影响我国上市公司增发方式选择的因素研究

发布时间：2018-02-03 08:22

本文关键词： 定向增发公开增发控制权结构信息不对称 Logistic模型　出处：《江西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司在IPO之后的一个重要的融资手段便是股权再融资,选择不同的股权再融资方式不仅会影响到上市公司的现金流、资本成本和股权结构,也会对股票市场的资本配置效率和投资者利益产生一定的影响,因此对于股权再融资方式选择的问题值得我们关注和研究。随着我国资本市场的不断发展,上市公司在不同时期对股权再融资的方式表现出了不同的偏好,并先后出现了“配股热”、“公开增发热”和“定向增发热”的现象。尤其是股权分置改革的顺利完成推动了我国证券市场的复兴,股票市场的流动性大大增强,通过增发新股实现再融资的公司数量不断增多。并且随着《上市公司证券发行管理办法》和《上市公司非公开发行股票实施细则》的相继颁布实施,近年来定向增发已成为我国上市公司增发新股融资的最主要方式,并且有半数以上的上市公司在增发时以大股东为其增发对象。然而,到底是什么原因使得上市公司偏好于使用定向增发而不是公开增发进行融资呢?并且在定向增发中是什么原因促使上市公司会选择对不同的对象进行发行?这些都是公司金融领域值得探讨的问题,对这些问题的研究不仅有利于上市公司优化其融资决策,而且对监管层的监督管理有一定的借鉴意义。因此,本文结合了国内外关于定向增发和公开增发的相关理论及实证研究成果,在总结我国A股市场增发融资现状的前提下,探讨了我国上市公司选择定向增发与公开增发的动因,并进一步分析了定向增发对象的选择问题。本文将上市公司增发方式选择的影响因素分为公司外部和公司内部两个部分,又将公司内部动因归纳为控制权结构和信息不对称两个方面,并利用我国股票市场上最新的上市公司样本数据进行了实证分析。实证研究发现,控制权结构和信息不对称程度均会对增发方式以及定向增发对象的选择产生不同程度的影响。在上市公司是选择定向增发还是公开增发时,信息不对称程度是其主要的影响因素。信息不对称程度越大,上市公司越倾向于选择定向增发。在定向增发对象的选择时,控制权结构是其主要的影响因素。大股东控制力越弱的上市公司越倾向于向大股东发行。并且通过对股权性质的研究发现,国有控股上市公司更倾向于定向增发并且往往是针对大股东发行。本文共分为以下五个部分：第一部分为绪论,主要介绍了本文的研究背景、意义及思路,并对国内外的相关文献进行了回顾,概括归纳了国内外学者的主要研究观点。然后简要介绍了下本文的研究思路及框架,并阐述了本文的创新及不足。第二部分为我国定向增发与公开增发的发行制度比较以及现状分析。通过发行制度比较发现,定向增发具有一定的制度优势。定向增发的发行门槛相对更低、操作更加简便快捷,并且其资产认购的方式能为上市公司的并购重组以及整体上市提供一条有效途径。通过对增发融资现状的分析可见,目前定向增发是我国上市公司进行增发新股融资的主要方式,定向增发与公开增发都比较集中地分布于制造业、能源业及房地产业等领域,并且定向增发的发行对象主要是大股东及机构投资者,个人投资者较少参与。第三部分为关于选择定向增发与公开增发动因的理论分析。首先介绍了关于选择公开增发的理论解释,包括监管成本理论、承销商公正假说和流通成本假说；其次介绍了关于选择定向增发的理论解释,包括监控假说、信息不对称假说和管理层防御假说；然后,基于我国股权再融资市场的特殊背景从公司内部和公司外部两个方面提出了可能影响我国上市公司增发方式选择的因素,并对这些因素进行了理论分析。第四部分为实证研究部分。通过选取2009至2012年间我国A股市场上实施了定向增发与公开增发的上市公司样本,运用Logistic模型从控制权结构和信息不对称的角度分析了影响上市公司选择不同增发方式的内部动因,并且在定向增发的基础上,进一步分析了控制权结构和信息不对称程度对定向增发对象选择的影响。第五部分为研究结论与政策建议。首先总结了不同因素对上市公司增发方式选择以及定向增发对象选择的影响。其次,在研究结论的基础上,分别对上市公司和监管层提出了相关的意见及建议。
[Abstract]:With the development of capital market in our country , listed companies have different preferences to the capital allocation efficiency and investor interest of the stock market . However , what is the reason for the listed companies to prefer to use directional hair growth instead of public issuance ? And what causes the listed companies to choose to issue different objects ? These are the problems that are worth discussing in the financial field of the company . Therefore , this paper discusses the reasons for the listed companies to choose oriented and open and increase the issue , and further analyzes the choice of the targeted increase in China ' s listed companies . In this paper , the influencing factors of the choice of listed companies are divided into two parts : the outside of the company and the inner part of the company , and the internal motivation of the company is divided into two aspects : control structure and information asymmetry . This article is divided into the following five parts : The first part is introduction , mainly introduces the research background , significance and thinking of this paper , and reviews the relevant literatures at home and abroad , summarizes the main research opinions of scholars both at home and abroad . The research ideas and framework of this paper are discussed , and the innovations and shortcomings of this paper are expounded . The second part is the comparison of the distribution system and the current situation analysis of China ' s oriented increase and issuance . By comparison of the distribution system , it is found that the orientation increase has a certain institutional advantage . The distribution threshold of the directional increase is relatively lower , the operation is more convenient and fast , and the way of subscription of its assets can provide an effective way for the merger and reorganization of the listed company and the whole listing . The third part is about the theory analysis of the choice of the direct increase and the open increase motivation . Firstly , the author introduces the theory explanation of choosing the open increase , including the theory of supervision cost , the hypothesis of the underwriter fairness hypothesis and the hypothesis of the flow cost . Secondly , the paper introduces the theory explanation of choosing the oriented increment , including the monitoring hypothesis , the information asymmetry hypothesis and the management defense hypothesis , and then puts forward the factors that may affect the choice of the increase of the listed companies in our country based on the special background of China ' s equity re - financing market , and makes a theoretical analysis on these factors . The fourth part is divided into the empirical research part . By selecting the sample of the listed company which has carried out the orientation increase and the public increase in China ' s A - share market during the period from 2009 to 2012 , the influence of the control structure and the degree of asymmetry of the information asymmetry on the selection of directional augmentation object is analyzed by using the Logistic model from the angle of control structure and information asymmetry . The fifth part is the research conclusion and policy suggestion . Firstly , the paper summarizes the influence of different factors on the selection of listed companies and the choice of orientation . Secondly , on the basis of the research conclusion , the relevant opinions and suggestions are put forward to listed companies and regulatory layers respectively .

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F224

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