上市企业定向增发对信贷融资、投资和资本配置效率影响研究

发布时间：2018-05-14 04:30

本文选题：定向增发 + 信贷融资　；参考：《江西财经大学》2014年博士论文

【摘要】：实现和优化资源配置是股票市场主要功能之一。在价格信号机制作用下,有效的股票市场可以引导资金不断从生产效率低下的企业或部门流向生产效率较高的企业和部门,而资金的流动又会带动人力资源、生产技术等其它生产要素在不同的企业或部门间流动,最终实现整个社会资源的优化配置。自上世纪90年代我国股市创建以来,大量企业通过股票融资获得了自身发展所需资金,在缓解企业融资约束的同时,优化了资源配置。但2006年5月8日《上市公司证券发行管理办法》的颁发,使得定向增发基本替代配股和公开增发而成为我国上市企业股权再融资的主要方式,其融资额甚至超过企业IPO融资水平。上市企业定向增发资源配置优化效果如何将直接影响到我国股票市场实现和优化资源配置功能的发挥。虽然诸多学者已经对我国股票市场IPO融资、配股和公开增发如何影响资源配置效率进行了广泛研究,但迄今尚未发现有对我国上市企业定向增发如何影响资本配置效率进行研究的相关文献。本文旨在研究我国上市企业定向增发对优化资本配置效率的具体影响,以期为证券监管部门在将来制定相关的方针政策提供现实依据与理论参考。考虑到上市企业定向增发对资本配置效率的影响并不是一蹴而就的,需要经历融资、投资和产出三个阶段,在对相关理论与文献进行综述基础上,本文首先分析了我国上市企业定向增发的分布特征及其影响因素；然后分析定向增发与企业信贷融资、投资和资本配置效率之间的内在关联性；最后从企业控股权性质差异、定向增发认购对象和认购方式角度分析了定向增发对企业信贷融资、投资和资本配置效率的影响,并依据所得结论提出若干政策建议以及对进一步研究的展望。通过对我国上市企业定向增发特征和影响因素进行分析后发现,企业上市年数的不同和对市场有利时机的选择显著影响到我国上市企业定向增发决策,但它们仅具有限解释力。当进一步从企业外部融资需求角度对我国上市企业定向增发动机进行分析时发现,若扣除定向增发融资额,则在增发后一年将有54.8%的企业现金余额为负；若再进一步扣除新增债务融资,该比例将上升至85.3%,且这一比例均随企业上市年数的不同而呈现出差异性特征。以上结论说明有效缓解短期流动性不足、对企业实现“财务支持”是我国上市企业实施定向增发的重要原因。当对定向增发如何影响企业后续信贷融资进行研究时发现,相对于国有控股企业而言,民营控股上市企业定向增发后信贷融资能力得到更大程度的提高；与以资产置换方式等非现金方式相比,以现金认购定向增发新股能显著降低企业信贷融资需求,这一点在国有与民营控股企业之间不存在显著差异；相对于国有控股企业而言,当民营控股上市企业大股东参与定向增发新股认购并提高其原有持股比例时,定向增发将有助于企业信贷融资能力的提升；且随融资规模的扩大而递增。在研究我国上市企业定向增发对企业后续投资效率影响时发现,我国上市企业普遍出现投资过度行为,但对于定向增发企业而言,投资不足现象更为严重；相对于国有控股企业而言,民营控股企业的控股股东通过定向增发提高其持股比例更有助于企业投资不足局面的改善；当其他大股东通过定向增发提高持股比例时,企业投资不足会有所缓解,但这时在国有与民营控股企业之间的差异不显著；相对于以非现金方式而言,投资者以现金认购定向增发新股有助于缓解企业投资不足局面,且对民营控股上市企业的影响更大。在研究定向增发对企业资本配置效率影响时发现,定向增发能提高资产收益率高于市场均值企业资本配置效率水平,但对国有控股企业资本配置效率不能产生显著影响；与以资产置换等非现金方式认购相比,以现金方式认购更能提高资产收益率高于市场均值组企业资本配置效率,同样不能对国有控股企业资本配置效率产生显著影响；对于资本收益率高于市场均值水平的企业而言,大股东是否参与定向增发新股认购不会对企业资本配置效率产生任何影响；对于资本收益率低于市场均值水平企业而言,除了大股东参与民营控股企业定向增发认购有助于资本配置效率优化外,其它任何情形下的定向增发均不能促进资本配置效率的提升。在对所得研究结论进行总结基础上,本文最后就如何提高我国上市企业定向增发优化资本配置效率功能的发挥提出若干政策建议,并指出了对这一领域进一步进行研究的一些思考。全文内容组织安排如下：第一章为导论。首先介绍本文的研究背景、研究目标及其意义；然后介绍相关研究思路、内容与方法；最后指出本研究可能的创新之处与所存在的不足。第二章为文献综述。这里主要从定向增发现有研究成果、企业融资、企业投资以及资本配置效率相关研究四个方面进行综述,在此基础上对现有文献进行简单评述。第三章是我国上市企业定向增发特征及影响因素分析。在介绍定向增发含义及其制度沿袭后,第二部分统计我国上市企业定向增发分布特征；第三部分分析企业上市年数与市场时机选择对企业定向增发的影响；第四部分研究了外部融资需求对企业定向增发的影响；最后为本章小结。第四章是上市企业定向增发与信贷融资、投资和资本配置效率关系研究。本章首先分析了信贷融资、投资和资本配置效率三者之间的联系；第二部分分析定向增发影响信贷融资、投资和资本配置效率的作用机制；第三部分介绍本文研究定向增发影响企业信贷、投资和资本配置效率的三大视角。第五章是上市企业定向增发对信贷融资能力影响分析。本章首先介绍我国信贷融资现状；然后理论和实证分析上市企业定向增发对信贷融资能力变化的影响；最后是实证结论分析与小结。第六章是上市企业定向增发对企业投资效率影响研究。首先介绍企业投资效率的度量；然后理论和实证分析上市企业定向增发对企业投资效率的影响；第四部分为实证结论及原因解释；第五部分为本章小结。第七章是上市企业定向增发对企业资本配置效率的影响分析。第一部分介绍资本配置效率的度量；接下来理论和实证分析上市企业定向增发对企业资本配置效率的影响；最后为本章小结。第八章为结论与政策思考。首先对全文进行总结,并得出结论；然后在相关结论基础上,提出相关政策建议；最后是进一步研究的展望。
[Abstract]:It is one of the main functions of the stock market to realize and optimize the allocation of resources. Under the effect of the price signal mechanism, the effective stock market can guide the capital flow from inefficient enterprises or departments to enterprises and departments with higher production efficiency, and the flow of funds will lead to other factors such as human resources, production technology and other production factors. Different enterprises or interdepartmental flows will eventually realize the optimal allocation of the whole social resources. Since the founding of China's stock market in the 90s of last century, a large number of enterprises have obtained their own development funds through stock financing, and optimized the allocation of resources while alleviating the financing constraints of enterprises. But in May 8, 2006 < stock issuance management of listed companies. The issuance of method is the main way to refinance the stock right of Listed Companies in China, and the financing amount is even more than the level of IPO financing. How to optimize the allocation of resource allocation in the listed enterprises will directly affect the realization of the stock market and the optimization of the resource allocation function in our country. Although many scholars have conducted extensive research on how IPO financing, distribution and public placement affect the efficiency of resource allocation in China's stock market, there has been no discovery of relevant literature on how to affect the efficiency of capital allocation in China's listed companies. This paper aims to study the orientation of the listed companies in China. The specific effect on optimizing the efficiency of capital