我国上市公司增发新股后经营绩效的研究

发布时间：2018-02-21 01:42

本文关键词： 上市公司增发新股公开增发定向增发经营绩效　出处：《浙江大学》2013年硕士论文　论文类型：学位论文

【摘要】：增发这一再融资方式自诞生起,就注定成为再融资市场的焦点,特别是在定向增发方式被引进后,增发再融资迅猛发展,已经成为我国资本市场上最重要的再融资方式。面对狂热的“增发热潮”,社会及学术界必然会将目光投向增发对上市公司经营绩效的影响之上。通过对研究文献的回顾发现,国外学者对于增发新股是否能够有效改善上市公司的经营绩效这一问题看法不一,实证结果也说明了上市公司的经营绩效在增发新股后上升或下降的两种情况都可能发生。而国内大部分研究证明增发再融资对公司的业绩有负面影响,但实证研究的样本主要集中在股权分置改革(2006)以前。股权分置改革后,虽然也有学者采用了实证研究的方法,但是他们的研究样本或数据较少,研究方法也多数选取单个指标进行简单的前后比较或是使用较常用的多元回归分析。此外,自2006年定向增发被引进中国再融资市场,关于上市公司增发后的绩效问题,国内学者至今少有将公开增发和定向增发进行对比研究的,已有的研究也几乎全是针对公开增发和定向增发的短期市场表现进行研究,少有人研究公开增发和定向增发的长期经营绩效。为了克服上述研究方法的缺陷,本文分析了公开增发和定向增发对于公司治理的影响差异,并以股权分置改革后我国证券市场2006-2010年间成功实施增发的268家A股上市公司为研究样本,选取若干个财务指标,通过因子分析法构造一个经营绩效的综合得分函数,计算出实施了增发的上市公司在不同年度的得分,然后做前后比较,检验增发前后经营绩效变化情况。通过对总体样本和按增发类型分类样本的综合分析,得出以下结论：股权分置改革后,上市公司增发后的经营绩效逐年缓慢改善。从长期来看,增发确实对上市公司的经营绩效起到提升作用,而定向增发比公开增发更能提升上市公司的经营绩效。结合研究结论和市场实际,本文得出以下几点启示：(1)再融资市场的制度设计应注重遵循激励相容原则：(2)上市公司选择性地定向增发新股融资应得到鼓励；(3)应加强对上市公司定向增发新股再融资的监管,包括增发新股的行为、锁定期和通过定向增发实现并购时控股股东注入资产的评估结果。
[Abstract]:Since the birth of the repeated financing method of additional issuance, it has been destined to become the focus of the refinancing market, especially after the introduction of the method of directional additional issuance, the rapid development of additional issuance and refinancing. It has become the most important refinancing method in the capital market of our country. In the face of the frenzied "IPO craze", the society and the academic circles will inevitably pay attention to the influence of the additional offering on the operating performance of the listed company. Through the review of the research literature, it is found that foreign scholars have different views on whether the IPO can effectively improve the operating performance of listed companies. The empirical results also show that the operating performance of listed companies may rise or decline after the issuance of new shares, and most of the domestic studies prove that refinancing has a negative impact on the performance of the company. However, the sample of empirical research is mainly before the reform of split share structure (2006). After the reform of split share structure, although some scholars have adopted the method of empirical research, their research samples or data are relatively small. Most of the research methods also select a single index to carry out simple back and forth comparison or use more commonly used multiple regression analysis. In addition, since 2006, the directional placement has been introduced into the Chinese refinancing market, about the performance of the listed companies after the IPO. Up to now, few domestic scholars have made a comparative study of public and directional additional offerings, and the existing studies have almost all focused on the short-term market performance of public additional offerings and targeted additional offerings. Few people study the long-term performance of public issuance and private placement. In order to overcome the defects of the above research methods, this paper analyzes the differences of the effects of public and directional additional offerings on corporate governance. Taking 268 A-share listed companies which successfully implemented additional issuance in China's securities market from 2006 to 2010 after the reform of split share structure as the research sample and selecting several financial indexes, a comprehensive score function of operating performance is constructed by factor analysis. To calculate the scores of listed companies with additional issuance in different years, and then to compare before and after, to test the changes of business performance before and after the increase. Through the comprehensive analysis of the total samples and the classification samples according to the type of additional issuance, The following conclusions are drawn: after the reform of split share structure, the operating performance of the listed companies after additional issuance improves slowly year by year. In the long run, the additional issuance does improve the operating performance of the listed companies. But the directional additional offering can improve the operating performance of the listed company more than the public offering. Combining the conclusions of the research with the market reality, This paper draws the following conclusions: 1) the system design of the refinancing market should pay attention to follow the principle of incentive compatibility: 2) the listed companies should be encouraged to raise the new shares selectively) and the supervision of the refinancing of the new shares should be strengthened. It includes the behavior of issuing new shares, locking time and the evaluation result of controlling shareholder's injection of assets when the acquisition is realized through directional issuance.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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