大康牧业定向增发是否改善了资源配置效率

发布时间：2018-03-29 18:47

本文选题：定向增发　切入点：过度融资　出处：《北京交通大学》2017年硕士论文

【摘要】：我国的定向增发市场经历了一定程度的过度膨胀后,受到了政策的限制。非公开发行股票作为企业再融资方式的一种,一直受到上市公司青睐,其规模于2016年实现了突破。但随之而来的是上市公司过度募资、投机谋利的问题。2017年2月证监会发文修改了非公开发行股票的细则,一定程度上缓解了这种现状。本文基于这样的背景,试图通过定向增发这一再融资形式,研究上市公司的过度融资行为。本文选取了大康牧业(002505)2013年的定向增发事件进行相关问题的研究。本文的研究问题是上市公司通过定向增发进行的过度融资行为应该如何识别判定,并在此基础上考量大康牧业定向增发后对募集资金的配置效率。目前我国针对上市公司过度融资行为的案例研究尚处于较为基础的阶段,研究的融资渠道涵盖了我国上市公司的IPO、定向增发等,同时多数研究以大样本数据为基础进行实证研究。几乎没有针对某一个体公司的定向增发进行的较为深入的研究,同时也没有针对定向增发后资金配置效率评价的充分研究。本文以大康牧业为例,从定性的层面对其定增事件进行了分析,对其行为性质进行了界定,并基于此对其资源配置效率进行了评价。在对大康牧业定增前资金状况进行分析认定的前提下,本文发现,大康牧业2014年定向增发完成之后,频繁地将资金投资于理财产品,多次对资金的用途进行了大规模的变更,部分项目有虚设的嫌疑,多数项目后被证实净现值小于零、未带来合理的预期回报,流动资金的补充整体效果低下。此后,本文综合大康牧业定向增发整体前后所涉及到的重要事件,对大康牧业募集资金的配置效率进行了评价,发现其资金配置的水平并不高。最后,本文针对大康牧业定向增发中所涉及的问题,对其产生的影响进行了描述,并给出了一些应对的策略。本文的创新点及应用意义在于:(1)首次以案例形式研究上市公司的过度融资行为;(2)相比以前文献针对上市公司资源配置效率所做的大样本实证研究,本文运用案例研究法在定量的层面对上市公司的定向增发募集资金的配置效率水平进行了详细深入的研究。为之后上市公司进行定向增发提供了一定的参考借鉴,有助于上市公司正确对待、使用定向增发这一融资手段,合理募集、配置市场资源。
[Abstract]:After going through a certain degree of excessive expansion, China's private placement market has been restricted by the policy. As a way of refinancing, non-public issuance of shares has always been favored by listed companies. Its scale broke through in 2016. But then came the question of excessive capital raising and profit-making by listed companies. In February 2017, the Securities and Futures Commission (CSRC) issued a document amending the rules governing the non-public offering of shares. To some extent, this situation has been alleviated. Based on this background, this paper attempts to use the refinancing form of directional additional issuance. This paper studies the behavior of excessive financing of listed companies. This paper selects Dacang Livestock Company 002505) in 2013 to study the related problems. The research problem of this paper is that the listed companies should conduct excessive financing behavior through private placement. How to recognize the decision, On this basis, we consider the allocation efficiency of raising funds after the targeted issuance of Dakang animal husbandry. At present, the case study of over-financing behavior of listed companies in China is still in a relatively basic stage. The financing channel of the study covers IPO, IPO and so on of listed companies in China, while most of the studies are based on large sample data for empirical research. At the same time, there is no sufficient research on the evaluation of the efficiency of capital allocation after the directional issuance. This paper takes Dakang animal husbandry as an example, analyzes its fixed increase event from the qualitative level, and defines its behavior nature. Based on this, this paper evaluates the efficiency of resource allocation. On the premise of analyzing and determining the capital situation before the fixed increase of Dakang animal husbandry, this paper finds that after the completion of the targeted issuance in 2014, the capital of Dakang Animal Husbandry frequently invested in financial management products. The use of funds has been changed on a large scale many times. Some projects are suspected of being fictitious. Most projects have been proved to be less than zero net present value (NPV), which has not brought reasonable expected returns, and the overall effect of the replenishment of working capital has been low. This paper synthesizes the important events involved before and after the directed issuance of Dakang animal husbandry, and evaluates the efficiency of the allocation of the funds raised by the animal husbandry of Dakang, and finds that the level of the allocation of funds is not high. Aiming at the problems involved in the directional issuance of Dakang animal husbandry, this paper describes its influence. The innovation and application significance of this paper lies in the first case study of the over-financing behavior of listed companies in the form of a case.) compared with the large sample empirical research on the efficiency of resource allocation of listed companies in previous literature, This paper makes a detailed and in-depth study on the allocation efficiency level of the capital raised by the listed companies at the quantitative level by using the case study method, which provides a reference for the listed companies to carry out the placement of the additional funds in the future. It is helpful for the listed companies to deal with it correctly, to use the financing means of directional additional issuance, to reasonably raise funds and to allocate market resources.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F324

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