新三板定向增发价格的影响因素研究

发布时间：2018-01-11 23:05

本文关键词：新三板定向增发价格的影响因素研究　出处：《西南财经大学》2016年硕士论文　论文类型：学位论文

【摘要】：新三板是我国多层次资本市场的重要组成部分,也是实现我国经济改革、产业转型的重要助推力量。自2013年全国中小企业股份转让系统有限责任公司成立以来,新三板取得了令人惊叹的高速发展成果,截至2015年末,新三板已经成为了极具规模的全国性股权交易中心,挂牌公司数量达到5190家。新三板的发展借鉴的是美国纳斯达克市场的运作及发展模式,开创了我国股权市场的许多首次,如首次将做市商交易制度引入股权市场,首次在我国股权市场中引入分层机制,以及首次推出公司可向高层次股权市场进行转板的转板机制试点,可见新三板的成长不仅体现在规模的扩大上,更体现在机制的更新与完善中。发展新三板是解决我国中小企业融资难问题的有效途径。在传统的银行贷款等间接融资方式下,中小企业常因为规模小、资质一般等原因难以获得银行贷款。在直接融资方式下,我国对企业债和公司债的发行主体规定了较高的标准,中小企业难以实现债权融资；而我国A股市场的上市标准同样严苛,中小企业的股权融资需求也没有出路。但是新三板的出现及发展为我国中小企业实现股权融资打下了坚实的基础。新三板重点服务于我国中小企业,因此挂牌标准较低,对公司的财务情况也无限制要求,旨在为中小企业融资提供便利。新三板不仅为中小企业提供了股权融资的平台,还不断拓宽股权融资的方式,如实施定向增发机制以及优先股试点,其中新三板公司运用最多且最便捷的股权融资方式就是定向增发。截至2015年末,新三板公司共实施定向增发次数为3620次,累计融资金额达到1389.8亿人民币,其中97%以上的定向增发时间为2014-2015年。随着新三板市场的发展、公司数量的提升,定向增发的规模也逐步提高,这表明新三板的功能和作用越来越被市场所了解和接受,新三板公司采用定向增发方式进行股权融资的途径得到了高效的利用,也表明新三板在解决中小企业融资问题以及实现经济改革和产业转型中初见成效。但是在看到优势及成就的同时,也要看到不足和问题。由于新三板的挂牌标准低,使得挂牌公司的数量众多且质量参差不齐,而新三板各种机制及规则的不完善,也导致新三板当前的监管力度不足、监管效率低下,由此引起市场的信息不对称情况严重。同样的问题在定向增发中也有体现,新三板公司进行定向增发无需申请和审批,监管层也没有制定有效的控制标准和监督审查机制,尽管实现了定向增发的快速便捷,但同时也为一些不法行为提供了方便,甚至出现公司通过财务造假、项目造假等方式完成定向增发,从而达到在资本市场“圈钱”的目的。在我国经济改革的大背景下,新三板的发展受到了国内外市场的极大关注,而新三板定向增发也是学者们重点关注和积极研究的重要方向。由于新三板流动性不足、新兴行业多以及信息不对称等情况,综合导致了新三板公司股票定价难的问题,股票市价难以反映公司真实价值,定价问题由此成为新三板亟待解决的问题之一,而新三板定向增发价格的确定同样属于定价问题的研究范畴。当前新三板中低价定增的现象严重,2元以下的低价定增次数在总体中占比15.68%,不合理的低价定增可能会导致利益输送的情况,损害中小股东的利益,更有甚者可能会影响整个市场的发展,将新三板变成企业“圈钱”与利益输送的工具。但是新三板对于定向增发的定价并没有具体规定与限制,由此引发了市场的思考,在已实施的定向增发中,定增公司是按照什么原则进行定价,定价是否合理,影响定向增发定价的因素有那些等问题都成为了思考重点。本文正是基于当前的经济热点,而将新三板定向增发作为研究方向,主要研究内容为新三板定向增发的定价问题,即定向增发价格的影响因素分析。对新三板定向增发价格的影响因素进行研究,既是为了对已实施定增价格的合理与否提供评价指标,为新三板监管层建立起定向增发价格的评价机制提供参考依据；也希望能够寻找影响定向增发价格的因素,为之后新三板公司在定向增发定价时选用何种定价指标提供参考,对公司股票如何定价起到一定的借鉴作用；除此之外新三板公司的定向增发价格特征能够一定程度地体现公司定增中存在的问题,以及反映市场情况,对评价市场现象和公司行为提供依据,以期起到管中窥豹,可见一斑的作用。本文采用了非参数检验和参数检验相结合的方法,既对单个因素与新三板定向增发价格的关系进行了探究,也分析了多个因素对定增价格的共同影响,在单因素影响分析阶段,采用了描述性统计和独立样本秩和检验,多因素分析则采用多元线性回归的方式。从新三板市场和制度的特殊性出发,本文选用了股票转让方式、发行对象和公司财务指标作为定向增发价格影响因素的研究方向,而每一个研究方向中又选用了特定的因素和指标。其中股票转让方式是新三板区别于我国其他股权交易中心的重要特征,新三板采用协议转让和做市转让相结合的股票交易制度,这一特殊性为本文的影响因素选择提供了现实基础。同时基于做市商制度,新三板公司定向增发中也出现了一类特殊的定增对象——做市商。通过对选取的影响因素与定向增发价格之间关系的实证研究发现：股票转让方式、发行对象及财务指标对定增价格都具有显著影响。本文由六个部分组成。第一章为全文导论,介绍了本文的研究背景及意义,阐述了研究内容及方法,并对创新之处进行了总结。第二章为文献综述,从定增价格折价率、定增价格影响因素和定增的经济后果三个方面进行梳理,每方面都整理了一些国内外学者的相关研究及结果,并在此基础上提出本文可以借鉴的研究方向及理论。第三章简述了定向增发的内涵及新三板的发展进程,并对我国新三板定向增发的情况进行了分析总结。从制度的角度对比了我国A股市场与新三板定向增发之间的制度差异,从现状的描述中得出我国新三板定向增发的具体情况和发展趋势。第四章对新三板定向增发的价格以及相关影响因素进行了分析。从定向增发价格的绝对值和相对值两方面分析了价格的分布情况,更是引入了行业的因素,研究不同行业定增以及定增价格之间的差异。第五章采用多元线性回归的方法分析多因素与定增价格之间的相互关系,以及影响方向及程度大小。第六章从实证结果出发,结合新三板的具体情况分析结论中体现的新三板现象及问题,并给出一定的政策建议,最后从科学研究和实际发展两个角度对新三板的未来进行展望。本文可以得出以下结论：1.新三板不同行业之间的定向增发价格存在差异,高新技术或高成长性行业的公司定向增发价格高于传统行业公司,如信息技术、医疗保健、可选消费和金融行业。2.股票转让方式与定向增发的价格存在显著关系,公司转为做市转让方式后的定增价格显著高于转做市前。这是由于做市公司股票的流动性高于协议公司,定增价格中的流动性补偿减少,价格提高。且新三板信息不对称的程度较高,投资者甄别成本大,转而通过公司做市与否来鉴别公司质量,这种方式容易导致做市商与公司勾结操纵股价的情况。3.发行对象包含做市商和公司关联关系方时的定向增发价格显著地低于不包含这类对象时的定增价格。向做市商进行极端低价定增,可能会导致做市商不良行为的出现,而不会尽责的履行做市商的义务。4.公司财务指标对定向增发价格具有显著的影响。当公司盈利能力越强、运营能力越好、偿债能力越强以及资产结构越合理时,其定向增发的价格越高。说明已实施定向增发的价格一定程度上体现了公司经营情况,具有一定的合理性。5.新三板定增中存在向公司关联关系方进行利益输送的情况。当公司向其关联关系方进行定增时,大股东持股比例越大则定增价格越低,由此大股东通过低价定增实现利益向关联关系方的转移。可以预测大股东对公司的控制权越强,则公司利益输送的可能性越大,从而中小股东的利益受到损害的可能性提高；新三板的发展是创新与问题并存的,而新三板的定向增发制度也是在发展变化中不断完善。当前新三板存在的问题和不足并不是相互孤立的,因此解决方法也不能完全割裂。要实现新三板定向增发定价的规范化、合理化,减少利益输送的情况,除了要健全定向增发制度,还要积极完善包括信息披露机制、监管机制、处罚机制等其他方面,提高市场整体的有效性,以实现各个机制之间相互辅助、相互促进,共同推动新三板的健康成长和发展壮大,而市场整体效率的提高、制度的完善才能从根本上解决新三板定向增发中的不合理定价问题,以及其他方面的不足。
[Abstract]:The new board is an important part of the multi-level capital market in China, but also the realization of China's economic reform, boost power industry transformation. Since 2013 the National SME share transfer system of limited liability company since its establishment, the new board has achieved rapid development achievements amazing, as of the end of 2015, the new board has become a national the very size of the equity trading center, listed company reached number 5190. The development of three new board is a reference from the operation and development mode of the Nasdaq market, created many of China's equity market for the first time, such as the market maker trading system into the equity market, first introduced the hierarchical