影响上市公司定向增发因素研究

发布时间：2018-06-11 14:58

本文选题：定向增发 + 因素　；参考：《山西财经大学》2013年硕士论文

【摘要】：我国股票市场经历了三十多年的迅猛发展,取得了突出成绩，2006年股权分置改革的成功促进了证券市场的复兴,先后颁布有关规范上市公司证券发行和非公开发行的规章促进了定向增发融资方式的发展。与此同时,由于定向增发本身具有发行成功率大、灵活和其他一些优点，这些使定向增发特别适用于全流通环境下的公司融资。如今,定向增发已成为最重要的再融资手段和方式。国外学者早已开始在上市公司的定向增发问题上做分析,并研究了影响上市公司定向增发的因素。但是国内学者研究较晚,而且很少有研究影响上市公司定向增发因素的研究。为什么有如此多的公司喜欢使用定向增发作为再融资手段？和到底有哪些因素使得上市公司选择定向增？分析这些问题有利于帮助上市公司优化决策和再融资方式选择，亦能帮助中小投资者理解上市公司的定向增发行为和帮助他们理性投资。本文首先阐述了定向增发的相关理论，包括定向增发的概念，现状，，趋势等等，并结合相关的理论分析影响上市公司定向增发因素，系统的阐述了各种因素是如何影响上市公司的决策的。然后根据本文的理论研究，选择最新的样本数据和变量指标，进行了实证研究。在建立logistic模型的基础上，运用计量经济学Eviews软件，实证分析了影响上市公司定向增发的影响因素。实证结果表明,控制权、信息不对称和风险都是影响上市公司选择定向增发的因素,但影响的程度不一样。其次根据实证研究结果得出了控制权、信息不对称和风险是影响上市公司定向增发的重要因素。最后本文根据理论研究和实证结果提出了两方面的建议：在公司自身方面，上市公司应该要引入战略投资者、完善独立董事制度、健全风险管理机制；在监管方面，监管机构应健全信息披露机制、监管置入资产质量、改进限售条件及步骤的规定、监管价格操纵行为、矫正定向增发功能。
[Abstract]:The stock market of our country has experienced more than 30 years of rapid development and has made outstanding achievements. The success of the reform of split share structure in 2006 has promoted the revival of the stock market. Regulations on regulating the issuance of securities and non-public issuance of listed companies have promoted the development of the way of financing. At the same time, because of its high success rate, flexibility and some other advantages, it is especially suitable for corporate financing in the whole circulation environment. Nowadays, directional additional issuance has become the most important means and means of refinancing. Foreign scholars have already made an analysis on the issue of listed companies' private placement, and have studied the factors that affect the listed companies' private placement. However, domestic scholars study late, and there are few studies on the factors that affect the listed companies. Why do so many companies prefer to refinance themselves by offering additional shares? And what factors make listed companies choose to increase the targeted? The analysis of these problems is helpful to help the listed companies to optimize the decision and the choice of the refinancing mode, and also to help the small and medium investors understand the behavior of the listed companies and help them to invest rationally. Including the concept, status quo, trend and so on, and combined with the related theoretical analysis of the impact of listed companies on the factors of directional placement, the system described the various factors that affect the decision-making of listed companies. Then according to the theoretical research of this paper, select the latest sample data and variable indicators, and carry out empirical research. On the basis of establishing logistic model and using econometrics Eviews software, this paper empirically analyzes the influencing factors of listed companies' directional placement. The empirical results show that the control rights, information asymmetry and risk are the factors that affect the listed companies' choice of directional placement, but the degree of influence is different. Secondly, according to the results of empirical research, it is concluded that the information asymmetry and risk are the important factors that affect the listed companies' directional placement. Finally, this paper puts forward two suggestions according to the theoretical research and the empirical results: in terms of the company itself, Listed companies should introduce strategic investors, perfect the system of independent directors, and improve the risk management mechanism. In terms of supervision, the regulatory body should improve the mechanism of information disclosure, supervise the quality of assets placed, and improve the conditions and procedures for restricting sales. Supervise price manipulation and correct the function of directional additional issuance.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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