湖北省上市公司股权募集资金使用效率研究

发布时间：2018-02-26 16:05

本文关键词： 上市公司股权募集资金资金使用效率　出处：《武汉理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：20世纪90年代前,我国企业的外部融资主要是依靠银行信贷。而90年代后随着股票市场的发展,股权融资已经成为我国上市公司进行外部融资的一个重要的途径。一般来说,我国的证券市场具有资源配置和融资两大功能。资源配置是建立股票市场的基本目的,投资者通过购买股票将手中的资金转移到资金需求者手中,而同时资金需求者将手中的股票卖出获得资金,并进行项目投资,将货币资本投入到实际的生产过程,转化为产业资本。融资功能则为上市公司开辟了低成本的融资方式,上市公司通过发行股票,可以将社会上大量的闲置资金集中起来,转化为自己的长期资本,获得长远的发展。但融资只是企业开始生产经营的第一步,关键是企业融入资金后的使用。企业资金的使用关系到企业的盈利能力和股东权益的增长,最终影响企业的价值。同时,企业的盈利能力、股东权益的增长,企业价值的提升就是反映了资金使用的效率。只有资金使用效率高,企业的绩效才有大的提高。同时上市公司募集资金的使用效率也关系到公司的长远发展,关系到公司的信誉和形象。随着我国资本市场的日益成熟,股市的经济晴雨表功能日益凸显,一个地区的上市公司必将反映其区域经济的特点与实力。虽然湖北省上市公司的数量与发达地区相比还有一定的差距,但是20年来湖北省上市公司的数量、规模发生了翻天覆地的变化。湖北及武汉作为中部崛起的重要战略支点及国家自主创新示范区所在地,其九省通衢的地理优势及全国领先的科技创新资源,必将对湖北经济产生重大的推动作用。随着区域经济实力的快速提升,湖北省上市公司的前景将更加光明。面对着良好的外部市场环境,湖北省将有更多的上市公司通过证券市场募集资金,而募集资金的使用对于上市公司的长远发展有着至关重要的作用,因此本文分析湖北省上市公司股权募集资金的使用效率,为提高股权募集资金使用效率的研究作为参考。本文的研究主要分为三个部分：第一部分为论文研究的理论部分。首先介绍了论文研究背景、目的意义及国内外在相关领域的研究现状等内容,其次阐述了目前上市公司股权融资的基本方式、融资理论,对资金使用效率概念的界定,为后文的研究进行铺垫。第二部分为论文研究的实证部分。从现实的角度对目前湖北省上市公司的股权融资现状进行分析,了解目前上市公司主要的股权融资方式及特点。然后选择合适的财务指标,按照股权募集资金的不同方式对湖北省2001-2007年期间上市公司股权募集资金使用效率进行实证分析。第三部分根据前面的实证分析结果对湖北省上市公司股权募集资金使用中存在的问题与成因进行分析,并结合实际针对性的提出提高湖北省上市公司股权募集资金使用效率的建议。论文研究结论表明,大部分湖北省上市公司的经营业绩在股权融资后有所下滑,只有小部分上市公司的经营业绩在股权融资后有所上升。而且即使是公司业绩的提升也主要集中在主营业务收入这样的绝对值指标上,而相应的代表公司盈利能力的主营业务利润、每股收益和净资产收益率等指标总体呈下降趋势。
[Abstract]:Before 1990s, China's external financing business is mainly rely on bank credit. But after 90s, along with the development of the stock market, equity financing has become an important way of external financing of Listed Companies in China. In general, China's securities market has two major functions of resource allocation and financing resource allocation is the basic purpose. The establishment of the stock market, investors through the purchase of shares in the hands of the transfer of funds to the funding needs hands, while demand for funds in the hands of the stock to sell access to funds, and investment, the money capital into the actual production process, into industrial capital. Opened up a low-cost financing for the financing function listed companies, listed companies through the issuance of shares, can collect a lot of idle funds together, for their own long-term capital, access to long-term development Show. But financing is just the first step of operation, the key is the use of integration into the funds. The use of corporate funds related to corporate profitability and shareholders' equity growth, ultimately affect the value of the enterprise. At the same time, the profitability of enterprises, shareholders' equity growth, enhance enterprise value is reflected the efficiency of the use of funds. Only the high efficiency in the use of funds, the performance of enterprises can be greatly improved. At the same time, the listed companies to raise the efficiency of the use of funds is also related to the long-term development of the company, to the company's reputation and image.
As China's capital market, the stock market barometer of the economy has become an area of listed companies will reflect the characteristics and strength of the regional economy. Although the number of Listed Companies in Hubei, there is a gap compared with the developed areas, but the number of Listed Companies in Hubei province for 20 years, happened to turn the world upside down. The change of scale. Located in Hubei and Wuhan as central China's important strategic fulcrum and national independent innovation demonstration zone, the nine provinces of the geographical advantage and the country's leading scientific and technological innovation resources, Hubei is bound to have a significant role in promoting economy. With the rapid promotion of regional economic strength, the listed companies of Hubei province's future will be more light. Facing the external market environment, there will be more and more listed companies to raise funds through the stock market in Hubei Province, and the use of the funds for The long-term development of listed companies plays a crucial role. Therefore, this paper analyzes the efficiency of equity financing of Listed Companies in Hubei Province, so as to provide references for improving the efficiency of equity raising funds.
The research of this paper is divided into three parts:
The first part of the thesis. The first part introduces the research background, purpose and significance of related fields at home and abroad research status etc. Secondly, describes the basic way of equity financing of listed companies financing theory, the use of funds the definition of efficiency, for the later study of the bedding.
The second part is the empirical part of research papers. Carries on the analysis to the listed companies in Hubei province equity financing situation from a practical point of view, the current understanding of major listed company's equity financing and characteristics. Then select the appropriate financial indicators, in accordance with the equity funds raised in different ways in Hubei Province during the 2001-2007 years of the shares of listed companies to raise funds the efficiency in the use of empirical analysis.
The third part analyzes the problems and causes of equity financing of Listed Companies in Hubei Province Based on the previous empirical analysis results, and puts forward suggestions for improving the efficiency of equity financing of Listed Companies in Hubei province combined with the actual situation.
The conclusion of the study shows that most of the performance of Hubei province listed companies decline in equity financing, only a small part of the business performance of listed companies increased after equity financing. And even enhance the performance of the company are mainly concentrated in the main business income of the absolute value of the index, and the corresponding profitability on behalf of the company the main business profit, earnings per share and net assets yield index decreased.

【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51

【参考文献】