定向增发认购方式与绩效研究

发布时间：2018-02-05 01:22

本文关键词： 认购方式定向增发经营绩效因子分析法　出处：《浙江财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：2006年我国资本市场进行了股权分置改革，在这之后资本市场进入了全流通阶段。定向增发具有发行门槛低、定价灵活、成本低和效率高等优点，因此定向增发逐渐成为我国资本市场上的热点，并且是我国上市公司扩大企业规模、改善企业结构和引入战略投资者一种有效的再融资手段。从目前国内研究情况来看，学术界对定向增发的研究主要集中在定向增发的公告效应、定价机制、动机、以及经营绩效等方面，尚无学者对上市公司定向增发的认购方式与经营绩效做出相关实证研究。上市公司向少数特定投资者定向增发股份，投资者可以用现金或者资产进行股份认购。通常，投资者参与的定向增发，用现金认购上市公司定向增发的股权表明投资者对上市公司的支持和信心，对上市公司经营绩效的提升比资产认购更为明显和确定；以资产认购股份，，其对上市公司经营绩效的影响与注入资产的质量及匹配性有关。因此，笔者认为上市公司定向增发认购方式会影响经营绩效，进行这样的研究具有一定的理论意义和现实意义。本文采用理论分析与实证研究相结合的方法，研究定向增发不同认购方式下经营绩效的变动趋势。在对定向增发和认购方式相关概念进行了界定，用信息不对称理论、代理理论和监督效应假说对不同认购下经营绩效的差异进行分析的基础上，提出了现金认购的定向增发给公司经营绩效带来的影响优于资产认购的定向增发的假设。以沪、深两市2011年成功实施定向增发的上市公司为样本，选取盈利能力、营运能力、偿债能力、发展能力和现金流量能力五个方面共11项财务指标，运用因子分析法进行降维提取五个公因子构造出综合得分函数，按资产认购和现金认购两类对样本公司实施定向增发前后的经营绩效进行了比对分析。研究发现，以现金方式认购的定向增发给上市公司带来的经营绩效影响优于以资产方式认购的定向增发。通过不同认购方式下各因子的比较分析发现两种认购方式下各个因子变化程度不同，作用区间不同。通过不同认购方式下综合得分的比较，发现以资产方式认购的定向增发公司经营绩效在定向增发当年有所提升，与定向增发当年相比，定向增发后一年的经营绩效并没有得到改善反而降低，定向增发后一年的经营绩效相对于增发前一年依旧降低；以现金方式进行认购的定向增发公司的经营绩效在定向增发当年有所提升，与定向增发当年相比，定向增发后一年的经营绩效并没有得到改善反而降低，但定向增发后一年相对于增发前一年仍然有所改善。具体分为以下三点（1）以现金方式认购的样本公司经营绩效改善的区间多于以资产方式认购的样本公司。（2）在经营绩效改善区间，以现金方式认购的样本公司改善的程度大于以资产方式认购的样本公司。（3）在经营绩效降低区间，以现金方式认购的样本公司下降的程度小于以资产进行认购的样本公司。
[Abstract]:In 2006 China's capital market share reform, after which the capital market has entered a phase of circulation. Private placement issuance has low threshold, flexible pricing, low cost and high efficiency, therefore, private placement has gradually become a hot topic in the capital market of our country, and the listed companies in China to expand the scale of enterprises, to improve the enterprise structure and the introduction of strategic investors and an effective means of financing.
From the current domestic research situation, the academic study of private placement mainly focus on the announcement effect of private placement, pricing mechanism, motivation, and performance, there are no scholars make empirical research related to the private placement of listed companies to subscribe and operating performance of listed companies. The issuance of shares to a few specific investors oriented, investors can share subscription in cash or assets. Usually, the orientation of investors to participate in the issuance, use cash to subscribe for the private placement of listed companies shows that equity investors in listed companies support and confidence on the operating performance of listed companies to enhance the ratio of asset subscription is more obvious and definite; the subscription of shares in the assets, its impact on the operating performance of listed companies with the quality of the injected assets and matching. Therefore, the author thinks that the private placement of listed companies for the way will affect the business performance It is of theoretical and practical significance to carry out such research.
This paper uses the method of theoretical analysis and empirical research combined with the trend of performance management of the private placement of different subscription mode. In the subscription mode of private placement and related concepts were defined, by using the theory of information asymmetry, analyzing the difference of agency theory and supervision effect hypothesis of different subscription of operating performance on the proposed the directional cash issuance of the subscription to assume that assets than the issuance of the subscription of the directional impact on company performance. In Shanghai, Shenzhen two city in 2011 the successful implementation of the private placement of listed companies as a sample, selection of profitability, operating capacity, solvency, a total of 11 Financial indexes in five aspects of development ability and cash flow. By using the method of factor analysis to reduce the dimensions of the five factors extracted and construct the comprehensive score function, two kinds of Sample Firms to implement the subscription according to the assets and cash subscription The performance of the business before and after the increase was compared and analyzed.
The study found that directional cash subscription issuance for listed companies to bring the performance impact of orientation is superior to assets. Through the issuance of the subscription subscription under the different factors of comparative analysis found that the variation degree of each factor of two for the way under different intervals different. Through different subscription comparison comprehensive score, found subscribe to the assets of additional directional company performance in the private placement was improved, and the private placement when compared to the performance oriented one year after the issuance did not improve the performance of directional decrease, one year after the issuance of the previous year is still lower compared with the issuance; in cash for the company's private placement the operating performance of the issuance of that year has improved in orientation, and private placement when compared to the performance oriented one year after the issuance and not Improved decrease, but a year after the issuance of private placement relative to a year ago still improved. The concrete is divided into the following three points (1) to improve the performance of Sample Firms in cash subscription business than to subscribe to the assets of the interval Sample Firms. (2) in the range of improving business performance, to subscribe in cash for the Sample Firms to improve greater than subscribe to the assets of Sample Firms. (3) decrease in the range of operating performance, cash subscription of the Sample Firms decreased less than for the Sample Firms to assets.

【学位授予单位】：浙江财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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