上市公司定向增发中的隧道行为研究

发布时间：2018-02-28 07:56

本文关键词： 定向增发资产注入隧道行为　出处：《沈阳工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着股权分置改革的不断发展，定向增发正式登上了我国资本市场舞台并一跃成为最主要的上市公司股权再融资方式。从我国的制度背景来看，，虽然定向增发有诸多益处，但是其又极易成为大股东对中小股东进行隧道行为的工具。由于定向增发近年来在证券市场中蓬勃发展，对我国资本市场的影响与日俱增，如果不对定向增发中的隧道行为加以研究和管制，那么广大中小投资者的自身利益就难免会受到侵害，继而严重影响到中小投资者对我国上市公司定向增发，甚至是对证券市场的信心。因此研究上市公司定向增发中的隧道行为对中小投资者保护工作具有积极的意义。本文运用了事件研究法和统计检验相结合的方式来进行实证分析。首先通过累计超额收益率验证了大股东在定向增发中可能存在操纵增发前后股价行为的假设。其次又通过在定向增发前后金融机构持股比例的变化分析得出了大股东还有可能通过注入瑕疵资产来增加自身利益的结论，本文还运用了主成分分析法来构建机构投资者认同度指标，通过对机构投资者认同度变化的分析，验证资产注入类上市公司在定向增发后两年公司综合得分排名普遍下降。最后运用了案例分析法，先以大通燃气为例，揭示了大股东为主的定向增发在增发后的累计超额收益率明显高于增发前的累计超额收益率。再以盛屯矿业为例，发现大股东出售的资产价值被明显的高估，金融机构持股比例在资产注入后小幅下降并且公司综合业绩排名不升反降，进一步证明了定向增发资产注入类上市公司普遍存在着隧道行为致使公司业绩逐年下降。本文的研究结论为进一步规范定向增发行为，为监管部门制定相关监管政策提供了依据，对于完善投资者保护工作具有积极意义。
[Abstract]:With the unceasing development of the split share structure reform, directional additional issuance has formally stepped onto the stage of capital market in China and become the most important way of equity refinancing of listed companies. From the background of our country's system, although directional additional issuance has many benefits, However, it is easy to become a tool for large shareholders to tunnel to minority shareholders. Due to the booming development of directional placement in the stock market in recent years, the impact on the capital market of our country is increasing day by day. If we do not study and regulate the tunnel behavior in the process of directional additional offering, the interests of the majority of small and medium investors will inevitably be infringed upon, and then the small and medium-sized investors will be seriously affected by the targeted issuance of listed companies in our country. Therefore, it is of positive significance to study the tunneling behavior of listed companies in directional placement for the protection of small and medium-sized investors. This paper uses the method of event research and statistical test to make empirical analysis. Firstly, through the cumulative excess return, we verify the hypothesis that large shareholders may have the behavior of manipulating the stock price before and after the IPO. Secondly, through the analysis of the change of shareholding ratio of financial institutions before and after the IPO, the conclusion that the majority shareholders may increase their own interests by injecting defective assets. This paper also uses the principal component analysis method to construct the index of institutional investor identity, through the analysis of the change of institutional investor identity. It is verified that the comprehensive scores of the listed companies in the asset injection category dropped generally two years after the directional placement. Finally, the case analysis method was used, taking Chase Gas as an example. It is revealed that the accumulated excess return rate of the large shareholder oriented placement is obviously higher than that before the issuance. Taking Shengtun Mining as an example, it is found that the value of the assets sold by the major shareholders is obviously overvalued. The proportion of financial institutions holding shares decreases slightly after the asset injection and the overall performance ranking of the company decreases instead of rising. It further proves that there is a common tunneling behavior in the listed companies with directional additional assets injection which leads to the decline of corporate performance year by year. The conclusion of this paper provides the basis for further standardizing the behavior of directional placement and provides the basis for the regulatory authorities to formulate relevant regulatory policies. It is of positive significance to improve the protection of investors.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F275

【参考文献】