我国上市公司大股东参与定向增发与公司成长性研究

发布时间：2018-01-17 03:33

本文关键词：我国上市公司大股东参与定向增发与公司成长性研究　出处：《吉林大学》2017年硕士论文　论文类型：学位论文

【摘要】：自2006年我国实施定向增发制度以来,由于定向增发信息披露要求低、审核程序简便、融资额受限少等优势,在上市公司再融资方式选择过程中,定向增发已经成为上市公司首选,且其融资规模呈现逐年递增的状态。仅2016年全年定向增发募集资金总额就高达1.71亿元,超过同年以IPO方式募集资金总额的十倍,其融资情况可见一斑。然而,在定向增发规模高速发展的同时,一些不容忽视的问题也暴露出来,而且已引起市场投资者和学术界广泛的诟病,尤其是增发价格不合理、增发价格确定基准日与实施日之间存在较大折价、存在无风险套利空间等,此外,定向增发过程中暴露出来的过度融资问题、上市公司通过定向增发向利益投资者进行利益输送问题,使得定向增发成了一些上市公司圈钱的工具,也引起了投资者极大的不满。为此,2017年2月17日中国证监会出台了《关于修改〈上市公司非公开发行股票实施细则〉的决定》,进一步对上市公司定向增发融资行为的监管进一步细化和规范。我国上市公司在定向增发定价过程中存在折价。我国按照不低于定价基准日前二十个交易日的平均价格作为发行底价,再融资新规出台前,定价基准日可以由上市公司在董事会决议公告日、股东大会决议公告日和发行期首日中任意选择。但是真正认购时,市场价格与定价基准日相比会存在一定折价,因此,实施时认购价格与市场价格相比存在两种情况:一是大多数上市公司在实施时定向增发价格会低于实施日市场价格,属于折价认购,在这种情况下,大股东参与定向增发,不仅可能享受解禁后的资本利得,维护自身的控制权,而且如果公司成长性更好的话,还可以分享更多的公司成长带来的好处;二是市场中的特殊现象,实施时,定向增发价格高于实施日市价,此时大股东以及其他特定定向增发对象的认购行为则属于溢价认购,尤其是大股东认购还要面临三年的解禁期,此时大股东在未来解禁时是否能获得正的资本利得存在着很大的不确定性,而且从近年来事情实际情况看,获利的可能性微乎其微,溢价认购在一定程度上又会增加大股东的投入,那么,其认购的动机到底是什么呢。从信号传递理论来讲,大股东参与公司增发融资,会向市场传递一个其对公司未来前景和成长性充满信心的信号,在一定程度上有助于公司融资成功。然而信号传递毕竟不一定是真正的事实,也不能保证公司真有很好的成长性,比如大股东仅仅是为了传递这样一个正向信号,为了保证融资而参与认购即是如此。因此,本文将关注以上两种不同情况下大股东参与定向增发认购行为与公司成长性的关系,以期对大股东参与定向增发的真实动机进行考察,为投资者决策和政府部门的监管提供有益的参考。本文首先从总体研究,针对有大股东参与和无大股东参与的全样本,接下来,针对有大股东参与的样本,进一步分为大股东折价认购和溢价认购两种情况,运用Probit回归分析,对大股东认购的动因进行研究;最后,针对大股东溢价认购的现象,运用多元回归分析,对大股东溢价认购的动因进行分析。研究过程中,本文采用了理论与实证研究相结合的研究方法,在理论方面,本文将定向增发相关理论与公司成长性理论结合,系统阐述了研究机理及途径。在实证方面,本文在对数据进行收集、整理和剔除后,以2012-2014年上市公司的数据为研究样本,建立二元选择模型和多元回归模型,运用相关指标对本文提出的假设进行实证研究。本文得到如下结论:(1)上市公司成长性对大股东参与认购定向增发没有显著的积极影响,大股东参与并非基于公司的未来成长,而只是为了证明自己对公司的信心,向其他投资者传递积极的信号;(2)通过进一步研究发现,大股东折价和溢价认购与公司成长性均无显著的相关性,说明无论大股东认购定向增发新股的目的是为了表明对上市公司的信心,还是为了谋取控制权收益,大股东的参与并没有基于上市公司在定向增发后的长期业绩增长;(3)即使在溢价认购时会面临更高的风险,大股东仍然积极参与认购,我们认为可能的解释有三种:一是放弃短期收益,着眼于长期利益,即看中公司成长性以及由此带来的长期利益;二是大股东为了保证公司增发的成功,通过参与仅仅是为了向市场传递一个对公司未来有信心的信号,而只是象征性地认购一点而已;三是通过定向增发进行利益输送,获得控制权收益。因此,针对上市公司定向增发过程中的问题,本文认为,应明确资金使用意图,避免过度融资,同时加强发行门槛和对实施定向增发后公司业绩的监管。
[Abstract]:Since the implementation of the private placement system since 2006 in China, because the private placement information disclosure requirements, the audit process is simple, less the amount of financing limited advantage, re financing of Listed Companies in the selection process, private placement has become the first choice of listed companies, and its financing scale has been increasing state. Only the year 2016 private placement to raise funds a total of up to 171 million yuan, more than the same year IPO to raise ten times the total amount of funds, the remarkable financing situation. However, in the rapid development of the scale of private placement at the same time, some problems can not be ignored also exposed, and the market has attracted investors and academia widely criticized, especially the issuing price is not reasonable. There is a big discount between the issuance price to determine the base date and the date of implementation, there is no risk of arbitrage space, in addition, revealed excessive financing to the private placement process The problem of listed companies through private placement, transfer of benefits to the interests of investors, the private placement to some shareholders of listed companies, investors also caused great dissatisfaction. Therefore, in February 17, 2017 Chinese Commission issued a decision on Amending the < > "rules for the implementation of non listed companies issuing shares to the public, further additional financing the behavior of the listed company oriented to further refine and standardize the supervision of Listed Companies in China. The issuance of discount pricing process in our country. According to the directional average price of twenty before not less than the benchmark price on the trading day as the issue price, financing new regulations promulgated, the pricing benchmark by Listed Companies in the announcement board resolution the arbitrary choice, the announcement day of the decision and on the first day of issue of the general meeting of shareholders. But the real time of subscription, the market price will exist compared with the pricing benchmark Some discount, therefore, the implementation of the subscription price and the market price in two ways: one is the majority of Listed Companies in the implementation of directional issuance price will be lower than the market price discount to implement, subscription, in this case, the large shareholders to participate in the private placement, not only can enjoy after the lifting of the ban on capital gains, to maintain control of their own but, if the growth of the company better, you can also share the benefits of more