对实施定向增发的A股上市公司经营业绩的实证研究

发布时间：2018-05-17 22:26

本文选题：经营业绩 + 定向增发　；参考：《对外经济贸易大学》2014年硕士论文

【摘要】：本文在假设实施定向增发的上市公司业绩出现改善的前提下，以2012年实施定向增发的部分A股上市公司为样本，采用具代表性的财务指标进行因子分析并构建定增企业业绩分析模型，根据模型分别计算样本企业在定增前一年度、定增当年及定增后一年度的业绩得分，并对业绩得分进行统计分析，，最终得出结论：实施定向增发的上市公司当年业绩会发生一定的正向变化，而在定增完成后的一整个会计年度中，企业业绩的正向变化逐渐消失。即对实施定向增发的企业平均来看，定向增发当年业绩改善明显，而其长期业绩的改善并不显著。在此基础上，本文对在2012年实施了定向增发的某A股上市公司继续进行了个案研究。通过对企业增发内容的梳理、对标的资产、募集资金以及企业整体业绩等后续情况的收集整理分析，发现在定向增发的实施过程中，对于募集资金监管、收购大股东资产估值以及外部资产收购后管控等方面，可能会出现影响企业未来业绩的因素，仍需监管机构、企业及其大股东或实际控制人加强监管和控制。
[Abstract]:Based on the assumption that the performance of the listed companies with additional private offerings has improved, this paper takes some A-share listed companies that implemented the additional offerings in 2012 as a sample. Using the representative financial index to carry on the factor analysis and construct the fixed increase enterprise performance analysis model, according to the model separately calculate the sample enterprise's achievement score one year before the fixed increase year and one year after the fixed increase year. Finally, it concludes that the performance of listed companies with directional placement will change positively in the current year, and the positive change of enterprise performance will gradually disappear in the whole fiscal year after the completion of the fixed increase. That is to say, on the average, the performance of the company in the year is improved obviously, but the improvement of long-term performance is not significant. On this basis, this paper continues to carry out a case study of a A-share listed company in 2012. Through combing the content of the additional issuance of the enterprise, collecting and sorting out the follow-up situation of the underlying assets, raising funds and the overall performance of the enterprise, it is found that in the process of the implementation of the directional additional issuance, the regulation of raising funds is concerned. There may be factors affecting the future performance of companies in terms of asset valuation of major shareholders and post-acquisition control of external assets, which still need to be regulated and controlled by regulators, companies and their major shareholders or actual controllers.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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