股权再融资公告效应的实证研究

发布时间：2018-10-12 12:47

【摘要】：企业如何选择合理的股权融资方式以实现企业价值最大化,一直是学术界和实务界关注的焦点问题。中国上市公司定向增发新股是股权分置改革之后才出现的新生事物,并且在近几年越来越收到关注,成为主流的股权再融资方式。此外,在实施定向增发的上市公司中,大部分上市公司在同期都进行了分红,企业再融资是因为资金不足,而分红是由于盈利,看似矛盾的双方却同时并存很值得研究。因此,文章对中国股权再融资的三种方式的公告效应进行了实证比较研究,对分红和定向增发同期进行的企业公告效应进行了实证研究。研究选取了2007年1月1日—2010年12月31日,中国上证A股的上市公司为基础数据,按照相应的条件筛选出对应的样本进行理论和实证研究。对样本的异常收益率分类比较后发现中国上市公司在股权再融资方式选择时,首选定向增发新股融资,其次公开增发新股,最后才是配股。加入分红约束条件筛选后的样本数据,根据分红的时间先后以及是否符合国家政策法规,划分出三种情况,着重研究其中两种特殊情况：A类,不符合规定的先分红后定向增发；B类,先定向增发后分红。研究发现A类的定向增发公告效应与一般正常的定向增发新股公告效应不同,今后可以从别的角度继续深入研究；B类的定向增发公告效应与一般正常的定向增发新股公告效应类似,募集资金的用途、募集资金对象、资产收益率和相对增发规模与公告效应有显著影响,而资产负债率、企业规模与公告效应之间并不存在显著的相关关系。
[Abstract]:How to choose reasonable equity financing to maximize the value of enterprises has always been the focus of attention in academic and practical circles. In recent years, China's listed companies have received more and more attention and become the mainstream way of equity refinancing. In addition, in the implementation of targeted additional listed companies, most of the listed companies in the same period have carried out dividends, the refinancing of enterprises is due to lack of funds, and dividends are due to profit, seemingly contradictory both sides co-exist is very worth studying. Therefore, this paper makes an empirical comparative study on the announcement effect of three ways of equity refinancing in China, and makes an empirical study on the effect of corporate announcement in the same period of dividend and directional additional issuance. From January 1, 2007 to December 31, 2010, the listed companies in Shanghai Stock Exchange of China are selected as the basic data, and the corresponding samples are selected according to the corresponding conditions to carry out theoretical and empirical research. After classifying and comparing the abnormal return rate of the sample, it is found that when the Chinese listed companies choose the equity refinancing mode, the first choice is to raise new shares by directional issuance, the second is to issue new shares publicly, and the last to be the rights issue. According to the time of dividend distribution and whether it is in accordance with the national policies and regulations, the sample data selected by the restriction condition of dividend distribution are divided into three kinds of cases, and two special cases are studied emphatically: category A, Not in accordance with the provisions of the first dividend and then the directional issuance; B, the first directional issuance and then the dividend. It is found that the public announcement effect of class A is different from that of the normal public announcement of new shares, so we can continue to study further from other angles in the future. The announcement effect of class B is similar to that of normal new shares. The purpose of raising funds, the object of raising funds, the rate of return of assets and the relative scale of additional issuance have significant effects on the announcement effect, while the ratio of assets to liabilities, the ratio of assets and liabilities, and so on. There is no significant correlation between firm size and announcement effect.
【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】：F832.51;F224

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