创业板公司定向增发的股价行为研究

发布时间：2018-08-30 08:32

【摘要】：定向增发作为上市公司股权再融资的一个重要工具，不同于配股和公开发行，定向增发面对少数特定的投资者，门槛相对于前两者较低，操作也较前两者简便，在近年来（尤其是股权分置改革完成以后）成为了上市公司再融资的首选。创业板市场作为中国的“纳斯达克”，在中国的资本市场扮演者“二板市场”的角色，与主板市场和中小板市场共同构成了多层次的中国资本市场。创业板的上市公司具有上市门槛较低、公司的成长性较高、创新能力强、企业规模小和风险较大的特点。以上特点决定了创业板上市公司的定向增发是不同于主板和中小板的，这也就是本文研究的重点。国内外学者对定向增发的研究，主要是从公司选择定向增发的原因、定向增发的宣告效益和折扣率的研究和定向增发后股价的长期表现研究这三个方面进行的，形成了以赫泽、史密斯的信息不对称理论和乌瑞克的监督效应理论为代表的研究私募发行的两个主流理论。由于研究的样本数据有限（截至目前仅有六家创业板上市公司通过定向增发实现再融资），本文通过事件分析的方法和描述性统计，对创业板上市公司定向增发的折扣率及宣告效应进行研究，然后选取在定向增发过程中具有典型代表的恒泰艾普作为案例进行深入的剖析，发掘创业板上市公司在定向增发的过程中所面临的问题，最后给出政策上的建议。本文主要包括以下几个部分：第一章为绪论，主要对本文的研究背景、方法等做简单的介绍；第二章介绍国内外学者对定向增发的研究及定向增发的流程、相关政策；第三章通过事件研究及描述性统计的方法，，对创业板上市公司定向增发的折扣率及宣告效应进行研究；第四章在前面研究的基础上，对具有典型性的恒泰艾普公司定向增发进行专题研究；第五章对本文的研究结论进行总结，提出政策上的建议。第一章是绪论，主要介绍了本文的研究背景、方法。创业板上市公司上市门槛较低、公司的成长性较高、创新能力强、企业规模小和风险较大等特点决定了在分析创业板上市公司融资、投资、经营等行为的时候要区分于主板和中小板的上市公司。因此，创业板的定向增发也区别于主板和中小板。创业板公司定向增发的折扣率、宣告效应和长期表现又如何呢？哪些因素会影响创业板公司定向增发的市场表现呢？这些因素与主板市场是否相同？定向增发的过程中是否存在侵害中小股民的现象呢？本文将对这些问题进行深入的研究；由于样本数据有限，本文采用实证研究与案例研究相结合的方法来对创业板上市公司的定向增发进行深入的研究。第二章主要是介绍国内外学者对定向增发的研究及定向增发的流程、相关政策。其中，赫泽、史密斯的信息不对称理论和乌瑞克的监督效应理论是国外研究私募发行的最重要的理论，除此以外Sheehan、Barclay and Holderness的研究发现定向增发的高溢价来源于参与增发的投资者对上市公司进行监督的补偿，参与定向增发的投资者的重要职责是参与公司的监督，无法像参与大宗交易那样获得私有的额外利得，所以要给予他们更高的补尝，这也就解释了为什么定向增发通常具体一定的折扣率。通常，不同的市场具有不同的折扣率，例如，通过研究，中国香港定向增发的平均折价为5.75%，美国则较高，达到20%。Marciukaityte、Szewczyk and Varma通过对美国资本市场1979-199618年间513家定向增发的公司进行研究，发现定向增发前表现较好（超出市场平均收益率）的上市公司增发后短期内具有较高的正的宣告效应，而长期的股价表现却较差。除此之外，吴姚、Lee and Yeo、邓路等人根据前面的理论，对包括中国在内的其它国家的资本市场的定向增发进行了研究，得出相关的结论。本文在这些结论的基础上，对创业板市场的定向增发行为进行专项的研究。《上市公司证券发行管理办法》和《上市公司非公开发行股票实施细则》规定了上市公司实行定向增发的条件，包括定向增发的人数、价格及转让等方面的限制。上市公司的定向增发通常分为集团公司整体打包上市、为上市公司投资项目募集资金、引入战略投资者、并购重组、增强控股权这几种类型。目前，创业板仅有恒泰艾普（证券代码：300157）、蓝色光标（证券代码：300058）、梅泰诺（证券代码：300038）、红日药业（证券代码：300026）、立思辰（证券代码：300010）和新大新材（证券代码：300080）这六家公司通过定向增发实现了再融资。通过对这六家公司的初步研究，以上六家公司的定向增发都是为了并购重组，这也在一定程度上说明了创业板上市公司不同于主板（中小板）上市公司，定向增发的目的都是为了实现快速的扩张，加速整合整个产业链。第三章通过事件研究及描述性统计的方法，对创业板上市公司定向增发的折扣率及宣告效应进行研究。关于折扣率，本文分为了发行折扣和市场折扣分别研究。创业板定向增发的这六家上市公司中，除新大新材溢价百分之十外，均没有发行折扣，即发行价格等于定价基准日前20个交易日股价的平均价。创业板上市公司定向增发市场折扣的平均值为5.19%，远低于一般上市公司32%水平。使用事件研究的方法对上述六家创业板上市公司的累计超额收益率CAR进行研究发现：创业板上市公司定向增发窗口期间CAR值显著异于0，均值为0.031023，存在正的宣告效应且创业板上市公司定向增发的宣告效应要高于市场的总体水平。在上述六家创业板上市公司定向增发的过程中暴露出了对消息反应不足/过度、注入劣质资产、利益输送、信息的提前泄露等问题。第四章在前面研究的基础上，对具有典型性的恒泰艾普公司定向增发进行专题研究。通过对新赛浦和恒泰艾普财务数据的比对、定价的分析及高溢价理由的驳斥，得出了以下结论：恒泰艾普注入的新赛浦这块资产并不是优质资产，存在着过高的估值。在这个过程中，大股东通过定向增发高溢价购买劣质资产，损害了中小股东的利益，而过高的估值却保证了大股东的股权不会被过分的稀释。第五章是本文的研究结论、政策建议及局限性。通过前面几章的分析，给出了关于创业板上市公司的折扣率、宣告效应、信息披露及定向增发类型等方面的结论，并给出了以下的政策建议： 1、加大机构投资者培育的力度； 2、减少对上市公司定向增发价格的行政管制，充分发挥市场的作用，更多的让市场去发现价格； 3、为了形成公允的定向增发发行价格，建议参照首次公开发行股票的询价程序，引入机构投资者，通过初步询价、询价、簿记建档等形式来形成定向增发的发行价格； 4、完善我国资产评估方面的法律法规及制度建设，对资产评估机构进行严格监管和建立诚信档案，严厉打击资产评估的违法、犯罪事件，从制度上保障资产合理的估值、定价； 5、完善上市公司信息披露的法律法规及制度建设，让上市公司及时、准确、公平的把影响股价的相关信息传递给各类投资者，严厉打击利用上市公司信息进行内幕交易、利益输送的行为，切实保护中小投资者的利益。最后，本文的局限性在于样本数据的不足，但是随着越来越多的创业板上市公司通过定向增发的形式实现再融资，关于创业板定向增发的研究会随着样本数据的增多而不断深入，能得出更加有价值的结论。
