新三板企业定向增发与短期收益研究

发布时间：2018-01-11 02:24

本文关键词：新三板企业定向增发与短期收益研究　出处：《浙江大学》2017年硕士论文　论文类型：学位论文

【摘要】：新三板作为资本市场的基石性市场,旨在培育中小企业,也为投资者提供了分享企业价值成长的机会。新三板定向增发投资中重要的环节是企业估值,但过往研究对于新三板企业定增估值的影响因素仍未有系统性的梳理。本文试图通过理论模型构建与实证检验,发现新三板企业定向增发估值的规律,以填补这一研究空白,帮助投资者在未来估值过程中提高估值准确度。本文所构建的新三板企业定向增发估值模型全面地研究各类因素对于定增价格的影响,包括企业每股指标、经营指标、交易指标、行业/集群指标、投资者特质等。文章通过实证检验,发现企业每股净资产、净利润、行业归属及投资者特质等指标都会对增发估值产生重要的影响。企业整体运营情况越佳,估值越高。定增估值存在投资者歧视,内部投资者,尤其是控股股东/实际控制人,获得的股价明显偏低;外部投资者,尤其是投资公司,定增价格显著偏高,这意味着外部投资者在估值时需要更加谨慎,使用可比企业数据时也应根据投资者身份做一定调整。定向增发中另一个备受关注的问题是增发收益。本文所构建的新三板企业定向增发短期收益模型纳入了企业每股指标、经营指标、交易指标、行业/集群指标、投资者特质等影响因素。通过回归分析发现,定向增发短期收益与定增价格有较高的相关性。定增价格越低,短期收益越高。这可能意味着,能够获得低股价的内部投资者,短期收益可能高于外部投资人,外部投资者估值时需要考虑这一因素的影响。受制于新三板市场运行时间有限,精准的长期收益研究目前还无法完成,但相信这会是未来一个重要的研究方向。在应用环节,本文根据实证结果设计了新三板投资标的筛选模型,容纳了企业BPS、EPS、每股现金流、营业收入、净利润、创新层/基础层、转让方式等核心价值变量,以对企业价值进行初步评价,帮助投资者筛选综合素质优秀的投资标的。此外,实证研究结论将给新三板企业估值,尤其是相对估值以启示。
[Abstract]:The new board as the foundation of the capital market market, to develop small and medium-sized enterprises, but also provides a shared enterprise value growth opportunities for investors. Three new board placement is an important part of investment in enterprise valuation, but the past researches on effects of three new board set by the enterprise valuation factors have not been systematically combing. This paper attempts by theory model construction and empirical test, found that three new board business placement valuation rules, to fill the gap in this research, to help investors in the future in the valuation process to improve the valuation accuracy. Three new board business oriented the issuance valuation model comprehensively studies the various factors for the increase in price impact, including the enterprise share index. Business indicators, trading index, industry index / cluster, investor characteristics. Through empirical testing, found that the enterprise net assets, net profit per share, industry belonging The characteristics of indicators and investors will have an important impact on the issuance of enterprise valuation. The overall operation is good, the higher the valuation given by existing investors. The valuation of discrimination, internal investors, especially the controlling shareholder / actual controller, the price is significantly lower; external investors, especially investment company, will increase the price significantly higher. This means that the external investors need to be cautious in the valuation, using comparable enterprise data also should be adjusted according to the identity of investors in the private placement. Another major concern is the additional income. Three new board business orientation the issuance of short-term profit model into enterprise share index, operation index, trade index industry cluster, / index, factors and so on. Investors traits through regression analysis found that the private placement of short-term gains a high correlation with the price set by the price will increase. The lower short-term income higher. This may mean that the investors can obtain low price inside, short-term gains may be higher than outside investors, investors need to consider the external evaluation of the impact of this factor. Subject to the new third market operation time is limited, accurate income long-term research is still not complete, but I believe it will is an important research direction in the future. In the application areas, screening model according to the results, the design of the new board of investment targets, to accommodate the enterprise BPS, EPS, the cash flow per share, operating income, net profit, innovation layer / layer based transfer mode, the core value of variables, to evaluate the value of enterprises to help investors select the investment, excellent comprehensive quality standard. In addition, the empirical research conclusion will give the new board of enterprise valuation, especially the relative valuation with inspiration.

【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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