growth; two is a special phenomenon in the market, the implementation of the private placement, the price is higher than the market price at the implementation date, shareholders and other specific private placement subscription behavior object belongs to a premium subscription, especially large shareholders to subscribe to facing three years ban, the largest shareholder in the future whether the ban can obtain capital gains there is great uncertainty, but from the actual situation in recent years. Look at the situation, very little possibility of profit, premium subscription will increase shareholders' investment, to a certain extent, then, what is the motivation of the subscription. From the signal transmission theory, a major shareholder to participate in additional financing, will transfer to the market a signal of the company's future prospects and growth of confidence and contribute to the success of corporate finance to a certain extent. However, the signal transmission after all is not the true facts, also can not guarantee the company's growth very good, such as the largest shareholder is simply to convey a positive signal, in order to ensure financing and participate in the subscription that is the case. Therefore, this paper will focus on more than two different case of large shareholders to participate in the subscription of additional directional relationship between behavior and the growth of the company, with a view to the real motive of large shareholders to participate in the private placement of investors and the government decision-making department Provide a useful reference to door supervision. This paper studies in general, for large shareholders to participate in the free and full sample, the large shareholders to participate in the next, for large shareholders to participate in the sample, further divided into large shareholder discount and premium subscription subscription of two cases, using Probit regression analysis, causes of large shareholders to subscribe for to conduct the study; finally, according to the shareholders a premium subscription phenomenon, using multiple regression analysis, motivation of large shareholders a premium subscription for analysis. In the process of research, this paper uses the research method of combination of theory and empirical research, in theory, the placement theory of growth theory and combined with the company, this system the research on the mechanism and approach. In the empirical analysis, based on the collection of data, sorting and removed, the 2012-2014 listed company data as the study sample, establish two yuan selection model and The multiple regression model, using the parameters related to the hypothesis of empirical research. The paper gets the following conclusions: (1) the growth of listed companies of large shareholders to participate in the subscription of the private placement have a significant positive impact, shareholder participation is not based on the company's future growth, and just to prove their confidence in the company, positive transfer a signal to other investors; (2) through further study found that the large shareholder discount and premium subscription and company growth have no significant correlation, indicating whether major shareholders to subscribe for the private placement of new shares the purpose is to show confidence in the listed companies, or in order to reap the benefits of control, large shareholders and no long-term performance based on the listed companies in the private placement of growth; (3) even in the premium subscription will face a higher risk of major shareholders, is still actively involved in the subscription, we may think The explanation has three kinds: one is to give up short-term gains, focus on long-term interests, which saw the company growth and the long-term interests of the shareholders; two is to ensure the issuance of the company's success, only by participating in the future of the company to send a signal to the market confidence, but only a symbolic subscription a little; three is through private placement for the transfer of benefits, obtain control benefits. Therefore, the private placement of Listed Companies in the process of the problem, this paper argues that the use of funds should be clear intention, avoid excessive financing, while strengthening the threshold issue and on the implementation of the private placement of the performance of the company's supervision.

【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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