资产注入类定向增发的长期市场绩效研究

发布时间：2018-05-01 06:06

本文选题：定向增发 + 资产注入　；参考：《浙江工商大学》2012年硕士论文

【摘要】：目前,定向增发已迅速超过配股和公开增发新股成为我国上市公司股权再融资市场上的主要手段,而资产注入类是定向增发中一个主要的类别。随着全流通时代的到来,大股东和流通股东的利益趋于一致,大股东的财富由其持有的股票价值决定,基于财富效应,大股东有通过注入资产使优质资产证券化,做大做强上市公司的动力。实证研究表明,控股股东有通过定向增发新股向上市公司注入劣质资产来进行“掠夺”的现象,也可能存在控股股东虚增注入资产价值进行利益输送的现象。所以,资产注入类定向增发这一双重关联交易行为到底对如何影响上市公司绩效是值得我们深入探讨的问题,本文的研究目的就是大股东实施这一行为到底是为了获得控制权私有收益还是真心壮大上市公司。本文采取规范研究和实证研究相结合的方法,以2006年1月1日至2009年8月31日沪深两市A股已成功实施资产注入类定向增发的105家公司为样本进行研究。本文基于信息不对称、代理理论、交易费用与资产专用性、隧道挖掘与“支持”等理论,提出本文相应的5个假设。再在理论分析及研究假设的基础上,构建多元回归模型。然后,运用EXCEL. SPSS、EVIEWS等软件进行数据处理,运用事件研究法对样本公司定向增发注入资产后两年的时间窗里的市场表现(即股价效应)进行研究,检验这些公司在定向增发中注入的资产质量是否优质以及资产的定价是否合理。本文是使用经行业调整的持有超额收益(使用个股月收益率计算)作为市场绩效的替代变量进行实证检验的。同时考虑股权集中度变化、解决关联交易程度等因素对市场绩效的影响。考虑到结果的稳健性,本文还拟采用CAR、净资产收益率等指标来替换长期持有期超额收益率指标,对模型进行实证检验。最后,结合实证结果和我国的制度背景,从公司治理、证券监管、信息披露等视角提出政策意见与建议。实证结果表明：(1)增发后24个月的持有超额收益为正,说明资产注入类定向增发在长期表现出正的市场绩效。(2)注入相关资产的定向增发持有超额收益显著好于非相关资产。(3)持有超额收益率与增发对象是否仅包括大股东之间显著正相关,即增发对象仅包括大股东时的长期市场绩效要显著优于还包括其他方的定向增发。(4)持有超额收益率与最终控制人持股比例变化率显著正相关,说明资产注入类定向增发中股权集中度的增加会提高持有超额收益率,提升公司股票价格,使市场出现一个良好的表现。(5)关联交易的解决程度与资产注入类定向增发的长期市场绩效的负相关关系并不明显。
[Abstract]:At present, the main means of equity refinancing of listed companies in our country is to exceed the rights issue and public new issue quickly, and the asset injection is one of the main types in the directional issuance. With the arrival of the full circulation era, the interests of the major shareholders and the circulating shareholders tend to converge. The wealth of the majority shareholders is determined by the value of the shares they hold. Based on the wealth effect, the majority shareholders make the high-quality assets securitized through the injection of assets. Bigger and stronger listed company's motive force. The empirical study shows that the controlling shareholder has the phenomenon of "plunder" by injecting the inferior assets into the listed company through the directional new issue of new shares, and may also have the phenomenon of the controlling shareholder inflating the value of the assets to carry out the benefit transmission. Therefore, the dual related party transaction behavior of asset injection type directional issuance is a problem that we should discuss deeply how to affect the performance of listed companies. The purpose of this paper is whether the large shareholders implement this behavior in order to gain the private income of control or to strengthen the listed company. This paper adopts the method of combining normative research with empirical research, taking 105 companies which have successfully implemented the asset injection type directional issuance between January 1, 2006 and August 31, 2009, as a sample. Based on the theories of information asymmetry, agency theory, transaction cost and asset specificity, tunnel excavation and "support", this paper puts forward five hypotheses. On the basis of theoretical analysis and research hypothesis, a multivariate regression model is constructed. Then, use excel. SPSS EVIEWS and other software data processing, using the event research method to sample companies after the targeted issuance of assets into the time window of the market performance (that is, stock price effect). Test the quality and pricing of the assets they inject into the IPO. This paper uses the industry-adjusted holding excess return (using the monthly return on individual stocks) as an alternative variable to market performance for empirical testing. At the same time, we consider the change of equity concentration and resolve the influence of related transaction degree on market performance. Considering the robustness of the results, this paper also intends to use CAR, ROE and other indicators to replace the long-term excess return index, and make an empirical test of the model. Finally, based on the empirical results and the institutional background of our country, this paper puts forward some policy suggestions and suggestions from the perspectives of corporate governance, securities supervision and information disclosure. The empirical results show that the excess return held in 24 months after the increase is positive. It shows that the long-term positive market performance of the asset injection type of directional additional issuance. (2) the directional additional issuance of the relevant assets is significantly better than that of the non-related assets. 3) the excess return on holding and the object of issuance only include large stocks. There is a significant positive correlation between the east, That is to say, the long-term market performance is significantly better than that of other parties when only large shareholders are included.) there is a significant positive correlation between the excess return held and the change rate of the ultimate controlling person's shareholding ratio. It shows that the increase of equity concentration will increase the excess return on holding and increase the stock price of the company. There is no significant negative correlation between the degree of settlement of related party transactions and the long-term market performance of asset injection type directional placement.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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