基于上市公司定向增发再融资的投资策略研究

发布时间：2018-03-18 08:18

本文选题：定向增发　切入点：投资　出处：《山东大学》2012年硕士论文　论文类型：学位论文

【摘要】：定向增发作为再融资手段的一种,在上市公司再融资方式中占重要地位。随着2005年股改的顺利进行,2006年《上市公司证券发行管理办法》的出台,以及09年创业板的推出,在直接融资方式中,以增发和配股合计的融资规模近四年来一直高于首发募集(IPO)的资金规模。从再融资几种方式的法规对比角度看,定向增发门槛比较低,定价灵活,也较为容易操作,而且能够优化上市公司的财务结构、引入战略投资者和注入优质资产,推出后受到市场的关注力度较大,这几年成为股权再融资的主要方式之一。数据上看,从2006年1月至2011年8月,我国总共有640多家上市公司通过定向增发这种方式进行股权再融资,其融资总额累计达到6834.25亿元,占上市公司再融资金额的比例为38.58%；其中2010年至2011年8月期间就有270家上市公司通过定向增发进行股权再融资,融资总额达到3360亿元,占上市公司再融资的金额比例43.33%；从公司家数和比例来看,2010年后定向增发成为主流的再融资方式。随着国内资本市场和资产管理行业的快速发展,机构投资者和专业投资者的诉求更为专业化和多样化,主题型投资日益盛行,为满足多层次的投资需求,本文首先对定向增发的法规做相对优势的定性分析、对国内外有关定向增发信息披露效应及其股价表现的理论和实证研究成果进行回顾和评价,并以此为理论基础,结合我国的具体情况,作为投资中的实践基础。本文除了对定向增发预案公告日前后股价表现情况进行数据检验和分析,还对不同增发动因和不同市场背景下的定向增发类股价表现进行分类实证检验和比较,得出有意义的结论和解释。这些研究结果可以为机构投资者和专业投资者提供有价值的研究和解释,以期更好地引导投资行为,更好地建立投资策略,为各类投资者提供有价值的决策参考。
[Abstract]:As a means of refinancing, directional additional issuance plays an important role in the refinancing of listed companies. With the smooth implementation of the stock reform in 2005, the introduction of the "measures for the Administration of Securities issuance of listed companies" in 2006, and the launch of the gem in 2009, In the direct financing mode, the total amount of capital raised by additional issuance and rights issue has been higher than that of IPO in the past four years. From the perspective of the laws and regulations of several ways of refinancing, the threshold of directional additional issuance is relatively low, the pricing is flexible, and it is easier to operate. Moreover, it can optimize the financial structure of listed companies, introduce strategic investors and inject high-quality assets. After the launch by the market attention, these years become one of the main ways of equity refinancing. From January 2006 to August 2011, from January 2006 to August 2011, there were more than 640 listed companies in China refinancing their shares by way of directional additional issuance, and the total amount of financing reached six hundred and eighty-three billion four hundred and twenty-five million yuan. The proportion of refinancing in listed companies is 38.58%. Between 2010 and August 2011, 270 listed companies carried out equity refinancing through additional shares, with a total amount of 336 billion yuan. It accounts for 43.33% of the refinancing amount of listed companies; from the perspective of the number and proportion of the company, the directional additional issuance has become the mainstream refinancing method since 2010. With the rapid development of domestic capital market and asset management industry, the demands of institutional and professional investors are becoming more specialized and diversified. This paper firstly makes qualitative analysis on the relative advantage of the regulation of directional additional offering, reviews and evaluates the theoretical and empirical research results on the effect of information disclosure and stock price performance of the private placement at home and abroad, and takes it as the theoretical basis. Combined with the specific situation of our country, as the practical basis of investment. This paper not only carries on the data examination and analysis to the stock price performance before and after the announcement day of the plan, but also carries on the classification demonstration test and the comparison to the performance of the directional additional stock price under the different additional offer motive and the different market background. Draw meaningful conclusions and explanations. These findings can provide valuable research and explanations for institutional and professional investors, with a view to better guiding investment behaviour and establishing investment strategies, Provide valuable decision-making reference for all kinds of investors.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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