股权再融资对上市公司绩效的影响研究

发布时间：2018-02-21 02:18

本文关键词： 股权再融资上市公司证券市场经营绩效　出处：《西南大学》2012年硕士论文　论文类型：学位论文

【摘要】：在我国,再融资是上司公司募集资金的一种重要方式,特别是在近年来,我国证券市场上更是掀起了一股再融资的热潮。然而,上市公司通过再融资募得的大量资金是否得到有效运用,再融资对上市公司经营业绩的影响如何,都是我们需要关注的问题。由于我国资本市场起步较晚,对于融资理论及其绩效问题的研究并未形成系统,且研究结论也各不相同。在这样的背景下,本文试图通过理论与实证相结合的方式,对我国证券市场上股权再融资及其对公司绩效的影响问题做进一步研究,为我国股权再融资政策的调整和上市公司融资方式的选择提供一些针对性的建议。本文首先回顾和评价了西方经典融资理论及国内外学者对股权再融资问题的相关研究,作为本文理论和研究方法的参考依据；接着归纳和总结了我国股权再融资政策、方式的演变历程,并在此基础上概括了目前我国证券市场上利用配股、增发和发行可转换公司债券进行股权再融资的现状；然后,本文以2006、2007两年在沪深两市进行过再融资的所有A股上市公司为对象,将其分为增发、配股和发行可转债三类,并选取主营业务利润率、净资产收益率、每股收益和主营业务收入增长率四项指标来衡量公司经营绩效的变化情况,通过统计性描述分别分析了三种再融资方式下上市公司在其融资前后五年内绩效的变动趋势和特点,并就其各年问的变化是否明显进行均值T检验和中位数Wilcoxon符号秩检验。另外,本文还针对这三种再融资方式进行了横向的对比分析,以此来了解不同再融资方式的融资效率以及对上市公司经营业绩的影响通过研究结果发现,上市公司在实施配股、增发和发行可转债后,其业绩水平同再融资之前相比反而有下降的趋势。且在融资后的第一年,配股、增发和发行可转债的上市公司的经营业绩均出现较为明显的下滑。而通过对三种再融资方式对比分析发现,实施增发的上市公司在融资后的绩效表现在总体上要优于通过其他两种方式进行再融资的上市公司,其四项绩效指标中有两项都在融资后第三年回复到再融资前的水平,并有小幅上升；但发行可转债的上市公司在成长能力方面的表现要比配股和增发稍好。针对研究结果和我国证券市场的现状,本文试图分析了造成我国上市公司再融资绩效不理想的原因,并有针对性地提出一系列政策建议,如进一步规范再融资准入政策、建立上市公司现金分红的约束机制、适当提高股权融资成本、加强上市公司监管、大力发展证券市场、完善公司内部治理等,以规范和改进上市公司的再融资行为,促进我国再融资市场的发展。
[Abstract]:In China, refinancing is an important way for boss companies to raise funds, especially in recent years, there is a wave of refinancing upsurge in China's securities market. Whether the large amount of funds raised by the listed companies through refinancing has been effectively used and how the refinancing affects the operating performance of the listed companies are all issues that we should pay attention to. As the capital market of our country started relatively late, The research on financing theory and its performance is not systematic, and the conclusions are different. Under this background, this paper attempts to combine theory with empirical method. This paper makes a further study on the issue of equity refinancing and its impact on corporate performance in China's securities market, and provides some targeted suggestions for the adjustment of equity refinancing policy and the choice of financing methods for listed companies. Firstly, this paper reviews and evaluates the western classical financing theory and the relevant research on equity refinancing by domestic and foreign scholars, as the reference basis of this paper's theory and research methods, then summarizes and summarizes the stock right refinancing policy of our country. On the basis of this, the paper summarizes the current situation of equity refinancing in China's securities market by issuing additional shares and issuing convertible corporate bonds. This paper takes all the A-share listed companies that have refinanced in Shanghai and Shenzhen stock markets in 2006 and 2007 as the objects, divides them into three categories: additional issuance, rights issue and convertible bonds, and selects the profit margin of main business and the rate of return on net assets. Four indexes of earnings per share and growth rate of main business income are used to measure the change of the company's operating performance. Through statistical description, this paper analyzes the trend and characteristics of the performance of listed companies in the five years before and after financing under the three refinancing modes. In addition, the paper makes a horizontal comparative analysis of the three refinancing methods, which are the mean T test and the median Wilcoxon sign rank test. In order to understand the financing efficiency of different refinancing methods and the impact on the operating performance of listed companies. Through the research results, it is found that the performance level of listed companies after the implementation of rights issue, additional issuance and issuance of convertible bonds has a downward trend compared with that before refinancing. The operating performance of the listed companies with additional issuance and issuance of convertible bonds has declined significantly. Through the comparative analysis of the three ways of refinancing, it is found that, The performance of listed companies with additional issuance after financing is generally better than that of listed companies that refinance through the other two ways. Two of the four performance indicators have returned to their pre-refinancing levels in the third year after financing. There was a slight increase, but listed companies issuing convertible bonds performed slightly better in terms of growth than rights issue and additional issuance. In view of the research results and the current situation of China's securities market, this paper attempts to analyze the causes of the unsatisfactory refinancing performance of listed companies in China, and puts forward a series of targeted policy recommendations, such as further regulating the refinancing access policy. To regulate and improve the refinancing behavior of listed companies, we should establish a restraint mechanism for cash dividends of listed companies, appropriately increase the cost of equity financing, strengthen the supervision of listed companies, vigorously develop the securities market, and improve the internal governance of companies. Promote the development of China's refinancing market.
【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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