上市公司股权再融资选择方式的影响因素研究

发布时间：2018-01-03 02:36

本文关键词：上市公司股权再融资选择方式的影响因素研究　出处：《合肥工业大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国经济的迅猛发展，市场制度的逐步完善，上市公司的成长速度也越来越快。大批上市公司需要外源性资金支持企业的快速发展，股权再融资就成为其首选的筹资渠道，其中采用配股和增发新股进行股权再融资已经成为我国上市公司两种最常用的融资方式。虽然这两种方式是上市公司自主选择的结果，但选择何种方式更有利必然成为上市公司关注的重要问题。因此，研究我国上市公司股权再融资方式选择的影响因素具有重要的理论和现实意义。本文研究的主题围绕着哪些因素影响上市公司在配股和增发之间进行选择这个问题，文章以2009-2012年沪深两市A股上市公司为研究样本，运用主成分分析法和Logit回归方法研究影响上市公司股权再融资选择方式的因素。实证研究结论：第一，规模越大的公司越可能在股权再融资时选择增发方式；第二，公司成长性越好，吸引投资者的能力就越强，为了获得高额收益，，公司会选择增发方式进行股权再融资；第三，增发新股会改变各个股东的持股比例，但是为了公司更好地发展，为了调整合理的股权结构，公司很可能会选择增发方式进行股权再融资；第四，加权平均净资产收益率与增发方式正相关；第五，投资者情绪越高涨，公司越倾向于增发；第六，市盈率和资产负债率没能成为评价上市公司股权再融资方式选择偏好的影响因素。最后，提出相关的政策建议。
[Abstract]:With the rapid development of China's economy and the gradual improvement of market system, the growth rate of listed companies is also getting faster and faster. A large number of listed companies need foreign funds to support the rapid development of enterprises. Equity refinancing has become its preferred financing channel. Among them, equity refinancing with rights issue and new shares has become the two most commonly used financing methods of listed companies in China, although these two ways are the result of the independent choice of listed companies. Therefore, it is of great theoretical and practical significance to study the factors affecting the choice of equity refinancing mode of listed companies in China. The theme of this study revolves around which factors influence the choice between rights issue and additional issue of listed companies. This paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in 2009-2012 as a sample. Using principal component analysis and Logit regression method to study the factors that affect the choice of equity refinancing of listed companies. Empirical research conclusion: first. The larger the company is, the more likely it is to choose the way of equity refinancing. Second, the better the growth of the company, the stronger the ability to attract investors, in order to obtain high returns, the company will choose to issue equity refinancing; Third, issuing new shares will change the shareholding ratio of each shareholder, but for the better development of the company, in order to adjust the reasonable ownership structure, the company will probably choose the way of equity refinancing. In 4th, the weighted average net asset return is positively correlated with the way of issuance. 5th, the higher the investor sentiment, the more likely the company is to issue more shares; In 6th, the price-earnings ratio and the asset-liability ratio did not become the influencing factors to evaluate the preference of equity refinancing of listed companies. Finally, the relevant policy recommendations were put forward.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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