项目融资型定向增发对上市公司财务绩效的长期影响

发布时间：2018-06-30 09:47

本文选题：项目融资 + 定向增发　；参考：《西南财经大学》2012年硕士论文

【摘要】：自2006年5月8日中国证监会颁布《上市公司证券发行管理办法》(以下简称《管理办法》)以来,证券市场上的再融资方式发生了巨大的变化。《管理办法》首次对非公开发行股票(即定向增发)的条件做出了规定,与其他再融资方式相比较,定向增发具有门槛低、定价灵活、可以通过注入优质资产的方式帮助一些集团公司实现整体上市等优点。因此,定向增发成为了证券市场上最受青睐的再融资方式,仅从2006年和2007年来看,证券市场共实施再融资223例‘,融资金额为3678.15亿元,其中定向增发182例,融资金额为2949.94亿元。可见,定向增发不论从数量上还是规模上均大于其他再融资方式。为了进一步规范证券市场的秩序,中国证监会于2007年9月17日颁布了《上市公司非公开发行股票实施细则》(以下简称《实施细则》),其进一步明确规定了定向增发的原则、发行对象与认购条件、新增股票的核准与发行等。自《实施细则》实施后,定向增发的发展势头依然迅猛,2008年-2011年分别实施定向增发102例、112例、153例、190例,其间证券市场的再融资总数分别为144例、136例、183例、224例。可见,《实施细则》的颁布并没有抑制定向增发的热潮,相反,定向增发所占再融资的比例在逐年上涨。学术界有关定向增发的研究也不断丰富起来。目前的研究主要集中于定向增发的公告效应、定向增发的定价研究、定向增发与大股东财富转移和定向增发对公司短期经营绩效的影响等等。国外研究的代表有MasulisKorwar用比较分析法对上市公司定向增发后公司的超额收益进行研究,结果显示增发新股后的公司平均累计收益率为负数；LougranRitter研究定向增发公司在增发前后的利润变动情况,发现研究样本普遍存在增发股票前利润持续上涨,而发行后利润却不断下降的现象；Mclaughlin等从信息不对称的角度研究发行新股的公司在定向增发后业绩变化的情况,通过纵向比较和横向比较,得出的结论表明增发新股的样本在增发后会出现经营业绩的下滑等等。国内研究的代表有黄华继和陈立贵采用因子分析法对公开发行公司的经营绩效进行打分,以考察定向增发后三年公司的经营绩效,研究结论表明公开发行确实有助于提升公司的长期经营绩效；李菊对定向增发公司在增发前一年和增发后一年的经营绩效进行排名,通过对平均排名的比较,发现定向增发对公司的经营绩效有一定的提升作用；章卫东和李海川研究资产注入型定向增发公司的短期公告效应和长期财务绩效,结果发现定向增发的短期公告效应为正,而定向增发的长期财务绩效与注入资产的类型相关；郭兰英、纪磊磊和侯增杰以通过定向增发实现整体上市的公司作为研究样本,发现定向增发会使上市公司的经营绩效得到改善,并在整体上市后公司的财务绩效保持稳定的增长等等。然而学术界关于项目融资型定向增发还没有人进行过专题研究,有关定向增发对公司财务绩效长期影响的研究也比较少。因此,研究项目融资型定向增发对公司财务绩效的长期影响具有一定的理论意义与实践意义。本文首先对定向增发的相关理论和概念进行剖析,包括定向增发理论、财务绩效的概念、定向增发的条件、原则和程序、定向增发的特征、募集资金的用途、定向增发的对象等等。在实证分析部分,本文选取了我国A股市场在2006年-2008年实施定向增发的253家上市公司作为总样本,通过翻查《上市公司非公开发行股票发行情况报告书》中“募集资金的使用情况”,筛选出其中181家以项目融资为募集资金用途的上市公司作为初步研究样本,再进一步筛选出其中的融资项目在2010年之前完工的123家上市公司作为最终研究样本。笔者选取经行业调整后的净资产收益率作为被解释变量,选取了五个控制变量,分别为第一大股东持股比例、增发比例、财务杠杆、公司规模和营业收入增长率,选取了四个解释变量,分别为资金用途、业务结构、发行对象和关联交易,并依此建立了四个回归模型,对选取的样本进行了回归分析。观察项目融资型定向增发在融资项目完工后三年的财务绩效变化情况,以及募集资金用于项目融资的比例、募集资金是否改变公司原来的业务结构、机构投资者认购新股的比例和增发前是否发生关联交易对融资项目完工后公司财务绩效的影响。在实证结论和政策建议部分,对影响研究结论的原因进行了分析,并对监管机构提出了一些政策性的意见。具体框架如下：第一章,导论。首先,提出本文的研究背景及研究意义,国内外在该领域的研究现状；其次,提出研究思路及研究方法,最后,提出本文的创新与不足。第二章,定向增发的相关理论。首先,介绍了定向增发的相关理论和财务绩效的概念；然后,概括了定向增发的原则、条件、程序和特征；最后,分别按照定向增发的对象和募集资金的用途对定向增发进行了分类并分析了它们对公司财务绩效可能造成的影响。第三章,实证研究。首先,提出本文的研究假设；然后,确定数据来源和选取研究样本；第三,在选取变量后开始构建回归模型；最后,对变量描述性统计后进行回归分析并得出回归结果。第四章,结论、政策建议与后续研究展望。根据实证研究的结果得出本文的研究结论,并对结论提出自己的见解。针对本文研究的不足和空白,明确了未来在该领域的研究方向。本文通过理论分析和实证分析,得出以下结论： (1)单变量分析的结果显示,项目融资型的定向增发公司在融资项目完工后三年,公司的财务绩效呈逐年下降的趋势,其中融资项目完工后两年公司的财务绩效均比完工前一年有所上升；在融资项目完工后第四年开始,公司的财务绩效开始逐渐上升,但由于样本量较少,此结论有待进一步证实； (2)上市公司将募集的资金投入到项目建设的比例越大,项目完工后公司的财务绩效越好,在项目完工后第三年表现显著； (3)从长期来看,融资项目改变公司原有的业务结构对其财务绩效具有提升作用,在项目完工后第一年到第三年均表现显著； (4)在定向增发中,机构投资者认购的比例越大,融资项目完工后公司的财务绩效越能得到改善,在项目完工后第二年开始表现显著； (5)上市公司在增发前发生关联交易的,对融资项目完工后公司的财务绩效没有显著的影响。本文的创新之处有三点：第一,’研究对象的创新,本文以项目融资型的定向增发公司作为研究对象；第二,研究时间段的创新,本文关注的是融资项目完工后三年公司的财务绩效变化情况,即固定研究期限而不固定具体年限；第三,财务绩效概念的创新。本文将定向增发的财务绩效定义为融资项目完工后的财务绩效。本文的不足之处是由于受到样本研究期限和样本数量的限制,对融资项目完工三年以后公司的财务绩效未能有足够的数据进行实证研究,此外,为了扩大样本量,本文对2008年12月31日融资项目完工程度达到85%的样本视为已完工,可能对研究结果产生一定的误差。
[Abstract]:Since the China Securities Regulatory Commission promulgated the measures for the management of securities issuance of Listed Companies in May 8, 2006 (hereinafter referred to as "management method >"), there have been great changes in the way of refinancing in the stock market. It has the advantages of low threshold and flexible pricing, which can help some group companies to realize the overall listing by injecting high quality assets. Therefore, the orientation addition has become the most popular refinancing method in the stock market. In 2006 and 2007 only, the stock market was refinancing 223 cases, the financing amount was 367 billion 815 million yuan, In the 182 cases of private placement, the amount of financing is 294 billion 994 million yuan. It can be seen that private placement is larger than other refinancing methods, both in terms of quantity and scale.
