定向增发超额收益影响因素研究

发布时间：2018-11-05 08:54

【摘要】：自2005年股权分置改革以来,定向增发由于发行门槛低,发行费用少,发行程序比较简便等优点,在我国企业的再融资活动中备受青睐,目前已经代替配股和公开增发成为我国最主要的融资方式。然而,定向增发过程中存在的问题也逐渐暴露出来。其中,定向增发超额收益现象引起了广大学者的广泛关注,这一现象违背了我国融资市场良性发展的需要,隐藏在其背后的是内幕交易、利益输送等“见不得光”的问题。但到底是什么因素导致了超额收益的产生,目前还没有一个定论,因此研究定向增发超额收益的影响因素并发掘其内在原因是当今学者应当完成的重要课题。首先,笔者通过对国内外学者关于定向增发超额收益影响因素相关研究的分类梳理,在已有研究的基础上分析定向增发的超额收益影响因素。其次,根据2006-2015年我国定向增发的相关数据研究我国定向增发和定向增发超额收益的现状。最后,基于本文的研究目的建立模型,以2007-2015年间已经发行并解禁的定向增发数据为基础对定向增发超额收益的影响因素进行相关性分析和回归分析。得出相关结论:(1)上市公司杠杆率与超额收益率显著正相关;(2)绝对融资规模小、新股占总股本的比重越高、是用于收购和补足资金等用途的定向增发获取超额收益更高;(3)市净率与超额收益率负相关;(4)定向增发市场存在内幕交易;(5)新兴行业定向增发的超额收益水平高于传统行业。(6)上市企业将资金用于收购、补足资金流的超额收益率高于将其投入新项目。最后,根据相关分析研究的结论分别从政府部门的监管、上市企业治理、外部投资者三个角度提出相应的建议。只有三方共同努力才能改善目前超额收益普遍存在的现象,防止市场投机者攫取企业利益、侵犯其他投资者的利益,保证融资市场良性发展。
[Abstract]:Since the reform of split share structure in 2005, due to the advantages of low issuance threshold, low issuing cost and relatively simple issuing procedure, directional additional issuance has been favored in the refinancing activities of Chinese enterprises. At present, it has become the most important financing method in our country instead of rights issue and public issuance. However, the problems in the process of directional issuance are gradually exposed. Among them, the phenomenon of the excess return of directional issuance has aroused the widespread concern of the majority of scholars. This phenomenon violates the need of the benign development of the financing market in our country, and hidden behind it are the problems of "see no light", such as insider trading, interest transmission, etc. However, there is still no conclusion about what causes the excess return, so it is an important task for scholars to study the influencing factors and explore the internal reasons. First of all, the author classifies the domestic and foreign scholars about the influence factors of the excess return of the private placement, and analyzes the influence factors of the excess return of the private placement on the basis of the existing research. Secondly, according to the relevant data of China's private placement from 2006 to 2015, this paper studies the current situation of China's private placement and additional private placement excess income. Finally, based on the model of this paper, based on the published and released data from 2007 to 2015, the correlation analysis and regression analysis of the influencing factors of the excess return of IPOs are carried out. The relevant conclusions are as follows: (1) the leverage ratio of listed companies is positively correlated with the excess return; (2) the smaller the absolute financing scale is, the higher the proportion of new shares to the total equity is, the higher the excess return is for the purpose of purchasing and replenishing funds, (3) the price-to-book ratio is negatively correlated with the excess return; (4) Insider trading exists in the IPO market, (5) the level of excess return of the new industry is higher than that of the traditional industry. (6) the listed enterprises use the funds to purchase, and the excess return of the supplementary capital flow is higher than that of the new project. Finally, according to the conclusions of relevant analysis, the author puts forward corresponding suggestions from three angles of government supervision, listed enterprise governance and external investors. Only with the joint efforts of the three parties can the phenomenon of excess returns be improved, the market speculators should be prevented from seizing the interests of enterprises, infringing on the interests of other investors, and ensuring the benign development of the financing market.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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