我国上市公司定向增发与财务绩效的相关性研究

发布时间：2018-03-02 06:01

本文关键词： 定向增发公司绩效实证研究　出处：《华东理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：自2006年股权分置改革顺利完成,以及证监会出台了《上市公司证券发行管理办法》,对上市公司定向增发首次做出明文规定以来,定向增发在我国上市公司中蓬勃发展。而定向增发具有诸多如发行受限制条件较少、审批程序较为简单、发行成本较低、发行周期相对较短等公开增发和配股融资所不具备的优势,并且在为企业筹集项目投资或者日常经营活动所需资金的同时,还是企业引入战略投资者、整体上市的有力手段,因此逐渐成为我国上市公司股权再融资的首选方式。但由于在我国证券市场上定向增发兴起时间较短,和它相关的法律法规、审核制度以及监管等都还不是十分健全,且我国证券市场有其自身的特殊性,国外学者的相关研究成果并不能完全适用于我国资本市场。而目前国内学者对定向增发主要关注其公告效应、定向增发的动机、折价问题以及利益输送等问题,对于定向增发对上市公司财务绩效的影响研究则较少。仅有的对定向增发财务绩效的实证研究也主要集中在股权分置时期,而经过几年的发展,定向增发行为日趋成熟,投资者也变得更为理性,因此就近几年定向增发对上市公司财务绩效的影响进行实证研究具有重大的现实意义。另外,现有的针对定向增发对上市公司业绩影响的研究,大多停留在分析增发前后上市公司整体绩效的变化情况。而对于定向增发的认购对象、折价程度、投资者认购方式等因素与定向增发企业业绩的相关性的研究,尚未得出一致的结论。因此,本文以沪深A股市场2009至2010年实行定向增发的上市公司为研究样本,采用2008-2012年的相关财务数据,从定向增发的特征出发,通过建立回归模型,分析研究定向增发认购对象(包括区别大股东和机构投资者,以及区别战略投资者和财务投资者)、折价率、投资者认购方式等因素对上市公司业绩的可能影响。研究结果发现,上市公司定向增发后当年业绩有所上升,中长期业绩回落；大股东及其关联投资者的参与对上市公司定向增发后的业绩表现有促进作用；引入战略投资者的公司定向增发后业绩与仅引入财务投资者的公司相比并未显著提高；定向增发折价程度越大,公司增发后业绩表现越好；投资者以资产等非现金方式认购增发股份的公司业绩表现明显优于投资者以现金方式认购的公司。根据以上结论,本文进而提出更有针对性的解释和政策建议。
[Abstract]:Since the successful completion of the reform of the split share structure in 2006 and the issuance by the Securities Regulatory Commission (CSRC) of the measures for the Administration of Securities issuance of listed companies, since the first explicit regulation on the additional directional issuance of listed companies, the directional additional issuance has flourished in the listed companies in our country. Directional additional issuance has many advantages, such as less restricted conditions of issuance, simpler examination and approval procedures, lower issuance costs, shorter issuance cycles, and so on, which do not have the advantages of public additional issuance and rights issue financing. At the same time, it is also a powerful means for enterprises to introduce strategic investors and overall listing, so it has gradually become the preferred way of equity refinancing of listed companies in our country. However, due to the short rise time of directional additional issuance in China's securities market, the relevant laws and regulations, auditing system and supervision are not very sound, and our securities market has its own particularity. The related research results of foreign scholars can not be fully applied to China's capital market. At present, domestic scholars mainly pay attention to the announcement effect, motivation, discount problem and profit transmission of directional additional issuance. The only empirical research on the financial performance of the listed companies is mainly focused on the period of split share structure, but after several years of development, the behavior of private placement is becoming more and more mature. Investors also become more rational, so it is of great practical significance to study the impact of private placement on the financial performance of listed companies in recent years. In addition, the existing research on the impact of private placement on the performance of listed companies is of great practical significance. Most of them stay in the analysis of the changes of the overall performance of the listed companies before and after the additional offering. However, the research on the correlation between the subscription object, the discount degree, the investor subscription mode and the performance of the listed company, and so on, A unanimous conclusion has not yet been reached. Therefore, this paper takes the listed companies in Shanghai and Shenzhen A-share market from 2009 to 2010 as the research samples, adopts the relevant financial data from 2008 to 2012, starts from the characteristics of directional additional offerings, and establishes a regression model. This paper analyzes the possible influence on the performance of listed companies by the factors such as distinguishing between large shareholders and institutional investors, as well as between strategic investors and financial investors, discount rate, investor subscription mode, etc. The performance of the listed company in the year after the placement has increased and the long-term performance has fallen; the participation of the majority shareholders and their associated investors has promoted the performance of the listed company after the placement. Compared with the companies that only introduce financial investors, the performance of the companies with the introduction of strategic investors is not significantly improved, the greater the discount degree of directional placement is, the better the performance of the companies is after the issuance. The performance of the investors who subscribe for additional shares by non-cash means such as assets is obviously better than that of the companies which are subscribed by the investors in the form of cash. According to the above conclusions, this paper puts forward more targeted explanations and policy suggestions.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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