allocation is to provide the practical basis and theoretical reference for the securities regulatory authorities to formulate relevant policies and policies in the future. Considering that the impact of the listed companies' orientation on the efficiency of capital allocation is not achieved overnight, it is necessary to experience the three stages of financing, investment and output, and the related theories and articles. On the basis of an overview, this article first analyzes the distribution characteristics and the influencing factors of the directional issuance of Listed Companies in China, and then analyzes the internal relationship between the directional increase and the enterprise credit financing, the investment and the efficiency of capital allocation. This paper analyzes the impact of directional addition on the efficiency of enterprise credit financing, investment and capital allocation, and puts forward some policy suggestions and prospects for further research according to the conclusions. It is found through the analysis of the characteristics and influencing factors of the orientation of the listed companies in China, the differences in the number of years in the enterprises and the choice of the opportune time for the market. It has a significant impact on the directional issuance decision of Listed Companies in China, but they only have limited explanatory power. When further analyzing the Orienteering engine of Chinese listed companies from the perspective of external financing needs of the enterprises, it is found that, if the amount of targeted additional financing is deducted, 54.8% of the cash balance will be negative in the year after the increase. If further further, After deducting the new debt financing, the proportion will rise to 85.3%, and this proportion is different with the number of years listed in the enterprise. The above conclusion shows that the effective mitigation of short term liquidity and the realization of "financial support" to the enterprises are the important reasons for the implementation of the targeted increase in the listed companies in China. In the study of enterprise follow-up credit financing, it is found that, compared with the state-owned holding enterprises, the credit financing ability of the private holding listed companies has been improved to a greater degree. Compared with the non cash ways such as asset replacement, the cash subscription of the new shares can significantly reduce the demand for credit financing. There is no significant difference between state-owned and private holding enterprises. Relative to the state-owned holding enterprises, when the large shareholders of the private holding listed companies participate in the subscription and increase the proportion of their original shareholding, the directional increase will help to improve the credit financing capacity of the enterprises, and increase with the expansion of the financing scale. In the case of the influence of the listed companies' orientation on the efficiency of the follow-up investment efficiency of the listed enterprises in our country, it is found that the listed enterprises in our country generally have excessive investment behavior, but the phenomenon of underinvestment is more serious for the directional distribution enterprises. Compared with the state-owned holding enterprises, the controlling shareholders of the private holding enterprises improve their shareholding ratio through the directional increase. It is more conducive to the improvement of the underinvestment situation of the enterprises; when the other large shareholders increase the share ratio through the directional increase, the underinvestment of the enterprises will be relieved, but the difference between the state-owned and the private holding enterprises is not significant. In the study of the impact of the Orienteering on the efficiency of the capital allocation, it is found that the orientation increase can increase the rate of return on assets higher than the market mean value of capital allocation, but it can not have a significant impact on the allocation efficiency of the state-owned holding enterprises; Compared with the non cash mode of replacement, cash subscription can increase the rate of return