交通银行定向增发股权再融资分析
发布时间：2018-11-22 09:17
【摘要】：定向增发以其特有的优越性逐渐成为市场主流的融资方式源于我国在2006年实施的《上市公司证券发行管理办法》,这一措施的施行使市场恢复到最基本的融资功能。定向增发涉及的范围比较广,企业在资产收购、项目融资、补充营运资金、偿还债务时均可运用定向增发解决融资需求问题。与公开增发相比,定向增发发行成本低、发行环节简单、发行门槛低、融资时间短等优点,受到上市公司的追捧,近年来发行的数量暴增。定向增发后,企业不仅获得资金,还获得战略合作伙伴,促进公司的长远发展。在定向增发的过程中,上市公司在公告增发预案、实施定向增发这两个阶段,影响了二级市场股价波动,具有明显的市场效应。但是有时股价并不能真实反应企业的价值,这是需要用财务指标来分析定向增发对公司业绩的影响。本文选择定向增发这一热点议题作为切入点,选取了金融行业上市银行交通银行作为研究对象,对其定向增发股权再融资综合研究分析。首先对有关定向增发长短期效应相关的文献进行了了解与概述;然后在交通银行案例进行介绍的基础上,分析了交通银行本次定向增发的需求、股权融资的成本、筹资面临的风险以及定向增发所带来的股价效应和财务效应;最后得出结论和启示。本文通过研究得出如下结论:(1)在监管要求日趋严格和行业竞争日益激烈的前提下实施定向增发,实现补充核心资本目的,交通银行存在融资需求;定向增发以其低廉的成本,成为股权融资方案里面最优的选择;在实施定向增发的时候所面临折价风险、股东股权被稀释、经营风险,风险可控。(2)交通银行无论在定增预案公告时还是在定增实施后的股价效应都是负效应,主要是受到市场低迷行情影响。(3)定向增发完成后交通银行的财务状况有所改善。
[Abstract]:Because of its unique superiority, directional additional issuance has gradually become the mainstream financing method in the market. It comes from the "Management measures of Securities issuance of listed companies" implemented in China in 2006, and the implementation of this measure makes the market recover to the most basic financing function. The scope of directional additional issuance involves a wide range, enterprises in asset acquisition, project financing, replenishment of working capital, debt repayment can be used to solve the financing needs. Compared with public additional issuance, it has the advantages of low cost, simple issuing link, low threshold and short financing time, etc., and has been sought after by listed companies. In recent years, the number of issuance has increased dramatically. After the directional issuance, the enterprise not only obtains the capital, but also obtains the strategic cooperation partner, promotes the company's long-term development. In the process of directional additional offering, the listed company announces the additional offering plan and implements the two stages of the additional issuance, which affects the fluctuation of the secondary market stock price and has obvious market effect. But sometimes the stock price can not really reflect the value of the firm, it is necessary to use financial indicators to analyze the impact of targeted placement on the performance of the company. In this paper, the hot issue of directional placement is chosen as the starting point, and the Bank of Communications, a listed bank in the financial industry, is selected as the research object. Firstly, the literature about the long and short term effect of directional placement is summarized. Then, on the basis of the introduction of Bank of Communications case, the paper analyzes the demand, the cost of equity financing, the risk of financing, the stock price effect and the financial effect brought by the private placement of Bank of Communications. Finally, the conclusion and enlightenment are drawn. This paper draws the following conclusions through the study: (1) under the premise of the increasingly strict regulatory requirements and the increasingly fierce competition in the industry, the bank of communications has financing needs to implement additional directional issuance to achieve the purpose of supplementing the core capital; With its low cost, the directional additional offering has become the best choice in the equity financing scheme. In the implementation of directional additional issuance, the risk of discount is faced, shareholders' equity is diluted, the operating risk and risk are controllable. (2) the stock price effect of Bank of Communications is negative whether in the announcement of the fixed increase plan or after the implementation of the fixed increase. Mainly affected by the market downturn. (3) after the completion of the targeted issuance of the Bank of Communications financial situation has improved.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.33
本文编号：2348833
[Abstract]:Because of its unique superiority, directional additional issuance has gradually become the mainstream financing method in the market. It comes from the "Management measures of Securities issuance of listed companies" implemented in China in 2006, and the implementation of this measure makes the market recover to the most basic financing function. The scope of directional additional issuance involves a wide range, enterprises in asset acquisition, project financing, replenishment of working capital, debt repayment can be used to solve the financing needs. Compared with public additional issuance, it has the advantages of low cost, simple issuing link, low threshold and short financing time, etc., and has been sought after by listed companies. In recent years, the number of issuance has increased dramatically. After the directional issuance, the enterprise not only obtains the capital, but also obtains the strategic cooperation partner, promotes the company's long-term development. In the process of directional additional offering, the listed company announces the additional offering plan and implements the two stages of the additional issuance, which affects the fluctuation of the secondary market stock price and has obvious market effect. But sometimes the stock price can not really reflect the value of the firm, it is necessary to use financial indicators to analyze the impact of targeted placement on the performance of the company. In this paper, the hot issue of directional placement is chosen as the starting point, and the Bank of Communications, a listed bank in the financial industry, is selected as the research object. Firstly, the literature about the long and short term effect of directional placement is summarized. Then, on the basis of the introduction of Bank of Communications case, the paper analyzes the demand, the cost of equity financing, the risk of financing, the stock price effect and the financial effect brought by the private placement of Bank of Communications. Finally, the conclusion and enlightenment are drawn. This paper draws the following conclusions through the study: (1) under the premise of the increasingly strict regulatory requirements and the increasingly fierce competition in the industry, the bank of communications has financing needs to implement additional directional issuance to achieve the purpose of supplementing the core capital; With its low cost, the directional additional offering has become the best choice in the equity financing scheme. In the implementation of directional additional issuance, the risk of discount is faced, shareholders' equity is diluted, the operating risk and risk are controllable. (2) the stock price effect of Bank of Communications is negative whether in the announcement of the fixed increase plan or after the implementation of the fixed increase. Mainly affected by the market downturn. (3) after the completion of the targeted issuance of the Bank of Communications financial situation has improved.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F832.33
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