mechanism in China stock market, and launched the first the company can turn board transfer mechanism pilot to the high level of equity market growth, visible three new board is not only reflected in the expansion of the scale, but also in the Update and improve the mechanism. The development of the new board is to solve the financing problems of small enterprises in China. The effective way in the traditional way of indirect financing such as bank loans, often because of the small size of small and medium-sized enterprises, the general qualification and other reasons it is difficult to obtain bank loans. In direct financing, China's corporate bonds and corporate bonds the issuer imposes a higher standard of small and medium-sized enterprises, it is difficult to achieve debt financing; and the Chinese A stock market listing standards as stringent, small and medium-sized enterprises equity financing demand and there is no way out. But the new board and the development of China's small and medium-sized enterprises to achieve equity financing and lay a solid foundation. The new board key service in the small and medium-sized enterprises of our country, so the listing standard is low, no restrictions on the financial situation of the company, to provide financing for small and medium-sized enterprises. The new board not only for small and medium-sized enterprises to provide stock The right financing platform, but also continue to broaden the way of equity financing, such as the implementation of the private placement mechanism and preferred stock pilot, including the use of three new board of the company's equity financing is the largest and most convenient placement. At the end of 2015, the new three board company implemented a total placement number is 3620 times, the cumulative amount of financing reached 138 billion 980 million yuan. The orientation of more than 97% additional time for 2014-2015 years. With the development of the new third market, the number of firms, the size of the private placement have gradually increased, suggesting that the function and role of the new board is increasingly understood and accepted by the market, the new board by way of private placement by way of equity financing are efficient use, also shows that the new board in solving the financing problem of small and medium-sized enterprises and the implementation of economic reform and industrial restructuring in the initial results. But after seeing the advantages and achievements of the At the same time, but also to see the shortcomings and problems. Due to the listing standards of the new three low, making a large number of listed company and the quality is uneven, and the new board of various mechanisms and rules is not perfect, also led to the new board the current lack of supervision, supervision efficiency is low, resulting in the asymmetric information market seriously. The same problem in orientation is also reflected additional, three new board companies private placement without application and approval, regulators have not established effective control standards and supervision mechanism, although the placement of the fast and convenient, but also provides convenience for some illegal behavior, even through the way of financial fraud, fraud and other projects the completion of the private placement in the capital market, so as to achieve the purpose of raising moneymadly. In the background of China's economic reform, the development of three new board by the domestic and foreign markets Of great concern, and the important direction of the new three panel placement is the scholars focus attention and positive research. The new board due to lack of liquidity, emerging industries and information asymmetry, led to the synthesis of new board stock pricing problem, the stock market is difficult to reflect the real value of the company, the pricing problem has become one of the new three problems to be solved, and three new board placement pricing research category also belong to the pricing problem. The current price set by the new board phenomenon seriously, at a given increase in the number of 2 yuan in total accounted for more