on assets higher than the market mean group's capital allocation efficiency, and can not have a significant impact on the capital allocation efficiency of state-owned holding enterprises. For enterprises with higher capital yield than the market mean, whether large shareholders participate in the orientation increase or not. The issuance of new shares will not have any effect on the efficiency of the capital allocation of enterprises. For enterprises with lower capital returns than the average market, the directional addition of large shareholders to private holding enterprises will contribute to the optimization of the efficiency of capital allocation. In any other situation, the directional increase in the capital allocation efficiency can not promote the efficiency of capital allocation. On the basis of the conclusion of the income research, this paper finally puts forward some policy suggestions on how to improve the function of the capital allocation efficiency of listed enterprises in China, and points out some thoughts on further research in this field. The full text is organized as follows: the first chapter is the introduction. The research background, research goal and its significance; then introduce the relevant research ideas, contents and methods; finally, point out the possible innovations and shortcomings of this study. The second chapter is the literature review. Here, there are four research results, enterprise financing, enterprise investment and capital allocation efficiency. On the basis of this, a brief review of the existing literature is carried out on this basis. The third chapter is the analysis of the characteristics and influencing factors of the directional issuance of Listed Companies in China. After introducing the meaning and the system evolution of the orientation addition, the second part of the distribution of the listed companies in China is made. The third part analyses the number of the listed companies in the market and the market time. The fourth part studies the influence of the external financing demand on the directional increase of the enterprise; the last chapter is a summary of this chapter. The fourth chapter is the study on the relationship between the orienteering and credit financing, the investment and the efficiency of capital allocation in the listed enterprises. This chapter first analyzes the three parties of credit financing, investment and capital allocation efficiency. The second part analyses the effect mechanism of the directional increase on the efficiency of credit financing, investment and capital allocation; the third part introduces the three perspectives of this article to study the impact of directional addition on the efficiency of enterprise credit, investment and capital allocation. The fifth chapter is the analysis of the impact of the targeted additional issuance of listed companies on credit financing ability. This paper analyzes the current situation of credit financing in China, and then theoretically and empirically analyses the impact of the listed companies' directional addition on the change of credit financing capacity; the last is the empirical conclusion analysis and summary. The sixth chapter is the research on the impact of the listed enterprises' directional increase on the enterprise investment efficiency. First, it introduces the measurement of the efficiency of the enterprise investment; then the theoretical and empirical analysis is on the analysis. The fourth part is the empirical conclusion and the reason explanation; the fifth part is the summary of this chapter. The seventh chapter is the analysis of the influence of the listed enterprises' directional addition on the capital allocation efficiency of the enterprises. The first part introduces the measurement of the capital allocation efficiency; the next theory and the empirical analysis of the listed companies are determined. Finally, the eighth chapter is the conclusion and policy thinking. First, it summarizes the full text, and draws the conclusion; then, on the basis of the relevant conclusions, put forward relevant policy suggestions; finally, the prospect of further research.

【学位授予单位】：江西财经大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F275;F832.4;F832.51

【参考文献】