新华传媒定向增发折价案例研究

发布时间：2018-03-22 06:07

本文选题：定向增发　切入点：折价率　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,我国经济发展水平直线上升,资本市场再融资方式也多种多样,一般以发行企业债券、资产证券化居多。自股权分置改革以来,定向增发与其他融资方式相比,有着其无可比拟的优势,比如发行资格要求不高、发行程序简单、发行成本比较低、锁定期的存在不会增加市场扩容压力,而且对实现公司的整体上市有着巨大的好处等。2006年从我国正式颁布关于定向增发的法律法规开始,一直到2016年底,我国A股证券市场上共有2,725家上市公司进行了定向增发再融资,在这其中,2016年A股定向数量为793家,募资总额为16,685.68亿元,这一金额和数量创历史新高,定向增发日渐成为主流融资方式。但是不能忽视的是,定向增发大多面向的是少数的特定发行对象,往往发行规模比较小,涉及到新股东与原股东的财富分配,特别是在涉及到大股东参与定向增发的情况下,折价发行就成了大股东参与时的潜规则,并且其享有的折扣率要比没有大股东参加时的折扣率高很多;在这其中中小股东则没有发言权。再者定向增发的发行价格与股东认购比例共同影响财富分配,所以关键就在于如何定价,在我国定向增发存在高折价现象很普遍,这其中就涉及到大股东的利益输送行为。本文研究定向增发的折价问题,先介绍了关于上市公司定向增发的折价动因和增发后引起的经济后果和财务效应的相关理论,主要以研究定向增发过程中大股东的利益输送行为和折价率为主线,通过对国泰安数据库所有定向增发公司的对比,最终选取了新华传媒这一研究对象,采取了文献综述法和案例研究的方法对其定向增发的折价动因和增发后的经济后果进行了分析。有以下内容:首先对新华传媒公司进行了一个简要的介绍,并罗列出相关的增发方案和过程,然后对其折价动因进行了重点分析,提供了两个思考角度即大股东利益输送和市场行情,排除利益输送的嫌疑后,得出市场行情是影响新华传媒定向增发折价的原因;之后查验了定向增发后股市的长期反应,从市场反应和财务效应两个角度定义了其增发后的经济后果,发现了增发后引起了积极的正的财富效应和良好的财务效应。最后,总结全文得出结论,从对投资者的保护的视角出发,提出了完善定向增发定价机制和对资本市场、公司治理的建议。
[Abstract]:Since the reform and opening up, the level of economic development in China has risen sharply, and the refinancing methods of the capital market are also varied. Generally speaking, the issuance of corporate bonds and the securitization of assets are the majority. Since the reform of split share structure, the directional additional issuance has been compared with other financing methods. It has unparalleled advantages, such as low requirements for issuing qualifications, simple issuance procedures, relatively low distribution costs, and the existence of locking periods will not increase the pressure of market expansion. Moreover, it has great benefits for realizing the overall listing of the company. In 2006, from the beginning of our country's formal promulgation of the laws and regulations on additional directional offerings to the end of 2016, A total of 2725 listed companies in China's A-share securities market have carried out additional placement refinancing. Of these, 793 A-shares were targeted in 2016, raising a total of 1.668568 trillion yuan, which is a record high in both amount and quantity. But it can not be ignored that most of the additional offerings are aimed at a small number of specific objects and tend to be relatively small, which involves the distribution of wealth between the new shareholders and the original shareholders. Especially when it comes to the participation of large shareholders in directional additional issuance, discount issuance becomes the latent rule of large shareholders' participation, and the discount rate is much higher than that without the participation of large shareholders. Moreover, the issuing price of additional directional offering and the proportion of shareholders' subscription jointly affect the distribution of wealth, so the key lies in how to price. In our country, the phenomenon of high discount in directional additional offering is very common. This paper studies the discount problem of the directional additional offering, and introduces the theory about the discount motivation and the economic consequence and financial effect of the listed company after the additional offering, which is related to the behavior of the large shareholders' interest transmission, this paper studies the discount problem of the directional additional offering, and introduces the related theories about the discount motivation and the financial effect of the listed company. The main line is to study the behavior and discount rate of large shareholders' interest transmission in the process of directional placement. Through the comparison of all the listed companies in Cathay's database, the author finally selects Xinhua Media as the research object. This paper adopts the method of literature review and case study to analyze the motivation of discount and the economic consequences after the increase of directional placement. There are the following contents: first of all, a brief introduction to Xinhua Media Company is given. And listed the relevant plans and processes of the additional offering, and then analyzed its discount motivation, and provided two angles of thinking, that is, large shareholder interest transmission and market price, after removing the suspicion of interest transmission, It is concluded that the market situation is the reason that affects the discount price of the new directional additional offering, and then the long-term reaction of the stock market after the placement is checked, and the economic consequences after the increase are defined from the market reaction and the financial effect. The positive wealth effect and good financial effect are found after the issuance. Finally, the conclusion is drawn from the view of investor protection, and the pricing mechanism and the capital market are put forward. Recommendations on corporate governance.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G206-F;F832.51

【参考文献】