锦江股份定向增发的效应分析

发布时间：2018-01-07 05:28

本文关键词：锦江股份定向增发的效应分析　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：定向增发是上市公司常用的一种再融资的方法,经常用于企业并购、项目筹资、债务重组、补充资本等方面,尤其是在进入“全流通”时代后,越来越受到上市公司的青睐。相对于其他融资方式,定向增发融资速度较快、成本较低、融资周期较短等特点。企业可以进行定向增发融资来帮助公司改善公司的财务状况,优化公司的资本结构;可以通过定向增发进行项目融资,加快企业的规模扩张;也可以进行定向增发来变更实际控制人,实行兼并收购。由于定向增发的能够在企业资产运作中发挥多种作用,近几年上市公司进行定向增发的案例出现迅速的增长。混合所有制改革是我国在社会主义市场经济逐渐完善和发展的过程中提出的国有企业市场化的重要举措。中央工作会议提出要继续深化混合所有制改革的力度和范围的政策,混合所有制改革的政策环境、法律环境、舆论环境得到了显著改善。通过混合所有制改革使企业优化股权结构、增强治理能力、完善激励机制、提高经营效率。地方国企改革是混合所有制改革的重要组成部分,也是改革的新热点。中央工作会议后,各地政府纷纷出台了具体的地方国有企业改革指导意见,地方国企改革的步伐显著加快。本文以定向增发和混合所有制改革的相关理论为基础,对锦江股份通过定向增发引入弘毅投资的案例进行分析。选取该案例的原因主要有:锦江股份是探索实行混合所有制改革较早的地方国有企业;定向增发规模在同期混合所有制的企业中较大,对企业业绩的作用明显;引入的战略投资者参与企业经营治理较为深入。本文通过事件分析法、EVA分析法、绩效分析法等方法进行案例分析。首先,介绍定向增发的参与方和事件过程,分析定向增发的动因。其次,运用回归分析来研究二级市场在预案公告日前后10天的反应。再次,通过分析企业的财务报表,对锦江股份定向增发后的资本结构和盈利状况进行指标分析,使用经济增加值分析法来研究企业的短期绩效。通过对该案例的分析,得出国有控股上市公司通过定向增发引入战略投资者的成果和经验,为今后国有企业进行混合所有制改革提供经验和启示。
[Abstract]:Directional placement is a common refinancing method for listed companies, which is often used in M & A, project financing, debt restructuring, capital replenishment and so on, especially after entering the era of "full circulation". More and more favored by listed companies. Compared with other financing methods, the financing speed of directional additional issuance is faster and the cost is lower. The financing cycle is short. The enterprise can carry on the directional additional financing to help the company to improve the company's financial condition, optimize the company's capital structure; The project financing can be carried out through the directional additional issuance to accelerate the scale expansion of the enterprise; May also carry on the directional additional issue to change the actual controller, implements the merger and acquisition. Because the directional additional issuance can play a variety of roles in the enterprise assets operation. In recent years, there has been a rapid increase in the cases of targeted additional issuance of listed companies. The reform of mixed ownership is an important measure for the marketization of state-owned enterprises put forward in the course of the gradual improvement and development of the socialist market economy in China. The Central working Conference proposed a policy of continuing to deepen the strength and scope of the reform of mixed ownership. The policy environment, legal environment and public opinion environment of the mixed ownership reform have been significantly improved. Through the mixed ownership reform, enterprises can optimize the ownership structure, strengthen their governance ability, and improve the incentive mechanism. The reform of local state-owned enterprises is an important part of the reform of mixed ownership and a new hot spot of reform. Local governments have issued specific guidance on the reform of local state-owned enterprises, the pace of the reform of local state-owned enterprises has been significantly accelerated. This paper is based on the related theories of targeted issuance and mixed ownership reform. This paper analyzes the case of Jinjiang shares introducing Hony Investment through directional additional issuance. The main reasons for selecting this case are as follows: Jinjiang shares are local state-owned enterprises which explored the early implementation of mixed ownership reform; The scale of directional additional issuance is larger in the mixed ownership enterprises in the same period, and it plays a significant role in the performance of the enterprises. The introduction of strategic investors involved in corporate governance is more in-depth. This paper through the event analysis method EVA analysis, performance analysis and other methods for case analysis. First of all. This paper introduces the participants and event process, analyzes the motivation of the placement. Secondly, it uses regression analysis to study the reaction of the secondary market 10 days before and after the announcement of the plan. Again. Through the analysis of the financial statements of the enterprises, the capital structure and profit status of Jinjiang shares are analyzed, and the short-term performance of the enterprises is studied by using the method of economic added value. The results and experiences of introducing strategic investors into state-owned holding listed companies through directional placement provide experience and inspiration for the reform of mixed ownership in state-owned enterprises in the future.
【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】：F719.2;F832.51

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