宁波银行定向增发的财务效应及动因分析

发布时间：2018-01-12 17:19

本文关键词：宁波银行定向增发的财务效应及动因分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：进入21世纪以来,商业银行不仅在规模上扩张迅速,同时也纷纷进行了公开发行股票上市,使得自身能够筹集到更大数额的资本金。《巴塞尔协议》对银行资本金比例的限制,使得银行在发展业务的同时,需要寻求更为高效的再融资方式来补充自身所需的巨额资本。定向增发受到上市商业银行的追捧,其原因在于定向增发相对于公开发行股票而言发行条件灵活和门槛低。定向增发与公司业绩方面联系的理论有监督效应、信息不对称和代理成本理论等,这些理论都解释了为何定向增发完成后企业能够得到积极的影响。但相应地,有时也会出现负面的影响。大股东往往通过操纵发行价格来认购股票,而后制定高额的现金分配政策,或向上市公司注入劣质资产,操纵资产评估价格等方法来进行利益输送,进而影响企业长期的发展。本文选择了宁波银行在2010年第四季度完成的定向增发再融资事件为研究案例,通过对比研究宁波银行完成定向增发的前后三年的财务基础数据、绩效评价指标和市场反应,结合同业其他银行的相关数据,横向纵向结合来分析此次定向增发事件对宁波银行所带来的财务效应影响。同时,通过对相关的文献研究、对公司官方的分析报告和非官方的分析报告进行学习和总结,得出宁波银行选择定向增发作为再融资手段的动因分析报告,进而得出有价值的结论和建议。在案例分析部分,本文首先对宁波银行此次定向增发的动因进行了,另外还从短期和长期两个方面分析宁波银行定向增发带来的财务效应。通过本次案例的研究得出,宁波此次的定向增发的动因有市场环境因素和股东自身的需求因素。而财务效应方面,本次定向增发虽然没有给股东带来短期的财富增长,但在长期给公司带来了正面的财务效应。目前,越来越多的上市商业银行采用定向增发的方式进行再融资,但在补充资本金的同时,更需要关注银行选择定向增发的方式,对公司绩效和股东财富产生的影响。通过短期绩效和长期绩效相结合的研究,是有积极意义的。本次研究的结论,希望给往后的公司和投资者在决策时提供参考作用。
[Abstract]:Since 21th century, commercial banks have not only expanded rapidly in scale, but also listed public shares one after another. So that they can raise a larger amount of capital. The Basel Accord limits the capital ratio of banks, so that banks are developing their business at the same time. Need to seek more efficient refinancing way to replenish the huge capital that oneself needs. The reason is that the issuance conditions are flexible and the threshold is low compared with the public offering. The theory of the relationship between the private placement and the company's performance has the effect of supervision information asymmetry and agency cost theory and so on. These theories all explain why the company can get positive influence after the completion of the directional placement. But correspondingly, there are also some negative effects. Large shareholders often subscribe to the stock by manipulating the issue price. Then make the high cash distribution policy, or the listed companies to inject inferior assets, asset evaluation price manipulation and other methods to transfer benefits. And then affect the long-term development of enterprises. This paper selected Ningbo Bank in in the fourth quarter of 2010 to complete the refinancing of the event as a case study. Through the comparative study of Ningbo Bank before and after the completion of directional placement of the financial basis of three years data, performance evaluation indicators and market responses, combined with the relevant data of other banks in the same industry. Horizontal and vertical combination to analyze the financial impact of the issue on Ningbo Bank. At the same time, through the relevant literature research. Study and summarize the company's official analysis report and unofficial analysis report, and draw the motivation analysis report of Ningbo Bank to choose the additional placement as the means of refinancing. Then draw valuable conclusions and recommendations. In the case analysis part, this paper first carries on the motivation of the Ningbo Bank's IPO. In addition, from the short-term and long-term aspects of the analysis of the financial effects of the Bank of Ningbo, through the case study. The drivers of the IPO in Ningbo are market environment factors and shareholders' own demand factors. But the financial effect, although this private placement does not bring short-term wealth growth to shareholders. At present, more and more listed commercial banks use the way of additional issuance to refinance, but at the same time to replenish the capital. More attention should be paid to the way banks choose the way of directional placement, the impact on corporate performance and shareholder wealth. Through the combination of short-term performance and long-term performance, it is of positive significance. The conclusion of this study. Hope to give future companies and investors in decision-making to provide a reference role.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.33;F830.42

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