上市公司定向增发融资对公司业绩的影响研究

发布时间：2018-03-05 04:33

本文选题：上市公司　切入点：定向增发　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：2006年,我国证券市场在股权分置改革的推动下开始了一系列转变。在这一阶段中,证监会颁布了规范上市公司证券发行制度的《上市公司证券发行管理办法》,这也是我国首次明确对非公开发行股票(即定向增发)的条件进行的规定。如今,定向增发已成为上市公司再融资最重要的手段和方式,尤其是在2010-2012年最近这段时间,以定向增发方式再融资的企业已占到了绝大多数。通过回顾文献,笔者发现国外学者对于定向增发能否有效改善公司经营业绩有着不同看法,而通过研究分析许多国内学者也认为上市公司的经营业绩在定向增发后可能发生上升或下降。本文的研究目的,就是试图通过对我国2008年至2012年在沪深A股进行定向增发的上市公司进行实证研究,以评价定向增发这种融资方式对于上市公司的财务业绩影响。本文的第一部分是对本篇文章写作思路的阐述,并分析了文章可能存在的缺陷。第二部分先对国内外学者关于定向增发与公司业绩的研究进行综述,回顾了定向增发在我国的研究发展历程。文章的第三部分关于我国企业的定向增发展开了理论分析,比较了定向增发与其他股权融资方式的不同点,分析了现今我国上市公司普遍选择通过定向增发融资的原因,以及上市公司进行不同类型的定向增发后公司业绩可能产生的变化,并由此引出上市公司定向增发后短期经营业绩和长期经营业绩能够改善的假设。本文的第四部分是对于前文提出假设的实证研究,使用了能够代表企业运营能力、盈利能力、发展能力、偿债能力的财务指标,运用因子分析法对企业定向增发前后的财务业绩进行综合评分。通过对上市公司定向增发当年、定向增发第一年到第三年与定向增发前一年的业绩得分的对照比较,笔者证实了定向增发对上市公司的短期业绩具有提升作用,对于中长期业绩则不具备显著改善作用。最后,文章的第五部分,作者总结了全文的研究结果,并试向政府提出几点政策建议。
[Abstract]:In 2006, China's securities market began a series of changes under the impetus of the split share structure reform. The Securities Regulatory Commission has promulgated the "measures for the Administration of Securities issuance of listed companies" to standardize the system of securities issuance of listed companies. This is also the first time that China has clearly stipulated the conditions for non-public issuance of shares (i.e., directional additional issuance). Now, Private placement has become the most important means and means of refinancing for listed companies, especially in the recent period of 2010-2012. The author found that foreign scholars have different views on whether directional placement can effectively improve the operating performance of the company. Through research and analysis, many domestic scholars also think that the operating performance of listed companies may rise or decline after targeted placement. That is, through an empirical study of the listed companies in Shanghai and Shenzhen that issued additional shares in Shanghai and Shenzhen from 2008 to 2012, The first part of this paper is to expound the writing ideas of this article. In the second part, the author summarizes the researches of the domestic and foreign scholars on the directional placement and corporate performance. In the third part of this paper, the theoretical analysis of the private placement of Chinese enterprises is carried out, and the differences between the private placement and other equity financing methods are compared. This paper analyzes the reasons why the listed companies in our country generally choose to raise funds by means of additional directional offering, and the possible changes in the performance of the listed companies after the different types of additional offerings are carried out. The 4th part of this paper is an empirical study on the above hypotheses, which can represent the operating ability and profitability of the company. The financial index of developing ability and solvency, using factor analysis method to evaluate the financial performance of the enterprise before and after the directional issuance. Compared with the performance scores of the first year to the third year before the private placement, the author proves that the private placement can improve the short-term performance of the listed company, but it does not improve the long-term performance of the listed company significantly. In the 5th part of the article, the author summarizes the research results and puts forward some policy suggestions to the government.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】