上市公司内部控制环境对增发再融资绩效的影响研究

发布时间：2018-06-10 02:44

本文选题：增发再融资 + 内部控制环境　；参考：《南京理工大学》2012年硕士论文

【摘要】：随着我国资本市场的不断发展,上市公司再融资的需求不断增加,存在强烈的股权再融资偏好,股权分置改革后,再融资的方式逐渐由配股转为增发为主。作为一种在发达国家资本市场上运用广泛、市场化程度较高的股权再融资方式,增发融资开始被不断地尝试和推广,这对于提升我国上市公司的价值、促进经营战略上的合作与竞争,以及解决投融资问题发挥了重要的作用。但是,在我国上市公司热衷增发再融资的同时,大多数上市公司在增发实施后,公司绩效却不理想。国内有不少学者对此进行研究,有的认为是上市公司非理性融资的结果,有的认为是对募集的资金使用不当造成的,有的认为是控股股东通过关联交易、资产重组等行为“掏空”上市公司造成的。这些现象固然是造成上市公司增发再融资绩效低下的重要原因,但在一定融资模式下,上市公司增发再融资绩效低下的原因,一方面与证券监管部门、投资者和中介机构等外部控制相关,另一方面与上市公司的组织结构、企业文化、人力资源政策等内部控制环境因素相关。本文正是在此基础上,分析上市公司内部控制环境实施情况,探讨上市公司增发再融资行为的绩效,并从内部控制环境角度对规范上市公司增发再融资行为、提高增发再融资绩效提出一定的建议。文章第一部分分析了增发再融资的特点、条件及在我国的发展历程,并从理论角度分析了增发再融资绩效低下的原因。第二部分分析了内部控制环境理论的发展和现阶段的具体因素,综述了国内外学者对内部控制环境及企业绩效方面的文献,为分析内部控制环境和增发再融资绩效的关系提供理论依据。实证部分,选取2007年A股实行增发融资的上市公司为样本,先根据理论部分对内部控制环境建立评价模型,对样本企业的内部控制环境进行了整理评价；接下来根据相关文献研究结果选取两个指标来分析上市公司的增发再融资绩效,并对其做了初步统计；最后建立了内部控制环境与增发再融资绩效的实证模型,验证了两者之间存在显著的正相关关系。根据理论和实证两方面的研究结果,文章最后从监管者如何更好的监督审查企业的再融资行为,管理者如何更好的管理企业、提高增发再融资业绩,投资者如何更好的分析企业表现、选择投资对象等提供了建议。
[Abstract]:With the development of capital market in China, the demand for refinancing of listed companies is increasing, and there is a strong preference for equity refinancing. After the reform of split share structure, the way of refinancing is gradually changed from rights issue to additional issuance. As a kind of equity refinancing method which is widely used in the capital market of developed countries and has a high degree of marketization, the additional issuance financing has been tried and popularized constantly, which will promote the value of listed companies in our country. Promoting cooperation and competition in management strategy and solving the problem of investment and financing play an important role. However, while China's listed companies are keen to issue more shares and refinance, the performance of most listed companies is not satisfactory after the implementation of additional issuance. There are many domestic scholars who study this, some think it is the result of irrational financing of listed companies, some think it is the result of improper use of the raised funds, some think that the controlling shareholder is the result of related party transactions. Assets reorganization and other acts of "emptying" of listed companies caused by. Of course, these phenomena are the important reasons for the low performance of additional issuance and refinancing of listed companies, but under a certain financing mode, the reasons for the low performance of additional issuance and refinancing of listed companies are on the one hand, and the securities regulatory authorities, on the one hand, On the other hand, it is related to the organizational structure, corporate culture, human resource policy and other internal control environmental factors of listed companies. On this basis, this paper analyzes the implementation of the internal control environment of the listed companies, discusses the performance of the additional issuance and refinancing behavior of the listed companies, and from the perspective of the internal control environment, discusses the regulation of the additional refinancing behavior of the listed companies. In the first part, the author analyzes the characteristics, conditions and development process of refinancing in China, and analyzes the reasons for the low performance of refinancing in theory. The second part analyzes the development of the internal control environment theory and the specific factors of the present stage, and summarizes the domestic and foreign scholars' literature on the internal control environment and enterprise performance. It provides a theoretical basis for analyzing the relationship between internal control environment and refinancing performance. In the empirical part, we select the listed companies of A shares in 2007 to carry out additional issuance and financing as the sample. Firstly, we set up the evaluation model of the internal control environment according to the theoretical part, and collate and evaluate the internal control environment of the sample enterprises. Then according to the research results of related literature, this paper selects two indicators to analyze the performance of refinancing of listed companies, and makes preliminary statistics. Finally, it establishes an empirical model of internal control environment and refinancing performance. According to the results of theoretical and empirical studies, this paper examines the refinancing behavior of enterprises from the perspective of how regulators better supervise and examine the refinancing behavior of enterprises, and how managers can better manage the enterprises. To improve the performance of refinancing, investors how to better analyze the performance of enterprises, choose investment objects and so on to provide suggestions.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】