基于兴发集团面向大股东及机构定向增发的动机研究

发布时间：2018-01-26 18:59

本文关键词： 大股东机构投资者定向增发利益协同利益输送　出处：《广东外语外贸大学》2017年硕士论文　论文类型：学位论文

【摘要】：2006年股份制改革后,定向增发在我国呈现出快速发展的态势。目前,它已经成为我国上市公司进行权益性再融资的主要途径。根据定向增发的对象不同,可分为三类:完全面向大股东、完全面向机构投资者和同时面向大股东及机构投资者的定向增发。本文选取了面对大股东及机构投资者进行定向增发的湖北兴发化工集团股份有限公司为案例,通过对其2012年定向增发的相关数据进行分析,判断兴发集团此次定向增发的动机是利益输送还是利益协同,并根据研究结论提出建议,以期能够做出微薄贡献。本文梳理了国内外有关定向增发的文献,并分析了代理理论、信息不对称理论和监督效应理论,发现在我国股权相对集中的环境下,以大股东为对象的定向增发中,大股东容易利用其自身的控制权和定价权压低发行价格,进行利益输送,侵害中小股东的合法权益。那么机构投资者参与定向增发之后,定向增发对象的动机是股东与公司之间的利益协同吗?本文从两个角度进行分析研究:一方面,文章将定向增发发行价格与三个可供选择基准日价格进行对比,从而发现大股东及机构投资者没有主观进行利益输送的动机。股票解禁后的价格始终低于定向增发的发行价格,这在客观上表明,此次定向增发无法实现利益输送。无论从主观还是客观角度进行观察,此次定向增发都没有利益输送的动机,而是为了促进公司的发展,增强公司实力,实现利益协同。另一方面,本文分析了兴发集团的业务结构、产业链、财务状况、盈利能力以及股票市场的表现。定向增发后,公司的业务结构、产业链都得到了进一步的优化,股票价格短期表现出超额的月回报率,但在财务状况、盈利能力和股价长期表现方面没有达到预期水平。经过分析研究,本文认为兴发集团此次定向增发的动机是实现公司与股东、大股东与小股东的利益协同,但定向增发的时间处于行业下行的初期,减弱了利益协同效果,同时,公司与增发对象对项目完成后的预期结果过于乐观,造成了增发对象的利益损失。本文根据结论提出三点建议:上市公司应在定向增发前对行业周期进行预测,尽量选择行业上升阶段的初期进行定向增发,最大程度发挥定向增发的利益协同效果;定向增发对象应该更加谨慎地分析项目的可行性,避免由于预测过于乐观造成自身利益损失;中小股东应加强自身的专业能力,关注定向增发前的异常事项,尽可能地维护合法利益。
[Abstract]:After the reform of shareholding system in 2006, the directional additional offering has been developing rapidly in our country. At present, it has become the main way of equity refinancing of listed companies in our country. It can be divided into three categories: completely for large shareholders. This paper chooses Hubei Xingfa Chemical Group Co., Ltd as a case. Through the analysis of the related data on 2012, we can judge whether the motivation of the directional additional issuance of Xingfa Group is benefit transmission or benefit coordination, and put forward some suggestions according to the conclusions of the study. In order to make a modest contribution. This paper combed the domestic and foreign literature on directional placement, and analyzed the agency theory, information asymmetry theory and supervision effect theory, found in the environment of relatively concentrated equity in our country. In the targeted placement of large shareholders, it is easy for the large shareholders to use their own control and pricing power to lower the price of the issue and to carry out the transfer of benefits. Infringement of the legitimate rights and interests of small and medium-sized shareholders. So after institutional investors participate in private placement, the motivation of the object of targeted issuance is the benefit synergy between shareholders and the company? This paper analyzes and studies from two angles: on the one hand, the paper compares the price of directional additional issue with the price of three alternative benchmark days. It is found that major shareholders and institutional investors do not have subjective motivation to carry out interest transmission. The price of shares after lifting the ban is always lower than the issuing price of directional additional issuance, which objectively indicates. No matter from the subjective or objective point of view, there is no motive of interest transmission, but in order to promote the development of the company and enhance the strength of the company. On the other hand, this paper analyzes the business structure, industry chain, financial situation, profitability and the performance of the stock market. The industry chain has been further optimized, the stock price shows an excess monthly return in the short term, but in the financial situation, profitability and long-term performance of the stock price has not reached the expected level. This paper thinks that the motive of the IPO of Xingfa Group is to realize the benefit coordination between the company and the shareholders, the large shareholders and the minority shareholders, but the time of the directional issuance is in the early stage of the industry downward, which weakens the benefit synergy effect and at the same time. After the completion of the project, the expected results of the company and the additional issuer are too optimistic, resulting in the loss of benefits of the additional issuers. According to the conclusions, this paper puts forward three suggestions: listed companies should forecast the industry cycle before the targeted issuance. Try to select the initial stage of the industry to increase the initial stage of directional issuance, maximize the benefit of targeted additional issuance synergistic effect; The object of directional issuance should be more careful to analyze the feasibility of the project and avoid the loss of their own interests due to over-optimistic forecast. The minority shareholders should strengthen their own professional ability, pay attention to the abnormal matters before the directional issuance, and safeguard the legitimate interests as far as possible.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.7

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