定向增发对我国上市公司业绩影响的实证研究

发布时间：2018-04-23 00:35

本文选题：股权分置改革 + 股权再融资　；参考：《河南大学》2013年硕士论文

【摘要】：上市公司通过证券市场进行再融资，是其持续发展和扩大规模的重要途径，也是证券市场发挥优化资源配置功能的必要手段。自股权分置改革以来，定向增发已经成为我国资本市场最活跃的股权再融资工具。中国证监会的统计数据显示，从2006年开始，我国A股市场使用定向增发进行再融资，无论在发行次数还是筹资规模都远超过了其他再融资工具。定向增发之所以如此受到市场的青睐，是因为其具有其他融资工具不可替代的优势。首先，定向增发具有“一简三低”的特征；其次，定向增发的新股有一定时间的锁定期，可以减少对二级市场的冲击；再次，定向增发可以通过注入优质资产，整合关联企业，提升上市公司业绩；最后，定向增发还可以通过引入机构投资者改善公司治理结构。定向增发这一股权融资方式最早出现于美国。西方学者对此问题的研究始于Wruck(1989)，其从股权集中的角度进行了分析，认为定向增发反映了投资者对发行人的良性监督。而后，HertzelSmith (1993)运用信息不对称理论，解释了上市公司通过折价发行吸引机构投资者，有效解决上市公司投资不足问题。这两个观点构成了现代公司金融理论研究定向增发的基础和主流。由于我国资本市场起步较晚，国外学者对此问题的研究基本不涉及我国情况，而我国学者对定向增发的研究定性分析多，定量分析少。本文将在理论分析的基础上，收集整理2006—2010年实施定向增发的上市公司数据，并通过实证的方法研究定向增发事件对我国上市公司业绩的影响。当前，国内外关于定向增发对上市公司业绩影响的研究多集中于短期股价的公告效应，形成的研究结论也较为一致，这正是本文实证研究的第一部分内容。本文对短期股价公告效应的研究采用了事件研究法和单变量T检验的方法，实证表明定向增发对短期业绩具有显著为正的公告效应，，具体表现为定向增发事件窗口期内上市公司股价的超额收益率显著为正，包括单日平均超额收益率AAR及窗口期内累计超额收益率CAR，即AAR0，CAR0。本文实证研究的第二部分是关于定向增发事件对上市公司长期经营业绩的影响。研究发现，采用购买持有收益方法可验证跟我国上市公司实施定向增发后两年内总体表现强势特征，这与美国股市私募发行后公司长期业绩表现不佳的结论相反。并且对于全部定向增发样本，上市公司定向增发前后五年的经营业绩要显著优于配比公司。此外，并没有直接证据支持大股东将定向增发作为掏空上市公司进而实现利益输送的工具。对于这方面的研究中美两国资本市场存在巨大差异，说明了美国的普遍性结论未必适合我国，这也正是本文研究目的所在。针对上述结论，本文提出如下建议：加强对定向增发事项的审批和监管、提高向大股东增发的标准和监管、合理引导规范机构投资者发挥作用、增强中小投资者的理性投资观念、建立完善的信息披露机制。
[Abstract]:The refinancing of the listed companies through the stock market is an important way for its continuous development and expansion. It is also a necessary means for the securities market to optimize the allocation of resources. Since the split share reform, the directional increase has become the most active refinancing tool in the capital market of China. The statistical data of China Securities Regulatory Commission (CSRC) shows that Since 2006, the A share market in China has been refinancing using the targeted additional issuance, which is far more than other refinancing tools in terms of the number of issuance and the scale of financing. The reason why the orienteering is so favored by the market is because it has the irreplaceable advantages of other financing tools. First, the orientation addition has a "one simple three low". Secondly, the new new shares have a certain time lock period, which can reduce the impact on the two level market; thirdly, the directional addition can be injected into the high quality assets, integrate the related enterprises and improve the performance of the listed companies. Finally, the orientation addition can also improve the corporate governance structure by introducing the institutional investors.
This equity financing mode is first appeared in the United States. Western scholars began to study this problem in Wruck (1989). It was analyzed from the point of view of ownership concentration. It was considered that the directional increase reflected the investors' benign supervision to the issuer. And then, HertzelSmith (1993) explained the adoption of information asymmetry theory to explain the adoption of the listed companies. The discount issue attracts institutional investors to effectively solve the problem of underinvestment of listed companies. These two views constitute the basis and mainstream of the directional addition to the research of modern corporate financial theory. Because of the late start of the capital market in China, the research of foreign scholars on this problem is not related to the situation of our country, but the research of Chinese scholars on the orientation increase There are many qualitative analysis and few quantitative analysis. On the basis of theoretical analysis, this paper collects and collects the listed companies' data from 2006 to 2010, and studies the impact of the directional issuance event on the performance of Listed Companies in China through an empirical method.
At present, the research on the impact of targeted additional issuance on the performance of listed companies is mostly focused on the announcement effect of short-term stock prices, and the results of the research are also consistent. This is the first part of the empirical study. This paper uses the event study method and the single variable T test method to study the short-term stock price announcement effect. It shows that the directional increase has a positive announcement effect on the short-term performance, which shows that the excess return on the stock price of the listed company is positive, including the average daily excess rate of return AAR and the cumulative excess return CAR in the window period, that is, AAR0, CAR0.
The second part of the empirical study is about the impact of the directional issuance event on the long-term performance of the listed companies. The study found that the adoption of the purchase and holding method can verify the strong overall performance characteristics of the listed companies following the implementation of the targeted issuance of the listed companies in China, which is not good for the long-term performance of the company after the private placement of the US stock market. In addition, there is no direct evidence to support the large shareholders as a tool for carrying out the listed companies as a hollowed out listed company, and the capital market of China and the United States exist in this field. The great difference shows that the universal conclusion of the United States is not necessarily suitable for China, which is the purpose of this study.
In view of the above conclusions, the following suggestions are put forward: to strengthen the examination and approval and supervision of the issue of directional increase, to improve the standards and supervision of the increase to the large shareholders, to guide the institutional investors to play the role rationally, to enhance the rational investment concept of the small and medium investors and to establish a perfect information disclosure mechanism.

【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

【参考文献】