非公开发行类型对上市公司经营业绩影响的实证研究

发布时间：2018-02-24 23:09

本文关键词： 非公开发行经营业绩投资项目质量　出处：《重庆工商大学》2012年硕士论文　论文类型：学位论文

【摘要】：证监会开放再融资至今，非公开发行新股方式成为上市公司增资扩股、重新规划战略布局、调整产品结构资金来源的首选。研究学者表明机构投资者对于公司股权再融资有着明显的监控效应，这种优势是否持续？对于大股东认购新股的上市公司，其通过换入劣质资产、低折价等形式向大股东输送利益的情况是否改善？上市公司资产规模扩大、战略调整是否带来经营业绩的提升？回答上述疑问，正是本文的研究目的及意义所在。本文研究不同认购者类型对募集资金后的上市企业经营业绩的影响。首先，通过非公开发行动因和非公开发行绩效文献综述的梳理，描述了非公开发行股权再融资的研究现状。然后，阐述了我国非公开发行新股概况和主流模式及不同模式下认购者类型。接着，总结非公开发行相关假说理论，选取财务指标建立综合业绩得分模型，以我国资本市场2008年84家，2009年99家成功实施非公开发行股权融资的公司两个研究样本，按照不同认购者类型划分样本公司，，对2008年样本公司2007-2009年，2009年样本公司2008-2010年发行前后期间三年的经营业绩进行实证分析。实证发现不同年度不同类型投资者认购致使公司的绩效改善情况不同，2008年、2009年两个年度实行非公开发行股票公司经营业绩变化不显著。并选取案例液晶面板行业上市公司京东方A、友达股份有限公司对比分析，探寻上市公司做大不做强的原因。本文认为不同认购者类型会对公司经营业绩产生影响。关系投资者认购类型公司2008年样本，2009年样本综合业绩排名均下降，可见大股东利用非公开发行隧道挖掘输送公司利益现象仍然存在；外部投资者认购类型公司2008年样本综合业绩排名上升，2009年样本公司综合业绩排名下降，检验了资本市场信息不对称下，机构投资者存在非理性投资行为，上市公司为实现圈钱目的存在粉饰财务报表行为。最后，建议监管机构应加强对已实施非公开公司，募集资金使用的监督和管理，控制发行额度和节奏，投资双方应增进对项目可行性分析的理性思考。
[Abstract]:Since the CSRC opened up refinancing, the non-public issuance of new shares has become a way for listed companies to increase their capital and expand their shares, and to re-plan their strategic layout. Research scholars show that institutional investors have a significant monitoring effect on corporate equity refinancing. Is this advantage sustainable? To the listed company that the big shareholder subscribes new shares, its by exchange inferior asset, low discount and so on form conveys the benefit to the big shareholder whether to improve? Does the strategic adjustment bring about the improvement of the operating performance when the assets scale of the listed company expands? Answering the above questions is the purpose and significance of this paper. This paper studies the effect of different types of subscribers on the operating performance of listed enterprises after raising funds. Firstly, this paper describes the research status of non-public issue equity refinancing by combing the causes of non-public issue and the literature review of non-public issue performance. Then, the paper expounds the general situation and mainstream mode of new shares in China and the types of subscribers under different modes. Then, we summarize the theory of non-public offering hypothesis, select financial indicators to establish a comprehensive performance score model, take the capital market in China in 2008 84 companies, 2009, 99 successful implementation of private equity financing of the two research samples. The sample companies are divided according to the type of subscribers, This paper makes an empirical analysis on the operating performance of the sample company during the period of 2007-2009 in 2008 and three years before and after the issue of 2008-2010 on 2009. The empirical results show that different types of investors subscribe for different year and cause the performance improvement of the company to be different, 2008 / 2009. There is no significant change in the operating performance of the non-public issuing stock companies in the two years of 2003. A case study of the listed companies in the LCD panel industry, Beijing Dongfang A and Youda Co., Ltd., is compared and analyzed. Explore the reasons why the listed companies are bigger than stronger. This paper argues that different types of subscribers will have an impact on the operating performance of the company. Relational investors subscribe for the sample of the type of company in 2008, and the comprehensive performance ranking of the sample declined in 2009. It can be seen that the phenomenon of large shareholders using non-public issuing tunnels to excavate the interests of transportation companies still exists; the comprehensive performance of sample companies that were subscribed by outside investors rose in 2008, while those of sample companies fell in 2009. This paper examines the irrational investment behavior of institutional investors and the whitewash of financial statements of listed companies for the purpose of circle money under asymmetric capital market information. Finally, it is suggested that the regulators should strengthen the supervision and management of the closed companies, raise funds and use, control the issuing amount and rhythm, and enhance the rational thinking on the feasibility analysis of the projects.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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