In order to further standardize the order of the securities market, the China Securities Regulatory Commission promulgated the detailed rules for the implementation of the listed company's non public issuance of shares in September 17, 2007 (hereinafter referred to as the Implementation Rules >), which further clearly stipulates the principle of the directional addition, the issuing object and the subscription conditions, the approval and distribution of the newly added stock. The development trend of directional increase is still swift and violent. In 2008, 102 cases of directional addition, 112 cases, 153 cases and 190 cases were carried out respectively in -2011, and the total number of refinancing in the stock market was 144, 136, 183, 224. The year has gone up.
The research on orienteering is also enriching in the academic circle. The current research focuses on the announcement effect of the directional addition, the pricing research on the directional addition, the influence of the directional addition and the wealth transfer of the large shareholders and the directional increase on the short-term operating performance of the company. The results show that the average cumulative return of the company after the new issue is negative; LougranRitter studies the profit changes of the company before and after the issuance of the additional issuance, and finds that the research samples generally exist before the increase of the issuance of shares, and the post issue profits continue to decline. Mclaughlin and so on from the angle of information asymmetry to study the changes in the performance of the company issuing new shares after the directional addition, through the longitudinal comparison and the horizontal comparison, the conclusion shows that the sample of the new shares will appear to decline after the increase of the new stock. The representative of the domestic research is Huang Huaji and Chen Ligui. The sub analysis method was used to score the operating performance of the public issuing company to investigate the operating performance of the company after the three year orientation. The conclusion showed that the public issuance did help to improve the long-term performance of the company. Li Ju ranked the business performance of the company in the year before the additional issuance and the following year. The comparison of the ranking results shows that the orientation increase has a certain effect on the performance of the company's operating performance; Zhang Wei Dong and Li Haichuan study the short-term announcement effect and long-term financial performance of the asset injection oriented placement company. The results show that the short-term announcement effect of the targeted additional issuance is positive, while the long-term financial performance and the injection assets are fixed to the additional issuance. Type related; Guo Lanying, Ji Leilei and Hou Zengjie are used as research samples to realize the overall listing through the targeted additional issuance. It is found that the orientation increase will improve the performance of the listed companies, and keep the firm's financial performance steadily after the overall listing.
