我国上市公司定向增发融资效应研究——基于中小投资者视角

发布时间：2017-12-31 08:04

本文关键词：我国上市公司定向增发融资效应研究——基于中小投资者视角　出处：《南方金融》2017年11期 　论文类型：期刊论文

【摘要】：定向增发是我国上市公司重要的融资手段。在当前我国资本市场相关制度尚不完善以及中小投资者自我保护意识不足的情况下,规模日益扩大的定向增发融资给上市公司侵害中小投资者利益提供了操作空间,这不利于资本市场持续稳定发展。以我国沪深A股作为研究样本,以上市公司定向增发公告前后的股票价格、财务绩效变化为研究对象,运用事件研究法和财务指标分析法测算定向增发的短期股价效应、长期股价效应、长期业绩效应,以此评估定向增发对中小投资者利益的影响。实证研究结果表明:样本期内,定向增发预案公告对短期股价有提升作用且可能存在信息泄露现象,对长期股价虽有正向推动作用,但定向增发后样本公司业绩并没有得到改善,尤其是定向增发过程中如果有关联股东参与,其股价上涨而业绩无实质性改善的现象更为突出。为防范上市公司通过定向增发侵害中小投资者利益,一方面需要完善定向增发融资的相关制度,加强对定向增发事项的监管;另一方面要加强中小投资者风险教育,引导中小投资者理性认识定向增发、提高信息甄别能力、减少盲目跟随投资。
[Abstract]:Directional placement is an important means of financing for listed companies in China. At present, the relevant system of capital market in China is not perfect and the awareness of self-protection of small and medium-sized investors is insufficient. The increasing scale of private placement provides the operating space for the listed companies to infringe on the interests of small and medium-sized investors, which is not conducive to the sustained and stable development of the capital market. Taking the stock price and financial performance change before and after the announcement of listed companies as the research object, the short-term stock price effect and the long-term stock price effect are calculated by the event research method and the financial index analysis method. Long-term performance effect to evaluate the impact of targeted placement on the interests of small and medium-sized investors. The empirical results show that: the sample period. The announcement of directional additional offering plan has the function of promoting short-term stock price and may have information leakage phenomenon. Although it has a positive effect on long-term stock price, the performance of sample company has not been improved after the targeted placement. Especially in the process of private placement, if the associated shareholders participate, its stock price rise without substantial improvement of the performance of the phenomenon is more prominent. In order to prevent the listed companies through the targeted issuance of small and medium-sized investors. On the one hand, it is necessary to perfect the related system of the financing of the additional directional issuance and strengthen the supervision of the issue of the additional issuance; On the other hand, it is necessary to strengthen risk education for small and medium investors, guide them to realize directional additional issuance, improve the ability of information screening, and reduce blindly following investment.
【作者单位】：中南财经政法大学金融学院;广东金融学院;江苏仪征农村商业银行;
【分类号】：F832.51
【正文快照】： (1)本文中,大股东是指在上市公司中持股比例第一的股东。2006年《上市公司证券发行管理办法》发布以来,定向增发作为一种全新的股权融资方式进入中国资本市场,成为上市公司项目融资、资产重组、补充流动资金的重要工具。定向增发之所以受到资本市场追捧,在于其本身所具有的不

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