than 15.68%, unreasonable price increase may lead to the transfer of benefits, small damage the interests of the shareholders, even may affect the development of the market, the new board will become the enterprise "quanqian" and tunneling tool. But the new board for directional placement The pricing and no specific provisions and limitations, which caused the market thinking, has been implemented in the directional placement, set by the company in accordance with the principle of what is the pricing, pricing is reasonable, the influence factors of private placement pricing have those problems have become the focus of thinking. This research is based on the current economic hot spots, and the three new board placement as the direction of research, the main research contents for the pricing problem of three new board placement, private placement price factors. Analysis of three new board placement factors affect the price of both in order to have been implemented to increase in price is reasonable or not to provide the evaluation index, establish the evaluation mechanism of private placement the price to provide a reference for the new board regulators; also hopes to find the factors that affect the price of private placement, after the new board company in the private placement price selection What the price index for reference, a reference to the role of company stock pricing; in addition to the new board of the directional issuance price characteristics to a certain extent reflect the problems existing in the company will increase, and reflect market conditions, provide the basis for the evaluation of the market phenomenon and corporate behavior, in order to see only a small part. Remarkable effect. This paper uses the method of non parametric test parameters and test combination, not only on the relationship between individual factors and three new board placement price was explored, also analyzed the influence of many factors on the price will increase, in single factor analysis, using descriptive statistics and independent sample rank test, multivariate analysis using multivariate linear regression method. Starting from the particularity of the new third board market and the system, we choose the way of transfer of shares, issue and public Our financial index as the research direction of the private placement price influence factors, and the direction of each study and selection of specific factors and indicators. The stock transfer mode is an important feature of the new board is different from China's other equity trading center, the new board adopted the transfer agreement and the transfer market combined with the stock trading system, the a special offer the realistic basis for the factors that influence the choice of. At the same time based on market maker system, three new board company placement also appeared in a special class of object set by market makers. Through empirical research on the relationship between the factors and the private placement price discovery selection effect: the way of transfer of shares, issue and financial indicators have a significant impact on the price will increase. This paper consists of six parts. The first chapter is the introduction, introduces the research background and significance, elaborated The research contents and methods, and the innovations are summarized. The second chapter is literature review, from the price set by the discount rate, the price set by the three aspects of the influence factors and increase the economic consequences of carding, every aspect of finishing the related research and results of some scholars at home and abroad, and on the basis of this study this paper can be used for reference and direction of theory. The third chapter introduces the development process of the connotation of the private placement and the new board, and on China's three new board placement summarized and analyzed. From the angle of institution system compares the differences between A stock market in China and the new three board placement, the specific circumstances and the development trend of China's three new board placement from the description of the current