[Abstract]:As an important tool for equity refinancing of listed companies, private placement is different from allotment and public offering. The threshold of private placement is lower than the former two and the operation is simpler than the former two. In recent years, especially after the reform of non-tradable shares has been completed, private placement has become the preferred refinancing of listed companies. As China's "Nasdaq", the board market plays the role of "second board market" in China's capital market, and forms a multi-level Chinese capital market together with the main board market and the small and medium board market. The above characteristics determine that the private placement of GEM listed companies is different from the main board and small and medium-sized board, which is the focus of this paper.
Domestic and foreign scholars'research on directed offering is mainly carried out from three aspects: the reason why companies choose directed offering, the announcement benefit and discount rate of directed offering, and the long-term performance of stock price after directed offering. They are represented by Hezer, Smith's information asymmetry theory and Uric's supervisory effect theory. Because of the limited sample data (up to now only six GEM listed companies have refinanced through directional offering), this paper studies the discount rate and announcement effect of private placement through event analysis and descriptive statistics. Hengtai Epp, which is a typical case in the process of directional offering, makes a thorough analysis, discovers the problems faced by the listed companies in the GEM during the process of directional offering, and finally gives some policy recommendations.
This article mainly includes the following sections:
Chapter 1 is the introduction, which mainly introduces the research background and methods of this paper; Chapter 2 introduces the domestic and foreign scholars'research on directed placement and the process and relevant policies of directed placement; Chapter 3 conducts the discount rate and announcement effect of directed placement of listed companies on GEM through event study and descriptive statistics. Research; Chapter 4, on the basis of the previous research, carries out a special research on the typical Hengtai Epp company's directional additional issuance; Chapter 5 summarizes the conclusions of this study and puts forward policy recommendations.
The first chapter is the introduction, mainly introduces the research background and methods of this paper. Therefore, the directional placement of GEM is also different from the main board and the small and medium board. What about the discount rate, announcement effect and long-term performance of the directional placement of GEM? Which factors will affect the market performance of the directional placement of GEM? Are these factors the same as the main board market? Are there any violations in the process of directional placement? What about the phenomena of small and medium-sized shareholders? This paper will make an in-depth study of these problems. Due to the limited sample data, this paper uses empirical research and case study methods to conduct in-depth study on the targeted placement of listed companies on the GEM.
