上市公司定向增发对中小股东利益的影响研究

发布时间：2018-03-23 03:16

本文选题：定向增发　切入点：利益保护　出处：《兰州理工大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的快速发展，上市公司股权再融资的需求不断加大，近两年越来越多的上市公司热衷于通过定向增发从而达到再融资的目的。2011年度共有177家上市公司实施了定向增发，共募集资金约3600亿元。相比较于公司债券、公开增发、配股等其他的再融资方式，定向增发逐渐成为我国上市公司选择的再融资的主要方式。虽然监管层对上市公司再融资要求非常严厉，但是目前我国的资本市场还不太成熟，法律对中小股东的利益保护不足，定向增发使中小股东的利益是否受到侵害值得关注。上市公司希望通过定向增发可以提升上市公司盈利能力或者改善公司治理效果。但是在定向增发过程中可能存在对中小股东利益侵害的现象。大股东通过减持原来持有的流通股操纵发行价格；或者注入非优质资产；甚至操纵利润分配，股利分红实现利益输送。因此，研究定向增发对中小股东利益的影响具有一定的实用价值和现实意义。本文首先介绍了定向增发的流程、特点与国内外研究现状；然后利用理论模型分析了定向增发对不同股东财富的影响；其次以上市公司增发前后的EPS或者ROA的变化，，运用配对样本T检验分析定向增发对公司长期业绩的影响；进而在分析上市公司定向增发对中小股东利益的影响因素的基础上，选取2007年147次成功实施定向增发的上市公司作为研究样本，所有样本从2006年到2010年都有连续完整的财务报表，采用多元线性回归方法。研究结果发现：从中小股东长期利益来看，大股东注入的资产不一定是优质资产；在增发当年，股利分红规模对中小股东利益侵害正相关并且显著；重要股东减持原来持有的流通股对中小股东利益侵害负相关并且显著；独立董事比例对中小股东利益影响不显著；制造行业对中小股东的利益侵害比非制造行业明显。本文最后从内部的公司治理和外部的相关制度两个方面提出了保护中小股东利益的建议。希望能为市场监管提供有益的参考。
[Abstract]:With the rapid development of China's capital market, the demand for equity refinancing of listed companies is increasing. In the past two years, more and more listed companies have been keen on refinancing by offering additional shares in order to achieve the goal of refinancing. In 2011, a total of 177 listed companies implemented targeted additional offerings, raising a total of about 360 billion yuan of capital. Other refinancing methods, such as rights issue, have gradually become the main means of refinancing chosen by listed companies in our country. Although the regulatory level is very strict on the refinancing requirements of listed companies, the capital market in our country is not very mature at present. The law does not protect the interests of minority shareholders. The listed company hopes to raise the profitability of the listed company or improve the effect of corporate governance by offering additional shares. However, there may be a phenomenon of infringement on the interests of small and medium shareholders in the process of directional issuance. Large shareholders reduce their holdings. The original holding of circulating shares to manipulate the issue price; Or inject non-quality assets; even manipulate the distribution of profits, dividends to realize the transmission of benefits. Therefore, the study of the impact of targeted issuance on the interests of minority shareholders has a certain practical value and practical significance. This paper first introduces the process, characteristics and current situation of the research at home and abroad; then uses the theoretical model to analyze the impact of the private placement on the wealth of different shareholders; secondly, the change of EPS or ROA before and after the IPO of listed companies. Using paired sample T-test to analyze the effect of directional placement on the long-term performance of the company, and then on the basis of analyzing the factors affecting the interests of minority shareholders of the listed company. A total of 147 listed companies that successfully implemented additional directional offerings in 2007 were selected as the study samples. All the samples had continuous and complete financial statements from 2006 to 2010. From the long-term interests of minority shareholders, the assets injected by large shareholders are not necessarily high quality assets, and in the year of additional issuance, the scale of dividend dividend is positively related to the interests of minority shareholders and is significant. Significant shareholders reduce their original holdings of tradable shares negatively and significantly affect the interests of minority shareholders, the proportion of independent directors has no significant impact on the interests of minority shareholders; In the end, this paper puts forward some suggestions on protecting the interests of minority shareholders from two aspects: internal corporate governance and external related systems. It is hoped that it will be able to supervise the market. Provide useful reference.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【相似文献】