制造业上市公司股权再融资方式影响因素研究

发布时间：2018-02-26 23:32

本文关键词： 制造业股权再融资方式选择影响因素　出处：《河北经贸大学》2015年硕士论文　论文类型：学位论文

【摘要】：股权再融资是我国公司可以获得资金的一种重要渠道，虽然我国上市公司股权再融资发展历程较短，可是近年来却以飞快速度发展。本文通过回顾国外有关股权再融资的理论，比如信息不对称理论，控制权理论，代理成本理论等等，结合我国上市公司的具体实际情况进行分析。目前学者研究股权再融资大部分是针对全行业，对某个单独的行业进行选择股权再融资方式的影响因素研究的较少。近几年中国制造业发展面临困境，2015年李克强总理在政府工作报告中提到，制造业是我们的优势产业。我们要推动产业结构逐步迈入中高端，实施“中国制造2025”，打造强国行业产业。目前制造行业普遍不景气，资金需求大，为制造业上市公司进行选择股权再融资方式提供一定的参考价值是本文的研究目的，所以本文针对制造业研究股权再融资方式选择的影响因素进行了多方面的探讨。本文探讨了影响我国制造业上市公司进行股权再融资选择的因素，首先进行样本筛选，选择2009-2013年制造业上市公司进行股权再融资的241个样本，，其中有209家公司选择增发，另外有32家公司选择配股。采用Logistic模型实证剖析影响因素。实证结果表明：股权集中度高，增发方案越容易通过，控股股东掌握控制权，控制地位非常牢固，即使增发也不会影响控制地位，公司倾向选择增发的方式；流通股比例高时，这些股东可以发挥自己的作用，在公司治理方面有更多的话语权，公司倾向选择配股方式；资产负债率高，表明管理者相信公司未来效益好，倾向选择配股的方式；净资产收益率高，为了获得更多的投资机会，所以选择增发方式。本文建议如下：为了公司的发展，管理者应当根据公司自身实际情况，合理选择适合自己的股权再融资方式，可以从股权集中度、流通股比例、资产负债率以及净资产收益率等方面考虑。
[Abstract]:Equity refinancing is an important channel for Chinese companies to obtain funds. Although the development of equity refinancing of listed companies in China is relatively short, it has developed rapidly in recent years. For example, information asymmetry theory, control rights theory, agency cost theory and so on, combined with the actual situation of listed companies in China. At present, most of the scholars studying equity refinancing are aimed at the whole industry. Less research has been done on the factors affecting the choice of equity refinancing in a single industry. In recent years, China's manufacturing industry is facing difficulties, Premier Li Keqiang mentioned in his government work report on 2015. Manufacturing is our dominant industry. We will gradually push the industrial structure to the middle and high end, implement "made in China 2025", and build industries in powerful countries. At present, the manufacturing industry is generally depressed and the demand for capital is large. It is the purpose of this paper to provide a certain reference value for the listed companies in manufacturing industry to choose equity refinancing, so this paper discusses the influencing factors of the choice of equity refinancing mode in manufacturing industry from many aspects. This paper discusses the factors that affect the choice of equity refinancing of manufacturing listed companies in China. Firstly, we select 241 samples of listed manufacturing companies for equity refinancing from 2009 to 2013, and 209 of them choose to issue additional shares. In addition, 32 companies choose rights issue. The Logistic model is used to empirically analyze the influencing factors. The empirical results show that: the higher the concentration of equity, the easier to pass the plan of issuance, the controlling shareholder holds the control right, and the control position is very firm. Even if the additional issue will not affect the control position, the company tends to choose the way of additional issue; when the proportion of circulating shares is high, these shareholders can play their role, have more right to speak in the aspect of corporate governance, and the company tends to choose the way of rights issue; The high ratio of assets and liabilities indicates that managers believe that the company will benefit well in the future and tend to choose the way of rights issue; the return rate of net assets is high, so in order to obtain more investment opportunities, the way of issuing additional shares is chosen. The following suggestions are made in this paper: for the development of the company, According to the actual situation of the company, the manager should reasonably choose the appropriate equity refinancing method, which can be considered from the aspects of equity concentration, the ratio of circulating shares, the ratio of assets to liabilities and the rate of return on net assets, and so on.
【学位授予单位】：河北经贸大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F425

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