The second chapter mainly introduces domestic and foreign scholars'research on private placement and the process and relevant policies of private placement. Among them, Hetzer, Smith's information asymmetry theory and Uric's supervisory effect theory are the most important foreign theories on private placement. In addition, Sheehan, Barclay and Holderness's research finds that private placement is the most important one. The high premium comes from the compensation of investors who participate in the issuance to supervise the listed companies. The important responsibility of investors who participate in the private placement is to participate in the supervision of the company. They can not get the private extra profit as they do in the bulk transaction. So they should be given a higher premium, which explains why the private placement usually takes place. Generally, different markets have different discounts. For example, through research, the average discount of directed offerings in Hong Kong, China, is 5.75%, while that in the United States is higher, reaching 20%. Marciukaityte, Szewczyk and Varma studied 513 firms in the U.S. capital market between 1979 and 618, and found that the average discount was 5.75%. In addition, Wu Yao, Lee and Yeo, Deng Lu and others have studied the directional issuance of capital markets in other countries, including China, based on the previous theory. On the basis of these conclusions, this paper makes a special study on the private placement of GEM.
The Regulations for the Administration of Securities Issuance of Listed Companies and the Rules for the Implementation of Private Issuance of Stocks of Listed Companies stipulate the conditions for the implementation of private placement of listed companies, including the number of private placements, the price and the transfer of private placements. At present, GEM only has Hengtai Epp (Securities Code: 300157), Blue Cursor (Securities Code: 300058), Maytano (Securities Code: 300038), Hongri Pharmaceutical (Securities Code: 300026), Lischen (Securities Code: 300010) and Xinda New Materials (Securities Code). Through the preliminary study of these six companies, the above six companies'private placements are all for mergers and acquisitions, which to some extent shows that the GEM listed companies are different from the main board (small and medium board) listed companies, the purpose of private placement is to achieve rapid. Expansion, accelerate the integration of the entire industry chain.
Chapter 3 studies the discount rate and announcement effect of private placement of listed companies on GEM through event study and descriptive statistics. As for the discount rate, this paper divides it into issuance discount and market discount respectively. Issuance discount, i.e. the issuance price is equal to the average price of the 20 trading days prior to the benchmark date. The average discount in the private placement market of listed companies on GEM is 5.19%, which is much lower than the 32% level of the general listed companies.
Using the method of event study, we find that the CAR of the six listed companies on GEM is significantly different from 0, the mean value is 0.031023, and there is a positive announcement effect. The announcement effect of the listed companies on GEM is higher than the overall level of the market. In the process of directional placement of the six listed companies on the GEM, problems such as insufficient/excessive response to news, injection of inferior assets, benefit delivery, and premature disclosure of information were exposed.
Chapter 4, on the basis of the previous research, makes a special research on the typical Hengtai Epp company's directional additional issue. Through the comparison of financial data between the new Cyp and Hengtai Epp, the analysis of pricing and the refutation of high premium reasons, the following conclusions are drawn: Hengtai Epp injected into the new Cyp is not a high-quality asset, there exists. In this process, the large shareholders purchase inferior assets through a high premium through the targeted issuance, which damages the interests of small and medium shareholders, while the high valuation ensures that the large shareholders'equity will not be too diluted.
Chapter five is the conclusion, policy suggestions and limitations of this paper. Through the analysis of the previous chapters, the paper gives the conclusions on discount rate, announcement effect, information disclosure and types of directional placement of GEM listed companies, and gives the following policy recommendations:
1, increase institutional investors' efforts.
2. Reduce the administrative control over the price of the private placement of listed companies, give full play to the role of the market, and let the market find the price more;
3. In order to form a fair IPO price, it is suggested to refer to the inquiry procedure of initial public offering and introduce institutional investors to form the IPO price through preliminary inquiry, inquiry, bookkeeping and archiving.
4. Perfect the laws, regulations and system construction of asset appraisal in our country, strictly supervise and set up honest and trustworthy files for asset appraisal institutions, severely crack down on the illegal and criminal events of asset appraisal, and guarantee the reasonable valuation and pricing of assets from the system.
5. Perfect the laws and regulations and system construction of information disclosure of listed companies so that listed companies can transmit relevant information affecting stock prices to all kinds of investors in a timely, accurate and fair manner, and severely crack down on the use of information of listed companies for insider trading and benefit transmission, so as to effectively protect the interests of small and medium investors.
Finally, the limitation of this paper lies in the insufficiency of sample data, but with more and more GEM listed companies refinancing through the form of directional placement, the research on directional placement of GEM will continue to deepen with the increase of sample data, and can draw more valuable conclusions.
【学位授予单位】：电子科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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