中小板上市公司IPO超募对经济增加值（EVA）影响的实证研究

发布时间：2018-01-18 00:19

本文关键词：中小板上市公司IPO超募对经济增加值（EVA）影响的实证研究　出处：《浙江工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：在我国证券市场上,一级市场定价过高,导致企业IPO严重超募、二级市场上广大中小投资者的权益难以得到保障。针对这一问题,2009年5月以来,A股市场先后经历了四轮新股发行体制改革,四轮改革的难点、重点都在于如何完善询价和申购报价的约束机制,正确引导一级市场的定价趋向合理。企业超募现象的存在,必然会对其经营业绩造成影响,本文在前人研究的基础上,从股东价值创造的角度出发引入了经营业绩评价方法——经济增加值(EVA),根据EVA的变化来衡量企业IPO超募对企业创造价值的能力带来的影响。首先,本文分别介绍了研究背景、理论基础、前人研究成果、中小板的超募状况以及经济增加值(EVA),并回答了在众多业绩评价方法中,本文为什么要选择EVA进行研究。可以说该部分的介绍为后文的进一步研究作了必要的铺垫。其次,在接下来的篇章中,本文主要做了如下研究： (1)以一家超募率高、具有代表性的中小板企业——海普瑞(股票代码：002399)为例,从微观角度研究超募对企业EVA、盈利能力、营运能力等方面造成的影响。结果发现,巨额超募不仅造成了EVA的大幅下滑,同时还导致“海普瑞”盈利能力、营运能力、发展能力的下降,而这三项“能力”的下降,正是导致“海普瑞”EVA大幅下滑的“帮凶”之一；超募虽然增强了“海普瑞”的偿债能力,但由于财务杠杆使用不足,股权资本成本上升,从而成为降低其EVA水平的又一个重要原因。“海普瑞”的超募上市不仅没有为股东创造价值,反而成了摧毁股东价值的“机器”。 (2)为了研究“海普瑞现象”是否具有普适性,本文选取了2009年—2012年在中小板上市的324家样本公司,从“大样本”的宏观角度进行了研究。在该部分的研究中,笔者先后对样本公司的EVA值进行了描述性统计分析、超募率和上市前后EVA回报率变化值的相关性分析、回归分析。结果显示,超募程度越大,企业上市后经济增加值(EVA)下降越明显,并且还得出了超募率上升1%,EVA就下降1.101%的量化关系。最后,本文并没有止步于这一结论,而是进一步探索了为什么超募会造成企业EVA水平的下降。根据上文对“海普瑞”的研究,笔者认为超募可能会对企业的盈利能力、营运能力、偿债能力、发展能力产生影响,而这四项能力的变化,在某种程度上决定了EVA水平的高低。为了验证这种判断,本文对它们之间的关系做了进一步研究。根据本文最终的回归结果可知：1、超募确实降低了企业的盈利能力、营运能力,从而导致企业EVA水平的下降；2、超募虽然增强了企业的偿债能力,但由于股权资本成本高于债务资本成本,根据资本资产定价模型可知,股权资本比例的上升会导致企业EVA水平的下降；3、超募对企业短期的发展能力没有明显的影响。
[Abstract]:In the securities market of our country, the pricing of the primary market is too high, which leads to the serious over-raising of IPO and the difficulty of protecting the rights and interests of the majority of small and medium-sized investors in the secondary market. In view of this problem, since May 2009. A-share market has experienced four rounds of new issue system reform, four rounds of reform difficulties, the focus is on how to improve the inquiry and purchase price constraints. Correctly guide the pricing of the primary market to be reasonable. The existence of the phenomenon of enterprise overcapitalization will inevitably have an impact on its business performance, this paper on the basis of previous studies. From the point of view of shareholder value creation, this paper introduces the evaluation method of business performance-Economic value added (EVA). According to the change of EVA, the impact of corporate IPO super-raising on the ability to create value is measured. First of all, this paper introduces the research background, theoretical basis, previous research results, the status of over-raising of small and medium-sized boards and economic value added, and answers in a number of performance evaluation methods. The introduction of this part can be said to pave the way for further research. Secondly, in the next chapter, this paper mainly does the following research: Taking a representative small and medium-sized board enterprise with a high over-raising rate as an example, the paper studies the profitability of EVAs from the micro perspective of a typical small and medium-sized board enterprise (stock symbol: 0: 002399). The results show that the huge overcapitalization not only caused a sharp decline in EVA, but also led to a decline in the profitability, operating capacity and development capacity of "Capri". The decline of these three "abilities" is one of the "accomplices" that led to the sharp decline of "Capri" EVA; Over-raising has increased the solvency of Capri, but the cost of equity capital has risen due to underuse of financial leverage. This has become another important reason for lowering the level of EVA. Instead of creating value for shareholders, Capri's over-listing has become a "machine" to destroy shareholder value. In order to study the universality of the "Capri phenomenon", this paper selects 324 sample companies listed on the small and medium-sized board from 2009 to 2012. In this part of the study, the author has carried on the descriptive statistical analysis to the sample company's EVA value. The correlation analysis and regression analysis of the rate of overoffering and the change of EVA return before and after listing. The result shows that the greater the degree of over-raising, the more obvious the decline of economic added value (EVA) after listing. Moreover, the quantitative relationship between the increase of over-raising rate and the decrease of EVA by 1.101% is obtained. Finally, this paper does not stop at this conclusion, but further explore why the corporate EVA level will decline. According to the above study of "Haipri". The author thinks that over-raising may have an impact on the profitability, operating capacity, solvency and development ability of the enterprise, and the changes of these four capabilities. To a certain extent, the level of EVA is determined. In order to verify this judgment, the relationship between them is further studied in this paper. According to the final regression result of this paper, we can see that the overraising has really reduced the profitability and operation ability of the enterprise, thus leading to the decline of the EVA level of the enterprise. 2. Although over-raising enhances the solvency of the enterprise, the cost of equity capital is higher than the cost of debt capital, according to the capital asset pricing model. The increase of equity capital ratio will lead to the decline of EVA level of enterprises; 3, exceed raise to enterprise short-term development ability has no obvious influence.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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