定向增发中机构投资者的信息优势

发布时间：2018-03-10 22:43

本文选题：定向增发　切入点：超额收益　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随着我国经济的高速发展,中国企业对资金的需求也越来越旺盛,而在我国金融管制现象比较严重的情况下,企业能够接触到的融资渠道十分受限。此外对于上市公司而言,在考虑融资的时候,需要考虑方方面面的因素,譬如有资金的易取得性,资金的成本,资金的期限等多个方面,在这种情形下,定向增发由于有着高效率、低成本、低门槛等种种优势,受到上市公司的青睐。自《上市公司证券发行管理办法》于2006年出台以来,在进行融资的时候已经有越来越多的上市公司考虑定向增发的手段。不同于公开增发,按照规定定向增发的发行对象不能超过10名投资者,在这其中主要的发行对象有大股东、大股东关联方、机构投资者及其他投资者等。为了更好的理解定向增发的发行过程,本文着眼于机构投资者在定向增发过程中扮演的角色,结合了定向增发相关的理论分析和实证结果,重点研究了定向增发中机构投资者所扮演的角色及机构投资者所拥有的信息优势。由于定向增发从2006年起才正式施行,因而本文的样本从2006年开始,选择定向增发前后上市公司的财务数据,定向增发过程中短期市场反应及定向增发后上市公司股票长期绩效三个维度进行了实证研究,通过实证分析得出以下结论：机构投资者具有强大的研究能力,能够选择更优质的上市公司所进行的定向增发；同时市场看好机构投资者参与的定向增发,对其参与的定向增发给予正面的市场评价,也会由于担心机构投资者在解禁日抛售股票而提前给出市场反应；但是机构投资者却无法在定向增发中获得超额收益,其参与定向增发时也无法获得更高的折扣,证明在定向增发中机构投资者对于公开信息有较强的解释能力,但不存在私人信息优势。
[Abstract]:With the rapid development of our country's economy, the demand for capital of Chinese enterprises is more and more vigorous, but under the serious situation of financial regulation in our country, the financing channels that enterprises can access are very limited. In addition, for listed companies, When considering financing, we need to take into account various factors, such as the availability of funds, the cost of funds, the duration of funds, and so on. In this case, due to the high efficiency and low cost of additional directional offerings, The low threshold and other advantages are favored by listed companies. Since the introduction of the "measures for the Administration of Securities issuance of listed companies" in 2006, In the process of financing, more and more listed companies have already considered the means of additional directional issuance. Unlike the public offering, according to the regulations, the issuance object of the additional issuance should not exceed 10 investors, among which the main object of issuance is the majority shareholder. In order to better understand the process of issuance, this paper focuses on the role played by institutional investors in the process of private placement. Based on the theoretical analysis and empirical results, this paper focuses on the role played by institutional investors and the information advantages of institutional investors. Therefore, since 2006, the sample of this paper selects the financial data of listed companies before and after the placement, the short-term market reaction and the long-term performance of the listed companies after the private placement. Through the empirical analysis, the following conclusions are drawn: institutional investors have strong research ability, can choose the higher quality of listed companies to carry out the private placement; at the same time, the market is optimistic about the participation of institutional investors in the private placement. To give a positive market evaluation of their participation in a private placement, they will also give a market response in advance because they are worried that institutional investors will sell shares on the day of lifting the ban; but institutional investors will not be able to obtain excess returns on the placement. It can not get a higher discount when participating in the private placement, which proves that the institutional investors have a strong ability to explain the public information, but there is no advantage of private information.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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