现金注入、机构投资者持股期限与上市公司业绩

发布时间：2018-03-12 16:51

本文选题：现金注入　切入点：机构投资者　出处：《天津商业大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2005年我国实行股权分置改革，定向增发就成为了上市公司进行股权再融资的首选。定向增发成为了理论界与实务界研究的热门话题，而对于定向增发对上市公司业绩到底起到怎样的作用也众说不一。对定向增发已有的实证研究主要集中在定向增发的宣告效应、定向增发中利益输送、不同增发对象对投资者收益的影响等几个方面;对于机构投资者的研究主要集中在公司治理与股权融资等方面，而从机构投资者角度去研究定向增发对企业业绩影响的文献却很少。因此本文从现金注入类定向增发对企业业绩的影响以及通过现金注入引入机构投资者后其是否长期持有上市公司的股份两个维度进行研究。在借鉴前人相关理论与研究成果基础上，采用理论分析与实证相结合的方式，利用信息不对称理论、成本代理理论，选取了2006-2011年中成功实施定向增发的家上市公司为样本，，采用事件研究法，建立业绩评价的相关模型。在实证分析过程中，本文主要运用了描述性统计分析、相关性分析以及多元线性回归分析等方法对模型进行了实证检验。本文的实证结果表明：（1）现金注入与上市公司的业绩有显著正相关关系。也就是说上市公司在利用现金注入类定向增发引入机构投资者进行股权再融资时，市场反应业绩有较明显的增长。（2）机构投资者持股期限与上市公司业绩具有显著正相关关系。也就是说构投资者选择长期持有上市公司的股份，则企业的业绩有较明显提高，相反地，若机构投资者只是短期持有进行过现金注入类定向增发的上市公司的股份，则企业的业绩并没有显著的变化。在文章的最后，本文基于实证分析结果从制度层面提出了相关建议：（1）鼓励现金注入类定向增发的股权再融资方式（2）严格明确并适当限制机构投资者在定向增发后的持股限售期。然后指出了本文的不足之处。
[Abstract]:Since 2005, with the implementation of the split share structure reform in China, directional additional issuance has become the first choice for listed companies to refinance their shares, and directional additional issuance has become a hot topic in the theoretical and practical fields. However, there are different opinions about the effect of additional placement on the performance of listed companies. The existing empirical research focuses on the announcement effect of directional additional offering, and the transmission of benefits in the process of directional additional offering. The impact of different issuers on investors' returns and so on; the research of institutional investors mainly focuses on corporate governance and equity financing, etc. However, there is little literature to study the effect of directional placement on corporate performance from the perspective of institutional investors. Therefore, this paper focuses on the impact of cash injection on corporate performance and the introduction of cash injection into institutional investors. Whether to hold shares of listed companies for a long time to study the two dimensions. On the basis of previous relevant theories and research results, using the combination of theoretical analysis and empirical methods, using information asymmetry theory, cost agency theory, selected from 2006-2011 successful implementation of targeted placement of listed companies as a sample. In the process of empirical analysis, this paper mainly uses descriptive statistical analysis to establish the relevant model of performance evaluation. The empirical results of this paper show that the cash injection has a significant positive correlation with the performance of listed companies, that is to say, the listed companies are profitable. When introducing institutional investors to equity refinancing with cash injection type directional additional issuance, There is a significant positive correlation between the stock holding period of institutional investors and the performance of listed companies, that is to say, if investors choose to hold shares of listed companies for a long time, the performance of enterprises will be improved obviously. On the other hand, if institutional investors only hold shares in listed companies that have made directional cash injections in the short term, there is no significant change in corporate performance. At the end of the article, Based on the results of empirical analysis, this paper puts forward the relevant suggestions from the institutional level: 1) encouraging cash injection into the equity refinancing mode of directional placement) strictly defining and appropriately limiting the limited selling period of institutional investors' shareholding after the placement. Then it points out the deficiency of this paper.
【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.6;F832.51

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