上市公司定向增发目的与资本配置效率研究

发布时间：2018-04-10 20:26

本文选题：定向增发目的 + 资本配置效率　；参考：《沈阳工业大学》2017年硕士论文

【摘要】：近年来,定向增发已经成为股权再融资的一种重要手段。通过定向增发,上市公司可以引入战略投资者,使公司的股权结构得到调整,改善公司治理状况,提高资本配置效率;通过定向增发,上市公司可以为优质的项目迅速融资提高盈利水平,改善资本配置效率;但也有少数公司大股东或关联方通过定向增发进行利益输送。可见上市公司进行定向增发的目的各有不同,而对公司资本配置效率的影响也不同,所以本文对定向增发目的与资本配置效率之间的关系进行深入研究具有现实意义。本文通过对定向增发及资本配置效率相关文献进行梳理,发现上市公司定向增发目的不同,其资本配置效率也不同。因此本文从界定定向增发、定向增发目的及资本配置效率概念入手,依据相关理论对定向增发目的与资本配置效率之间可能存在的关系进行分析,进而提出资产重组目的、项目融资目的、补充流动资金目的和偿还借款目的与资本配置效率均呈正相关关系的四个假设;项目融资目的资本配置效率低于资产重组目的、偿还借款和补充流动资金目的资本配置效率均低于资产重组目的三个假设;偿还借款目的资本配置效率和补充流动资金目的无显著差异、偿还借款目的和补充流动资金目的资本配置效率均低于项目融资目的三个假设。为验证提出的假设,本文以资本配置效率为被解释变量,以定向增发目的为解释变量进行多元回归分析。得出四种目的均与资本配置效率正相关。最后对不同定向增发目的资本配置效率进行方差分析得出资产重组目的资本配置效率高于其他三种目的资本配置效率,而偿还借款目的资本配置效率与补充流动资金目的资本配置效率无显著差异。通过本文的研究,从定向增发目的角度进一步揭示了定向增发与资本配置效率之间的关系,并探究了不同定向增发目的下公司资本配置效率的差异,丰富了定向增发对公司资本配置效率影响的研究。
[Abstract]:In recent years, the directional additional issuance has become an important means of equity refinancing.Through private placement, the listed company can introduce strategic investors, so that the equity structure of the company can be adjusted, the corporate governance situation can be improved, and the efficiency of capital allocation can be improved.Listed companies can quickly raise profits for high-quality projects and improve the efficiency of capital allocation.It can be seen that the purpose of private placement of listed companies is different, and the impact on the efficiency of capital allocation is also different. Therefore, this paper has practical significance to study the relationship between the purpose of directional placement and the efficiency of capital allocation.By combing the related literature on the capital allocation efficiency of the listed companies, it is found that the capital allocation efficiency of the listed companies is different.Therefore, this paper starts with defining the concept of the purpose and efficiency of capital allocation, analyzes the possible relationship between the purpose and the efficiency of capital allocation, and then puts forward the purpose of asset restructuring.The four hypotheses that the purpose of project financing, the purpose of supplementary liquidity and the purpose of repayment of loan have positive correlation with the efficiency of capital allocation, the efficiency of capital allocation for project financing is lower than that for the purpose of asset restructuring.The efficiency of capital allocation for repayment and replenishment purposes is lower than that for the purpose of asset restructuring, and there is no significant difference between the purpose of capital allocation for repayment purposes and the purpose of supplementary working capital.The efficiency of capital allocation is lower than that of project financing.In order to verify the proposed hypothesis, this paper takes the efficiency of capital allocation as the explained variable and the purpose of directional additional offering as the explanatory variable to carry out multivariate regression analysis.Four purposes are all positively related to the efficiency of capital allocation.Finally, the variance analysis shows that the purpose capital allocation efficiency of asset restructuring is higher than that of the other three types of capital allocation.However, there is no significant difference between the efficiency of capital allocation for the purpose of repayment and the efficiency of capital allocation for the purpose of supplementary liquidity.Through the research of this paper, this paper further reveals the relationship between the capital allocation efficiency and the capital allocation efficiency, and explores the differences of the capital allocation efficiency of the companies under the different objectives.It enriches the research on the effect of directional placement on the efficiency of capital allocation.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】