price-to-book ratio of listed companies in the year prior to refinancing were significantly correlated with the decline in operating performance of the companies after refinancing. However, the asset-liability ratio and equity concentration ratio of the year before the additional issue had a significant impact on the business operations of the listed companies. Changes in performance, though, have a certain impact. However, the empirical test is not significant. Finally, this paper analyzes the causes of the low refinancing effect of listed companies in China. And put forward a series of targeted policy recommendations. For example, we should resolutely put an end to the common earnings management behavior in listed companies, improve the organizational structure of listed companies and establish a good salary incentive system. We should gradually improve the access system of the listed companies to issue additional shares or issue additional shares in the stock market, and at the same time strengthen the supervision of the efficiency of the use of the funds raised by the listed companies.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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