上市公司股权再融资对经营绩效影响的实证研究

发布时间：2018-05-01 14:08

本文选题：股权再融资 + 增发　；参考：《沈阳理工大学》2012年硕士论文

【摘要】：再融资是上市公司在首发股票（即IPO）之后获取资金的重要途径之一，随着中国证券市场的发展，再融资在总融资规模中的地位逐年上升，其热度几乎可以与首发股票相媲美。上市公司再融资行为经历了从单一到多元的长足发展；国家相关部门对于企业再融资行为的监管也从审核制发展到了核准制。在发达市场经济国家的证券市场中，上市公司很少采用股权再融资的方式进行筹集资金，因为上市公司在公布股权再融资方案时，市场表现往往不佳，投资者一般也都把上市公司在证券市场上进行股权再融资视为公司经营不好的信息。但是中国的情况却与之完全相反，上市公司多倾向于股权再融资，因此，研究上市公司股权再融资行为及其对经营绩效的影响，有利于上市公司自身的发展及资本市场的完善。本文在西方经典融资理论及国内学者研究股权再融资对经营绩效影响的基础上，用理论与实证分析相结合的方法研究了我国上市公司主要的股权再融资方式、特征，然后以2007年、2008年股权再融资公司为研究对象，运用描述性统计分析增配公司股权再融资前一年、再融资当年、再融资后两年的主要财务指标的变化情况，初步得出增配后公司经营绩效有下降趋势的结论。为了进一步研究股权再融资对经营绩效的影响，选取相关因变量及自变量，对各变量进行多元线性回归分析，最终得出实证研究结论。最后，在分析结论的基础上，结合我国资本市场情况及上市公司的自身特点，提出合理的建议和措施，，以期规范再融资行为，发挥资本市场配置资源的效用。
[Abstract]:Refinancing is one of the important ways for listed companies to obtain funds after IPO. With the development of China's securities market, the status of refinancing in the total financing scale has increased year by year, and its heat can be compared with that of IPO stocks. The refinancing behavior of listed companies has experienced a rapid development from single to pluralistic, and the supervision of the refinancing behavior of the relevant departments of the state has also developed from the auditing system to the approval system. In the securities markets of developed market economies, listed companies rarely use equity refinancing to raise funds, because market performance is often poor when listed companies publish equity refinancing schemes. Investors generally regard listed companies in the stock market equity refinancing as bad information. However, the situation in China is completely opposite, and listed companies tend to refinance by equity. Therefore, it is beneficial to the development of listed companies and the perfection of capital market to study the behavior of equity refinancing of listed companies and its impact on business performance. On the basis of western classical financing theory and domestic scholars' research on the impact of equity refinancing on business performance, this paper studies the main equity refinancing methods and characteristics of listed companies in China by combining theory with empirical analysis. Then taking the equity refinancing company in 2007 and 2008 as the research object, the paper uses descriptive statistics to analyze the changes of the main financial indicators in the year before refinancing, the year before refinancing, and the two years after refinancing. The conclusion that the business performance of the company has a downward trend after the addition of the company. In order to further study the impact of equity refinancing on business performance, select relevant dependent variables and independent variables, carry out multiple linear regression analysis of each variable, and finally draw the empirical research conclusions. Finally, on the basis of the conclusion of the analysis, combined with the situation of the capital market in China and the characteristics of the listed companies, the author puts forward some reasonable suggestions and measures in order to standardize the refinancing behavior and give full play to the utility of the allocation of resources in the capital market.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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