中国股市股票定向增发长期经营绩效与分析

发布时间：2018-05-01 08:45

本文选题：定向增发 + 因子分析　；参考：《东北财经大学》2012年硕士论文

【摘要】：自2006年5月8日证监会颁布并实施《上市公司证券发行管理办法》以来,市场的再融资功能迅速恢复,由于定向增发的门槛低、审核程序简易、专业机构投资者容易沟通等优点,定向增发逐渐成为我国上市公司再融资、收购资产的重要手段和当前中国证券市场的热点。西方的成熟资本市场的定向增发广为流行是在20世纪90年代开始的。如美国定向增发融资从1990年的81亿美元增长到了2000年的1539亿美元,并且定向增发融资是初创性企业、财务出现困境的企业以及寻求收购融资的上市公司的一种重要的资金来源。国外的大量研究采取了事件研究法对定向增发时的公告效应进行分析,如最早的研究始于Wruck(1989),他发现定向增发在事件发生后存在正的公告效应,它的超额收益率为4.5%；国内方面章卫东等(2008)对国内定向增发研究也得出短期内具有正的公告效应。但是,国内外大部分研究集中于股价的短期公告效应、定价问题、财富效应,尤其是国内,鉴于实施时间较短,较少有学者研究定向增发的长期经营绩效。因此,本文尝试对实施定向增发的上市公司的长期经营绩效方面进行研究,并将其经营绩效与二级市场表现结合起来说明目前国内市场并不是有效市场。本文以2009年的定向增发的上市公司作为研究对象,采用反映公司的盈利能力、偿债能力、营运能力和发展能力的12个指标,通过因子分析法对他们在发行前1年以及发行后2年的绩效进行分析,得出其绩效得分,并对针对不同发行对象及目的上市公司的得分绩效比较分析,发现实施定向增发的上市公司长期经营业绩存在下滑的现象,然后运用事件研究法,对针对机构投资者进行定向增发的股票在一年解禁后一个月的市场平均股价表现与增发价格进行对比,并分析存在差别的原因,最后对全文结论进行总结并简要进行原因的分析,并提出一些决策建议。本文主要包括以下几个部分：第一章为引言,主要探讨当前国内外定向增发的背景以及写作思路和方法,对定向增发的相关理论发展历程和国内外研究情况进行梳理总结；第二章为理论概述和特点,对定向增发的发展状况以及引起其发展所具备的特点进行归纳总结,并对本文中用到的理论基础进行说明介绍；第三章为定向增发发行对象与动机,对参与增发对象进行分类并为下文分析提供基础,并相应指出中美定向增发之间的不同；第四章为实证分析,采用因子分析对长期经营绩效进行研究,并对不同发行对象和动机的经营绩效进行比较分析,并单独针对机构投资者发行的股份在一年后解禁的情况下二级市场股价超额收益率进行研究分析；第五章为研究结论与政策建议。
[Abstract]:Since May 8, 2006, the Securities Regulatory Commission promulgated and implemented the "measures for the Administration of Securities issuance of listed companies", the refinancing function of the market has been rapidly restored. Professional institutional investors are easy to communicate with each other, and directional placement has gradually become an important means of refinancing and asset acquisition of listed companies in China and a hot spot in the current Chinese securities market. The western mature capital market orientated additional issuance was widely popular in the 1990 s. For example, in the United States, private placement increased from $8.1 billion in 1990 to $153.9 billion in 2000, and private placement financing is an important source of funding for start-ups, financially troubled companies and listed companies seeking acquisition financing. A large number of foreign studies have adopted the event study method to analyze the effect of public announcement in the process of directional placement. For example, the earliest research started in Wruckle 1989. he found that there is a positive effect of announcement after the incident. Its excess yield is 4.5 and Zhang Weidong et al. 2008) also has positive announcement effect in the short term. However, most of the studies at home and abroad focus on the short-term announcement effect of stock price, pricing problem, wealth effect, especially in China. In view of the short implementation time, there are few scholars who study the long-term performance of directional placement. Therefore, this paper attempts to carry on the research on the long-term operating performance of the listed company that implements the directional additional offering, and combines its operating performance with the secondary market performance to prove that the domestic market is not an efficient market at present. In this paper, the listed companies listed in 2009 are used as the research object, and 12 indicators reflecting the profitability, solvency, operating capacity and development ability of the company are adopted. This paper analyzes their performance one year before the issue and two years after the issue by factor analysis, obtains the performance score, and compares the performance of the listed companies with different issuing objects and objectives. It is found that the long-term operating performance of the listed companies with directional additional issuance has declined, and then the event research method is used. This paper compares the market average stock price performance of one month after the lifting of the ban for institutional investors, and analyzes the reasons for the difference. Finally, the conclusion of the paper is summarized and the reasons are analyzed briefly, and some decision suggestions are put forward. This article mainly includes the following several parts: the first chapter is the introduction, mainly discusses the background, writing thought and method of the domestic and foreign directional additional issuance, combs and summarizes the related theory development course and the domestic and foreign research situation of the directional additional issuance; The second chapter is the theoretical overview and characteristics, the development of directional additional issuance and the characteristics of its development are summarized, and the theoretical basis used in this paper is introduced; the third chapter is the object and motivation of the targeted additional issuance. Classifying the participants and providing the basis for the following analysis, and pointing out the differences between China and the United States. Chapter four is empirical analysis, the use of factor analysis to study long-term business performance, It also makes a comparative analysis on the operating performance of different issuing objects and motivations, and separately analyzes the excess return rate of stock price in the secondary market under the situation that the shares issued by institutional investors are lifted after a year; The fifth chapter is the conclusion of the research and policy recommendations.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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