非公开发行股票对上市公司股价效应的影响研究

发布时间：2018-05-17 16:48

本文选题：非公开发行 + 股价效应　；参考：《深圳大学》2017年硕士论文

【摘要】：随着我国市场化程度的不断提高,上市公司进行再融资方式逐渐增多。我国证监会在2006年发布了《上市公司证券发行管理办法》,在我国证券市场上正式推出了非公开发行股票这种融资方式。非公开发行股票与国内其他现有的融资方式相比,具有筹资成本低、增发审核程序相对简单、发行成功率高以及发行门槛低等一系列优势,自从非公开发行股票这种再融资方式在我国证券市场实施以来,上市公司选取这一融资方式的数量和融资规模越来越大。由于非公开发行股票这一融资方式在市场上的地位日益重要,对于上市公司在实施非公开发行过程中所存在的一些问题的研究也至关重要。我们在数据筛选上,选取了2006年至2015年期间在上海证券交易市场上成功实施非公开发行股票的A股上市公司为样本,利用事件研究法来研究上市公司在进行非公开发行股票过程中的股价效应。在国内外相关学者研究结论的基础之上,通过相关理论和假说从理论上探讨了影响国内A股上市公司非公开发行股价效应的因素,选取上市公司规模、资产负债率、股权集中度、增发对象、增发动机以及投资者信心指数作为自变量,以累积超额收益率作为因变量建立多元线性回归模型,通过相关的实证分析发现非公开发行股票对上市公司股价短期有显著正的效应。并且对处于不同市场环境下的非公开发行进行对比分析,得出在不同的市场环境下,非公开发行股票对上市公司股价效应的差异。并针对研究中发现的问题提出一些政策性建议。
[Abstract]:With the increasing degree of marketization in China, the ways of refinancing of listed companies are increasing gradually. In 2006, China Securities Regulatory Commission issued the management method of securities issuance of listed companies. In our securities market, the financing mode of non public issuance of stock has been officially launched. Compared with the advantages of low financing cost, relatively simple issuance audit procedure, high issuing success rate and low issue threshold, the number and financing scale of the listed companies have become more and more large since the non public issuance of stock refinancing in China's securities market. The position of the financing mode is increasingly important in the market. It is also important for the listed companies to study some problems in the implementation of the non public issue. On the basis of data screening, we selected the A shares listed companies in the Shanghai securities trading market for the successful implementation of non publicly issued shares during the period from 2006 to 2015. Sample, using the event study method to study the stock price effect of Listed Companies in the process of non public issuance of stock. Based on the conclusions of relevant scholars at home and abroad, the factors that affect the price effect of the non public issuance of A share listed companies in China are theoretically discussed through relevant theories and hypotheses, and the scale of listed companies is selected. The production liability ratio, the ownership concentration, the addition object, the increasing engine and the investor confidence index are the independent variables, and the cumulative excess return is used as the dependent variable to establish the multiple linear regression model. Through the relevant empirical analysis, it is found that the non public issuing stock has a significant positive effect on the stock price in the listed company. The non-public distribution under the environment is compared and analyzed, and the difference of the stock price effect of the non public issuing stock to the listed company in the different market environment is obtained. Some policy suggestions are put forward to the problems found in the study.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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