However, there has not been a special study on the Orienteering of project financing in academic circles, and there are few studies on the long-term impact of directional issuance on the financial performance of the company. Therefore, it has a certain theoretical and practical significance to study the long-term impact of project financing oriented additional issuance on the company's financial performance.
This article first analyzes the related theories and concepts of the directional addition, including the Orienteering theory, the concept of financial performance, the conditions of the directional addition, the principles and procedures, the characteristics of the directional addition, the use of the fund raising, the object of the directional addition, and so on. In the empirical analysis, this paper selects the implementation of the A stock market in China in the year -2008 in 2006. As the total sample of the 253 listed companies, 181 listed companies, which are listed as the initial research samples, are selected from the listed companies in the report of the listed company's non public issuance of stock issuance in the listed company. The financing projects of the listed companies are selected as the preliminary research samples, and then the financing projects of the listed companies are further screened in 201. 123 listed companies completed 0 years ago as the final research samples, the author selects the net asset return after the industry as the explanatory variable, and selects five control variables, which are the proportion of the first large shareholders, the proportion of the increase, the financial leverage, the company size and the growth rate of the income of the business, and select four explanatory variables, respectively. For the use of funds, business structure, issue objects and related transactions, four regression models are established, and a regression analysis is made for the selected samples. The changes in financial performance of the project financing oriented additional issuance in the three year after the completion of the financing project, and the proportion of fund raising for project financing, and whether the fund has been raised to the public or not. The original business structure of the company, the proportion of institutional investors subscribing to new shares and the effect of related transactions on the financial performance of the company after the completion of the financing project. In the part of the empirical and policy recommendations, the reasons that affect the research conclusions are analyzed, and some policy opinions on the regulatory framework are put forward. Below:
The first chapter, introduction, first, put forward the research background and significance of the research, the research status in the field at home and abroad; secondly, put forward the research ideas and research methods, and finally, put forward the innovation and deficiency of this paper.
The second chapter, the related theory of directional addition. First, it introduces the related theory and the concept of financial performance. Then, it generalizes the principles, conditions, procedures and characteristics of the directional addition. Finally, it classifies the targeted additional issuance in accordance with the target and the use of the fund raising, and analyzes their finance to the company. The possible impact of performance.
The third chapter, empirical research. First, we put forward the research hypothesis of this paper; then, determine the data sources and select the research samples; third, the regression model is constructed after the selection of variables; finally, the regression analysis is carried out after the descriptive statistics of variables and the regression results are obtained.
The fourth chapter, conclusion, policy recommendations and follow-up research prospects. According to the results of the empirical study, we draw the conclusions of this paper, and put forward their own opinions. In view of the deficiencies and blanks of this study, the future research direction in this field is clarified.
Through theoretical analysis and empirical analysis, the following conclusions can be drawn:
(1) the results of single variable analysis show that the financial performance of the company's financial performance is declining year by year after the completion of the financing project three years after the completion of the financing project, in which the financial performance of the company has risen more than the year before the completion of the completion of the financing project. The financial performance of the company has begun fourth years after the completion of the financial project. The result is gradually increasing, but due to the small sample size, this conclusion needs further confirmation.
(2) the greater the proportion of funds raised by the listed companies to project construction, the better the financial performance of the company after the completion of the project, and the significant performance in the third year after the completion of the project.
(3) in the long run, the original business structure of the financing project has improved its financial performance, and shows remarkable performance in the first and third years after the project is completed.
(4) the greater the proportion of institutional investors subscribed in the orientation, the more the financial performance of the company can be improved after the completion of the project, the performance of the project is remarkable second years after the completion of the project.
(5) the related transaction before the issuance of the listed company has no significant impact on the financial performance of the company after the completion of the financing project.
The innovation of this article is three points: first, the innovation of the research object, this article takes the project financing oriented adding company as the research object; second, the research time innovation, this article is concerned about the financial performance changes of the company in three years after the completion of the financing project, that is, the fixed period of research and not fixed specific years; third, The innovation of financial performance concept. This paper defines the financial performance of private placement as the financial performance after the completion of the financing project.
The shortcoming of this paper is that due to the limitation of the period of sample research and the number of samples, the financial performance of the company after three years of completion of the financing project is not sufficient to carry out an empirical study. In addition, in order to expand the sample size, the sample of the completion of the financing project of 85% in December 31, 2008 is considered to be completed. The results of the study have a certain error.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F275;F224

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