situation. The fourth chapter factors of three new placement price and related effects are analyzed. The absolute value of the additional price from the orientation and the relative value of two Analysis of the distribution of the price, it is the introduction of industry factors of different industry and increasing differences between the price will increase. In the fifth chapter, by the method of multiple linear regression analysis of multiple factors and the relationship between the price will increase, and influence the direction and extent of size. In the sixth chapter, from the angle of empirical analysis, combined with the the new three new board analysis conclusion and reflects problems, and gives some policy suggestions, and finally prospects the future of the new board from two aspects of scientific research and practical development. The following conclusions can be drawn: orientation between 1. different sectors of the issuance of the new board price differences, high-tech company oriented or high growth industry placement price is higher than the traditional industries, such as information technology, healthcare,.2. stock transfer and optional consumer financial industry and to increase There was a significant relationship between the price, the price set by the company to make the city the way the transfer after the transfer market is significantly higher than before. This is due to the liquidity of stock market liquidity is higher than the agreement, will increase the price of compensation for a reduction in the price increase. And three new board information asymmetry degree is high, the cost of screening large investors. Turn to the company market and not to identify the company's quality, this way is easy to cause the market maker and the company colluded with the control of the price.3. issued the market maker and the company contains directional relationship when the additional price significantly lower than does not contain the object when the price increases are extremely low. To set by the market maker there may be leading maker of bad behavior, and fulfill the obligations of market makers of.4. company's financial indicators not responsible of private placement has significant effect on price. When the company can profit Operation ability is stronger, better, more strong solvency and asset structure more reasonable, the placement price higher. The price of private placement has been implemented to a certain extent reflects the operation of the company, with the new board rationality of.5. a constant transfer of benefits to the company related party has increased. When the company to its relationship to increase, the greater proportion of large shareholders is set by the price is low, the large shareholders through the low price set by the transfer of interests to related party. Can predict the major shareholder of the company's control power is stronger, the greater the possibility of conveying the interests of the company thus, the possibility of improving the interests of minority shareholders suffer; the development of three new board is the coexistence of innovation and problem oriented, three new board placement system is also constantly improve in the development and changes in the new board. Problems and shortcomings are not mutually isolated, so the solution can not be completely separated. To achieve standardization, three new board placement pricing reasonable, reduce the transfer of benefits, in addition to improve the private placement system, but also actively perfect information disclosure mechanism, supervision mechanism, punishment mechanism and other aspects, to improve the effectiveness of the overall market, to achieve the various mechanism between mutual support, mutual promotion, and jointly promote the healthy growth and development of three new board expansion, and improve the overall efficiency of the market, the perfection of the system in order to solve the problem of unreasonable pricing issuance in the new board orientation fundamentally, and the lack of other issues.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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