上市公司IPO与再融资的业绩对比分析

发布时间：2018-05-07 18:30

本文选题：IPO + 再融资　；参考：《江西财经大学》2012年硕士论文

【摘要】：股票市场是资本市场的重要组成部分。股票市场主要有两大基本功能：一是融资功能,即帮助正在发展的企业解决资金需求,二是资源的优化配置功能,即通过股票价格引导资源流向有发展潜力的高效益的企业。两者相辅相成,缺一不可,融资功能是资源优化配置功能的前提,资源优化配置功能是实现融资功能的基础。 IPO与再融资是股票市场的重要功能,也都是市场实现资源优化配置的前提。融资是企业的重大经济活动,融资使企业拥有了快速发展的机会。通过IPO及再融资后,取得了生产经营及规模扩张所需要的资金,可以将上市公司做大做强,从而提升上市公司及产业的竞争力,促进国民经济的增长,充分发挥资本市场优化资源配置的功能。公司往往在进入快速成长阶段时通过IPO可以筹集到一笔可观的资金,来改善资本结构,提高资信等级,上市后还可以在证券市场上持续融资,来增强在激烈地竞争环境下抵御风险的能力；同时,还可从融资前的因资金约束所导致的投资不足状态中解脱出来,从而在把握战略投资机会方面处于较为有利的地位,因此公司在融资后的三至四年内,应该实现经营收入与其资产规模扩张速度一致甚至更高的经营目标,公司IPO后经过一段时间再进行融资,掌握了更多的资源,其再融资后的经营业绩应该要好于IPO后的业绩。本文以2000-2004年发行新股,且在2004-2007年有过再融资的公司为研究样本,主要从财务的角度并结合实证分析来评价国内上市公司融资后的业绩,首先分析了上市公司融资后的经营业绩现状,并提出假设,然后进行实证检验,最后就得出的实证结果进行解释。本文以理论分析为基础,结合实证分析得出的结论是：上市公司再融资后的长期偿债能力、盈利能力、发展能力要显著低于IPO后的,而营运能力显著高于IPO后的,短期偿债能力、股东获利能力、现金流量能力都未显著高于IPO后的,风险水平也未能显著降低,虽然营运能力有所提高,但上市公司整体业绩在下降。因此,上市公司再融资后的经营业绩相比IPO后的要更差,股票市场资源优化配置的功能并未有效发挥。这可能是由融资制度、募集资金投向变更、盈余管理、金融危机等原因导致的。
[Abstract]:The stock market is an important part of the capital market. There are two basic functions of stock market: one is financing function, which is to help the developing enterprises to solve the capital demand, the other is the function of optimizing the allocation of resources, that is, guiding the resources to the high-benefit enterprises with development potential through the stock price. The function of financing is the premise of the function of optimal allocation of resources, and the function of optimal allocation of resources is the basis of realizing the function of financing. IPO and refinancing are important functions of stock market, and they are also the premise of the optimal allocation of resources. Financing is an important economic activity of an enterprise, and financing makes the enterprise have the opportunity of rapid development. Through IPO and refinancing, the capital needed for production management and scale expansion can be obtained, which can make the listed companies bigger and stronger, thus enhancing the competitiveness of the listed companies and industries, and promoting the growth of the national economy. Give full play to the function of optimizing the allocation of resources in the capital market. Companies often enter into a rapid growth phase through IPO can raise a considerable amount of capital to improve the capital structure, improve the credit rating, and after listing in the stock market can continue to raise funds. To enhance the ability to withstand risks in a highly competitive environment; at the same time, to extricate from the underinvestment caused by financial constraints prior to financing, thus being in a better position to seize strategic investment opportunities, Therefore, within three to four years after financing, the company should achieve the business goal that the operating income is consistent with or even higher in the expansion rate of its assets. After a period of time, the company has to raise funds after IPO, so it has more resources at its disposal. After refinancing, its operating performance should be better than the performance after IPO. This paper takes the companies that issued new shares from 2000 to 2004, and have refinancing in 2004-2007 as the research sample, mainly from the financial point of view and combined with empirical analysis to evaluate the performance of domestic listed companies after financing. Firstly, the paper analyzes the operating performance of listed companies after financing, puts forward the hypothesis, then carries on the empirical test, and finally explains the empirical results. Based on theoretical analysis and empirical analysis, this paper concludes that the long-term solvency, profitability and development ability of listed companies after refinancing are significantly lower than those after IPO, while the operating capacity is significantly higher than that after IPO. Short-term solvency, shareholders' profitability, cash flow capacity are not significantly higher than after IPO, the risk level is not significantly reduced, although the operating capacity has improved, but the overall performance of listed companies is declining. Therefore, the operating performance of the listed companies after refinancing is worse than that after IPO, and the function of optimizing the allocation of resources in the stock market has not been effectively brought into play. This may be caused by the financing system, fund-raising investment changes, earnings management, financial crisis and other reasons.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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