机构投资者参与定向增发的偏好研究

发布时间：2018-03-20 02:34

本文选题：机构投资者　切入点：定向增发　出处：《哈尔滨工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：定向增发是一种面向特定投资者发行股份直接融资的行为,因其具有可操作性强,实施便捷,门槛较低的优点,从2006年至今,十余年间已经发展成为上市公司再融资的主要渠道。近两年的定向增发市场异常火爆,募资总额远超IPO和其他再融资方式,但是同时也出现了融资过度,监管套利,盲目跨界等现象。2017年2月,监管机构修订了非公开股票发行的相关法规,对定向增发的定价机制,发行规模等进行了限制,定向增发市场进入了新时期。5月份监管机构又规范了股东减持行为,倒逼定向增发市场走向价值投资。以基金为代表的机构投资者是定向增发市场的主要参与力量,获配份额越来越大,机构也趋向多样化。监管机构鼓励机构投资者发展,是因为机构投资者被赋予进行价值挖掘和价值投资,保护中小投资者利益的角色。然而关于机构投资者是资本市场上的短期投机者,还是价值投资者的研究没有形成定论,其在上市公司定向增发中的各个环节发挥了什么样的作用,这种作用的机理又是什么?鉴于此,本文将聚焦机构投资者在参与定增过程中的投资偏好问题,以期从偏好的研究中进一步分析机构投资者在资本市场中所发挥的作用,分析近期监管政策的合理性。本文首先对于国内外关于定向增发与机构投资者行为两个方面的文献进行系统回顾并进行文献评述。然后梳理了我国定向增发的制度背景,从行为金融假说,信号与信息不对称假说,委托代理理论等理论分析了机构投资者行为的内在机理。本文以2006-2016年11年间A股市场进行非公开发行的上市公司为样本,以机构投资者为研究视角,运用逻辑分析和实证分析,系统分析机构投资者在参与定向增发时的偏好。研究发现:(1)机构投资者在参与定增时投机属性较强,体现在机构投资者更关注参与时的折价率,而不关注企业价值的成长性;(2)机构投资者倾向于参与大股东“掏空”行为可能性较小的定向增发,体现在偏好参与大股东以现金认购,增发目的为项目融资的定向增发;(3)机构投资者对于行业前景和题材热度有偏好,但是并不显著;(4)专业机构投资者与一般机构投资者之间存在明显的差异,一般机构投资者投资时更偏好大股东同时参与,以资产认购,偏好非项目融资,专业机构投资者在参与定增时的投资属性更强。
[Abstract]:Directional additional issuance is a kind of direct financing behavior of issuing shares for specific investors. Because of its advantages of strong maneuverability, convenient implementation and low threshold, from 2006 to now, Over the past decade or so, it has become the main channel for refinancing of listed companies. In the last two years, the market for targeted additional offerings has been extremely hot, with the total amount raised far exceeding IPO and other refinancing methods, but at the same time, there has also been excessive financing and regulatory arbitrage. In February 2017, the regulators revised the relevant regulations on the issuance of private shares, limiting the pricing mechanism and the size of the issuance of targeted additional shares. In the new period, in the new period of 5 months, the regulatory bodies have regulated the behavior of shareholders' reduction and forced the market to move towards value investment. The institutional investors represented by funds are the main participating force of the market. Institutional investors are encouraged to develop because institutional investors are given value excavations and value investments. The role of protecting the interests of small and medium-sized investors. However, research on whether institutional investors are short-term speculators in the capital markets or value investors has not reached a conclusion. What kind of role has it played in each link of the listed company's directional issuance, and what is the mechanism of this role? In view of this, this paper will focus on the problem of institutional investors' investment preference in the process of participating in the growth process, in order to further analyze the role of institutional investors in the capital market from the study of preference. Firstly, this paper reviews and reviews the domestic and foreign literatures on the two aspects of directed placement and institutional investors' behavior, and then combs the institutional background of China's private placement. Based on behavioral finance hypothesis, signal and information asymmetry hypothesis and principal-agent theory, this paper analyzes the intrinsic mechanism of institutional investors' behavior. From the perspective of institutional investors, using logical analysis and empirical analysis, this paper systematically analyzes the preference of institutional investors when they participate in directional placement. Institutional investors pay more attention to the discount rate of participation, but not to the growth of enterprise value) Institutional investors tend to participate in the "hollowing out" behavior of large shareholders. This is reflected in the preference for the private placement of large shareholders who subscribe in cash for the purpose of financing the project. Institutional investors have a preference for industry prospects and subject matter heat. However, there are obvious differences between professional institutional investors and general institutional investors. When they invest, they prefer the participation of large shareholders, the purchase of assets, and the preference for non-project financing. Professional institutional investors in the participation of fixed growth when the investment attribute is stronger.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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