定向增发对我国A股上市公司绩效的影响

发布时间：2018-06-29 21:21

本文选题：定向增发 + 公司绩效　；参考：《北京工业大学》2012年硕士论文

【摘要】：随着我国资本市场的不断发展和完善，上市公司的再融资需求也在日益扩大，其中股权再融资方式中相比于公开增发，定向增发的方式更为市场所接受。2006年5月8日由中国证监会颁布和实施的《上市公司证券发行管理办法》为上市公司实施定向增发做出了明确的指引。虽然定向增发在我国资本市场上仍旧是一项较新的融资渠道，但在短短几年之间，定向增发已经成为上市公司再融资的重要方式，并不断的被大多数上市公司所广为实践。在国外发达资本市场，早已出现过定向增发的方式，且学术界也对其影响做了广泛和深入的研究；而我国资本市场由于本身起步较晚，，定向增发又是一项相对新生的事物，因此其一出现便成为了国内学术界所关注的热点。然而，对定向增发后企业经营绩效变化，特别是增发后企业效率变化的研究并不多见。且随着定向增发被上市公司不断的实施，增发主体自身资质的不同也使定向增发产生了不同的效果，而这种影响和效果是需要被不断的分析和研究的。因此，系统而全面的研究定向增发对上市公司经营绩效的影响是具有重要意义的。本文采取实证研究的方法，首先介绍了论题的研究背景和意义，并对我国资本市场自2006年以来A股主板市场上的增发情况做了总体描述，随后选取了2006年至2009年在我国A股主板市场实施定向增发的上市公司作为研究样本，采用2005年至2010年的年度财务数据，分别从定向增发对上市公司效益和效率的两方面影响进行分析，并从中找出内在联系。其中，在研究定向增发对上市公司效益的影响时，本文使用因子分析法，选取9项指标并提取了4个公因子，对比定向增发前后上市公司的综合绩效得分。研究发现，定向增发对上市公司效益的影响总体上在统计学意义上不显著，且大多数企业的效益没有在短期得到提升。而在研究定向增发对上市公司效率的影响时，本文使用了评价企业效率所常用的DEA方法，对比增发前后技术效率值的变化，发现增发后的不同企业的效率值的变化出现了两极分化的情况，但定向增发前后企业效率均达到最优的个体数量极少。在结合了两种方法的研究结果后，本文发现，定向增发对企业效率和效益影响基本上是同向的，但企业效率的变化程度更加明显，企业效益的变化则相对比较稳定。
[Abstract]:With the continuous development and improvement of the capital market in our country, the demand for refinancing of listed companies is also expanding day by day. On May 8, 2006, issued and implemented by China Securities Regulatory Commission (CSRC), the "measures for the Administration of Securities issuance of listed companies" has made clear guidelines for the implementation of targeted additional issuance by listed companies. Although directional placement is still a new financing channel in the capital market of our country, it has become an important way for listed companies to refinance in just a few years, and has been widely practiced by most listed companies. In the developed foreign capital market, there has been the way of directional additional issuance for a long time, and the academic circles have also made extensive and in-depth research on its influence. However, due to the late start of the capital market in our country, the directional additional issuance is a relatively new thing. Therefore, its emergence has become the focus of attention of the domestic academic community. However, there are few researches on the change of business performance, especially the change of enterprise efficiency. And with the implementation of the listed companies, the different qualifications of the main body of the additional issuance also make different effects, and this impact and effect need to be constantly analyzed and studied. Therefore, it is of great significance to systematically and comprehensively study the effect of directional placement on the operating performance of listed companies. This paper first introduces the background and significance of the topic, and gives a general description of the additional issuance in the A-share mainboard market since 2006. Then we select the listed companies in China's A-share main Board market from 2006 to 2009 as the research sample to use the annual financial data from 2005 to 2010. This paper analyzes the effects of directional placement on the efficiency and efficiency of listed companies, and finds out the internal relations between them. In the study of the effect of additional directional offering on the efficiency of listed companies, this paper uses factor analysis, selects 9 indexes and extracts four common factors, and compares the comprehensive performance scores of listed companies before and after directional placement. It is found that the effect of directional placement on the efficiency of listed companies is not statistically significant, and the efficiency of most enterprises has not been improved in the short term. In order to study the effect of directional placement on the efficiency of listed companies, this paper uses the DEA method which is commonly used to evaluate the efficiency of enterprises, and compares the changes of technical efficiency before and after the issuance. It is found that the change of efficiency value of different enterprises after IPO is polarized, but the number of individuals whose efficiency reaches the optimal level before and after directional placement is very small. After combining the results of the two methods, it is found that the effect of directional placement on enterprise efficiency and efficiency is basically the same, but the degree of change of enterprise efficiency is more obvious, and the change of enterprise efficiency is relatively stable.
【学位授予单位】：北京工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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