定向增发折扣率影响因素及其与短期破发关系研究

发布时间：2018-06-07 06:21

本文选题：定向增发 + 折扣率　；参考：《厦门大学》2014年硕士论文

【摘要】：自从2006年证监会发布《上市公司证券发行管理办法》到如今,定向增发已经成为A股市场上最重要的股权融资方式。然而根据之前学者的相关研究成果,定向增发也是上市公司大股东进行利益输送的重要工具和手段,这种现象的存续无疑会损害中小投资者的利益,并且危及我国证券市场的规范运行,所以这就需要我们对此进行细致深入的研究。在整个定向增发过程中,最核心的就是折扣率,鉴于此,本文主要研究内容为折扣率影响因素以及其与发行后破发之间关系。在此我们主要采用规范分析与实证分析相结合的方法,通过对现有的国内外的研究成果进行归纳,然后结合中国自身的情况,再从信息不对称理论和股东控制权理论进行理论分析,然后再提出假设并构造模型对折扣率影响因素进行实证研究；之后,本文还就上市公司定向增发的折扣率与短期破发关系进行了研究。本文以2010-2013年问中国上市公司定向增发的数据为样本,通过建立多元线性回归模型和Logistic模型,研究了折扣率的影响因素及其与短期破发之间的关系。研究发现,定向增发的折扣率与大股东认购比例呈显著的反向关系,同时大股东认购比例与认购前大股东持股比例之差与折扣率成正比,这也就说明在定向增发中存在着大股东通过高折扣率的方式进行利益侵占的倾向；公司第二大股东与折扣率关系不是很显著,并且公司的股权越集中,越可能出现大股东和其他股东之间的利益协同现象。进一步的研究还发现,定向增发后的短期破发主要受折扣率的影响,折扣率越高,那么越有可能出现破发,而在长期来看,折扣率以及发行规模占流通股比例共同导致破发；公司上一年的流动比率与短期破发没有显著的关系,但其在发行后的1年里与公司股价出现破发的概率呈负相关；公司上一年的资产收益率对于是否出现破发没有显著的影响。最后针对本文以上的研究结果,我们结合中国的实际给出建议,即确定定向增发定价基准日,改善股权结构以及控制发行规模等。
[Abstract]:Since the Securities Regulatory Commission (CSRC) issued the "Management measures on Securities issuance of listed companies" in 2006, directional additional issuance has become the most important equity financing method in the A-share market. However, according to the related research results of previous scholars, directional additional issuance is also an important tool and means for large shareholders of listed companies to carry out interest transmission, and the existence of this phenomenon will undoubtedly harm the interests of small and medium-sized investors. It also endangers the normative operation of China's securities market, so we need to study it carefully and deeply. In the whole process of directional placement, the core is discount rate. In view of this, the main content of this paper is the influence factors of discount rate and the relationship between discount rate and post issue break. Here, we mainly adopt the method of combining normative analysis with empirical analysis, by summarizing the existing domestic and foreign research results, and then combining with the situation of China itself. Then from the information asymmetry theory and shareholder control theory to theoretical analysis, then put forward the hypothesis and construct a model to the discount rate factors for empirical research; This paper also studies the relationship between discount rate and short-term hairbreak of listed companies. Based on the data from 2010 to 2013, this paper studies the influence factors of discount rate and the relationship between discount rate and short-term break by establishing multiple linear regression model and Logistic model. It is found that the discount rate of directional placement is inversely related to the subscription ratio of large shareholders, and the difference between the subscription ratio of large shareholders and the proportion of large shareholders holding shares before subscription is directly proportional to the discount rate. This also shows that there is a tendency for large shareholders to encroach on their interests by means of a high discount rate in directional placement; the relationship between the second largest shareholder of the company and the discount rate is not very significant, and the more concentrated the shares of the company are, The more likely there is a synergy of interests between major shareholders and other shareholders. Further research also found that the short term break after directional issuance is mainly affected by discount rate, the higher the discount rate, the more likely it is to break, and in the long run, discount rate and the proportion of issuing scale to circulating shares lead to break. There is no significant relationship between the liquidity ratio of the last year and the short term break, but it is negatively correlated with the probability of a break in the stock price in the year after the issue, and the return on assets in the last year has no significant effect on the occurrence of the break. Finally, according to the above research results, we give some suggestions based on the practice in China, that is, to determine the benchmark date of pricing, to improve the equity structure, and to control the size of issuance, and so on.
【学位授予单位】：厦门大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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