我国A股市场定向增发的收益效应研究

发布时间：2018-03-09 22:42

本文选题：上市公司　切入点：定向增发　出处：《上海交通大学》2012年硕士论文　论文类型：学位论文

【摘要】：定向增发，，又称非公开增开，是上市公司的一种再融资手段。中国证券监督管理委员会于2006年5月8日正式发布《上市公司证券发行管理办法》以来，定向增发的规模逐渐超越公开增发、配股、权证等,成为我国A股市场中最主流的股权再融资方式。同时，投资定向增发的收益效应亦成为资本市场关注的焦点，以及影响其可持续发展的重要因素。本文首先回顾国内外关于定向增发的主要研究文献，梳理了我国A股市场定向增发的制度、步骤流程、主要模式和发展；随后分析定向增发的折价发行，选取的样本一是定向增发发行日期在2006年1月1日至2011年12月31日之间的709个股票，发现定向增发实施价格平均高于基准价格，但是相比二级市场价格基本符合以往学者总结的七折定律；然后分析定向增发的收益效应，选取的样本二是定向增发公告日在2006年6月1日到2010年12月31日之间、且所发行股份在2012年3月30日已经至少上市流通90天的352个股票。选取相关影响因素作为自变量、参与定向增发的收益率作为因变量，建立多元线性回归模型的分析结果表明，定向增发发行折价率和定向增发股份锁定期间的中国A股市场收益率是定向增发收益效应最重要的影响因素，呈显著的正相关关系。最后，本文分别针对监管部门、机构参与者、媒体和普通投资者提出了相应建议。
[Abstract]:Directional additional issuance, also known as non-public additional issuance, is a refinancing method for listed companies. Since May 8th 2006, the China Securities Regulatory Commission has officially issued the "measures for the Administration of Securities issuance of listed companies". The scale of directional additional issuance is gradually surpassing public issuance, rights issue, warrant and so on, which has become the most mainstream equity refinancing method in the A-share market of our country. At the same time, the income effect of investment in directional additional issuance has also become the focus of attention in the capital market. And the important factors that affect its sustainable development. Firstly, this paper reviews the domestic and foreign literatures on the IPO, combs the system, the procedure, the main mode and the development of China's A-share market, and then analyzes the discount issuance of the IPO. The first sample is 709 stocks with the date of issuance from January 1st 2006 to December 31st 2011. It is found that the implementation price of the placement is on average higher than the benchmark price. However, compared with the secondary market price, it basically accords with the 70% law summarized by the previous scholars; then it analyzes the income effect of the directional additional offering. The second sample selected is between June 1st 2006 and December 31st 2010, when the announcement date of the directional additional offering is between June 1st 2006 and December 31st 2010. In March 30th 2012, 352 stocks have been listed for at least 90 days. The related factors are selected as independent variables, and the return rate participating in directional placement is taken as dependent variable, and the results of multivariate linear regression model show that, The discount rate of IPO and the return rate of China A-share market during the locking period are the most important factors affecting the effect of the earnings of the IPO, and there is a significant positive correlation between them. Finally, this paper puts forward corresponding suggestions for regulators, institutional participants, media and ordinary investors.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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