燕京啤酒股权再融资行为与绩效研究

发布时间：2018-01-24 04:18

本文关键词： 股权再融资燕京啤酒绩效分析体系历史演进　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国处于社会主义初级阶段,是典型的发展中国家,在生产要素上表现为自然资源丰富但人均少,劳动力相对丰裕和资本短缺。随着我国经济快速发展,资本逐渐积累,资本短缺的现状大有改观。融资难是困扰企业发展的难题之一。在融资方面,上市公司区别于其他公司的主要方面是有特别的融资途径,也就是股权再融资。目前,已有大量实证研究证明我国上市公司有股权再融资偏好；股权再融资后,上市公司业绩显著下滑。与西方较成熟的证券市场相比,我国对证券市场上市公司再融资对公司绩效的影响还需进一步深入研究。要洞察我国上市公司的融资行为,案例分析也是必不可少的研究方法。运用案例研究法研究股权再融资与业绩的关系,选取市场扩展、行业集中度提高且资金密集型行业,也就是啤酒制造业,再从这个存在融资需求的行业中选取6次融资,约64亿元融资金额的燕京啤酒。在文献方面,梳理了关于融资理论、股权再融资偏好、股权再融资对绩效影响、业绩评价体系以及燕京啤酒的研究文献,初步判断燕京啤酒的股权再融资会导致企业业绩下滑。用燕京啤酒上市以来的融资情况证明燕京啤酒存在股权再融资的偏好；从国家宏观经济、产业格局及企业定位分析燕京啤酒股权再融资偏好的原因。燕京啤酒存在股权再融资偏好,是因为我国啤酒市场扩大,行业趋向集中；产业政策和啤酒生产企业的经营模式决定了啤酒行业的资金密集型属性。股利政策和货币政策分别直接影响了股权再融资和债券融资的成本,燕京啤酒在大量资金需求的情况下,适当的选择融资成本较低的股权再融资。此外证券市场的发展存在股市强,债市弱的现象,这为企业股权再融资创造了有利环境。啤酒行业处于竞争激烈,利润率较低的情况下,股权再融资可以在财务风险方面强化企业的竞争力。合理设计绩效的财务评价方法与绩效评价指标,通过将燕京啤酒股权再融资前后的业绩对比以及同行业平均值的绩效对比,剖析燕京啤酒的股权再融资行为与绩效的关系,提高了分析方法的客观性与公正性。1998年和2008年金融危机后,燕京啤酒有密集的进行股权再融资,通过改建、扩建、并购等形式提高啤酒产能。啤酒市场的整体表现为1998年至2002年低速增长,2003年至2007高速增长,2008年至2011低速增长,2012年负增长。燕京啤酒逆经济周期融资扩大规模,市场对于新增产能力消化不良,营业收入和利润相对增长不足。对燕京啤酒股权再融资前后的财务绩效指标分析,可以得出除了可转换债券在短期列入负债科目,导致偿债能力下降以及有效的营销策略改善企业的盈利能力和资产质量外,逆经济周期进行的股权再融资对于盈利能力和资产质量是负面影响,对于偿债能力和成长能力是正面影响。并预测2013年燕京啤酒的股权再融资对于财务业绩的影响,为盈利能力和资产质量降低,偿债能力和成长能力提高。总而言之,燕京啤酒通过股权再融资实现了跨越式发展,提高了市场占有率,但盈利能力、资产质量有待增强。股权再融资对于燕京啤酒属于短期刺激性增长,证券市场对于这类增长并不看好。随着债务市场的发展以及外部宏观经济、产业格局以及企业定位的变化,融资决策需要适当调整。燕京啤酒的案例研究结论虽然不一定具有普遍意义,但却有助于更好地理解上市公司股权再融资的决策动因以及绩效变化。
[Abstract]:Our country is in the primary stage of socialism, is a typical developing country, the factors of production is rich in natural resources but less per capita, abundant labor and capital shortage. With the rapid development of China's economy, capital accumulation, capital shortage situation has changed greatly. The financing is one of the problems affecting the development of enterprises in terms of financing. Mainly, the listed company is different from other companies is a special way of financing, which is equity financing. At present, there are a large number of empirical studies have proved that Chinese listed companies have equity financing preference; equity refinancing, listed company performance declined significantly. Compared with the western mature securities market, China the stock market refinancing of listed companies impact on the company's performance still need further research. To insight into the financing behavior of Listed Companies in China, the case analysis is also essential Research methods.
Using case study method to research the relationship between equity refinancing and the performance of the selected market expansion, industry concentration and capital intensive industries, is also the beer manufacturing industry, and then select the 6 financing from the financing needs of the industry, the amount of financing of about 6 billion 400 million yuan of Yanjing beer. In the literature, combing about the theory of financing, equity financing preference, equity refinancing impact on performance, performance evaluation system and Yanjing Beer research literature, preliminary judgment Yanjing Beer equity refinancing will lead to decline in corporate performance. Yanjing Beer has proved that the Equity Refinancing Preference for financing since Yanjing Beer listed; from the national macro economy, industry the pattern and corporate positioning analysis Yanjing Beer Equity Refinancing Preference. Yanjing Beer Equity Refinancing Preference, because China's beer market expansion, industry trend set In the production of enterprises; industrial policy and the beer business model determines the beer industry capital intensive properties. Dividend policy and monetary policy are directly affect the equity financing and bond financing cost, Yanjing Beer in a lot of money demand, the proper choice of the lower financing costs of equity refinancing. In addition to the development of securities the market has strong stock market, weak bond phenomenon, this enterprise equity refinancing has created a favorable environment. The beer industry in the fierce competition, the profit rate is low, equity financing can enhance the competitiveness of enterprises in the aspects of financial risk. Financial performance evaluation method and evaluation index of reasonable design performance, through the comparison of performance performance comparison before and after Yanjing Beer equity refinancing and the industry average value, analyzes the relationship between Yanjing Beer Equity Refinancing Behavior and improve performance. The analysis method of the objectivity and impartiality of the.1998 and 2008 after the financial crisis, Yanjing Beer have intensive equity financing, through alteration, expansion, mergers and acquisitions and other forms to improve beer production capacity. The overall beer market performance for 1998 to 2002 2003 to 2007 low growth, high growth, low growth from 2008 to 2011, 2012 negative growth. Yanjing Beer inverse of the economic cycle to expand the scale of financing, the market for the new production capacity of indigestion, lack of revenue and profit growth. The relative financial performance index of Yanjing Beer equity refinancing and analysis can be drawn, in addition to the convertible bonds in the short-term liabilities included in the subject, resulting in decreased solvency and effective marketing strategy to improve enterprise the profitability and asset quality, the inverse of the economic cycle of equity refinancing for profitability and asset quality is negative for compensation The debt and growth ability is positive effect. And forecast 2013 Yanjing Beer equity refinancing impact on financial performance, reduce profitability and asset quality, improve liquidity and growth ability. In short, Yanjing Beer through equity financing to achieve leapfrog development, improve the market share, but the profitability of assets. The quality needs to be enhanced. Equity refinancing for Yanjing Beer fall short of stimulating growth, the stock market is not optimistic for this kind of growth. As the debt market development and external macroeconomic, industrial structure changes and corporate positioning, financing decision should be adjusted properly. The conclusion of the case study Yanjing Beer although not necessarily has the universal significance, but it contributes to a better understanding of the equity refinancing of listed companies decision motivation and performance change.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F426.82

【参考文献】