上市公司定向增发募资用途和发行对象的短期股价效应研究

发布时间：2018-04-14 19:08

本文选题：定向增发 + 短期股价效应　；参考：《浙江大学》2017年硕士论文

【摘要】：虽然中国证券市场的定向增发自2006年以来已经推出并发展了十年,且研究上市公司定向增发短期、中长期股价效应的文献均有,但是总体文献数量仍然较少,能够深入研究的更是少之又少。目前,我国证券市场上的再融资有95%以上是通过定向增发来完成的,定向增发逐渐发展成为了我国股权再融资的首要选择和主要手段。由此,有必要对定向增发进行深入研究,总结这十年来的实践经验,形成系统性的定向增发理论体系,这对我国证券市场的健康发展是极有意义的。本文旨在研究上市公司定向增发的短期股价效应,主要研究了三个方面：上市公司定向增发的短期股价效应如何；并购重组型定向增发和财务融资型定向增发的股价表现差异；有控股股东及其关联方参与的定向增发和无控股股东及其关联方参与的定向增发的股价表现差异。本文采用理论研究与实证研究相结合、定性研究与定量研究相结合的研究方法。理论研究主要以最优资本结构理论、代理成本理论、监督效应理论、信息不对称理论以及增长机会理论为理论基础进行理论分析推导,并随之提出本文的三个研究假说。实证研究主要采取事件研究法,首先选择样本、确定事件日与研究时间窗口,其次定义研究变量,再次构建研究模型,最后运用描述性统计、检验分析、多元线性回归分析和稳健性检验等一系列方法进行实证分析。本文分别从不同定向增发募资用途、发行对象的视角对定向增发短期股价效应进行系统性的理论推演和实证研究,丰富和完善了我国上市公司定向增发短期股价效应方面的理论解释,得出了与众不同的研究结论。同时,本文的研究为我国的证券监督管理机构在制定定向增发相关政策法规时提供了决策依据,为企业根据自身需要合理选择定向增发募资用途和发行对象提供了理论指导,也为中小投资者在面对上市公司定向增发事项时提供了一定的投资参考。本文在研究过程中具有研究样本丰富且与时俱进以及多视角分解定向增发研究样本等独特的创新点。
[Abstract]:Although the private placement in China's securities market has been launched and developed for ten years since 2006, and the literature on the short-term and medium- and long-term stock price effects of the listed companies is still in short order, the overall number of documents is still relatively small.Much less can be studied in depth.At present, more than 95% of the refinancing in our country's securities market is completed by means of additional directional issuance, which has gradually developed into the primary choice and main means of equity refinancing in our country.Therefore, it is necessary to make a thorough study on the placement of additional directional offerings, sum up the practical experience of the past ten years, and form a systematic theoretical system of directional placement, which is of great significance to the healthy development of China's securities market.The purpose of this paper is to study the short-term stock price effect of the listed companies, mainly in three aspects: the short-term stock price effect of the listed companies, the difference of the price performance between the M & A and the financial financing.There are differences in the performance of the share price of the private placement with the participation of the controlling shareholder and its associated party and that of the non-controlling shareholder and its associated party.This paper combines theoretical research with empirical research, qualitative research with quantitative research.The theoretical research is mainly based on the optimal capital structure theory, agency cost theory, supervision effect theory, information asymmetry theory and growth opportunity theory, and then puts forward three hypotheses of this paper.The empirical research mainly adopts the event research method, first selects the sample, determines the event day and the research time window, secondly defines the research variable, constructs the research model again, finally uses the descriptive statistics, the test analysis.A series of methods such as multiple linear regression analysis and robustness test are analyzed.This paper makes a systematic theoretical deduction and empirical study on the short-term stock price effect of private placement from the perspective of different purpose and object of issuance.It enriches and perfects the theoretical explanation of the short-term stock price effect of directional placement of listed companies in China, and draws a distinctive conclusion.At the same time, the research of this paper provides the decision-making basis for the securities regulatory bodies in our country when making the related policies and regulations of the directional additional issuance, and provides the theoretical guidance for the enterprises to reasonably select the purpose and the object of the additional issuance according to their own needs.It also provides a certain investment reference for small and medium investors in the face of listed companies.In the process of research, this paper has a unique innovation, such as abundant research samples and keeping pace with the times, and multi-perspective decomposition of targeted additional research samples.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

【引证文献】