新三板定向增发公告效应的实证分析

发布时间：2018-03-13 12:26

本文选题：新三板　切入点：定向增发　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国新三板市场作为当下资本市场的热门话题之一,牵动着众多中小企业的心。而定向增发作为股权融资重要手段之一,其不论是从融资规模、融资效率来看,都是企业非常乐意选择的手段。由于我国A股市场发展时间较久,所以研究其定向增发公告效应的体系较为成熟和完善,然而我国新三板仍属于起步阶段,研究文献较少。本文旨在研究我国新三板市场挂牌企业定向增发,是否存在公告效应。本文首先,通过整理现有的假说和定向增发数据,获悉了新三板定向增发市场的火热程度。其次,通过搜集而来的2014年5月至2016年12月完成预案公告日披露的定向增发数据,进行了均值检验,获悉了存在显著公告效应的结论。再者,通过引入考量定向增发目的是否为项目融资,进行了单因素方差分析,获悉了项目融资型定向增发的公告效应更为显著的结论,并在此基础上引入了其他几个因素,进行多元回归分析,联合考察其对累计超额收益率的影响。最后,在此基础上与其他A股市场定向增发公告效应论文结论进行对比,获悉这两个市场上定向增发公告相应的相同和不同之处。本文的研究结果是基于论文中的实证分析、文献分析、对比分析,对新三板定向增发各参与方的建议,为新三板市场的投资者、融资者、监管者,提出更规范有效的建议。笔者认为,投资者应该审慎对待每一个定向增发项目、融资者应该对企业进行良性经营管理、监管者应该尽快完善定向增发的相关体制,希望能对完善我国新三板市场贡献绵薄之力。
[Abstract]:As one of the hot topics in the current capital market, China's new third board market is affecting the hearts of many small and medium-sized enterprises. As one of the important means of equity financing, directional additional issuance is one of the important means of equity financing, no matter from the view of financing scale and efficiency. Because the A share market in our country has been developing for a long time, so the system of studying the effect of directional additional issuance announcement is more mature and perfect. However, the new three boards of our country are still in the initial stage. The purpose of this paper is to study whether there is a public announcement effect in China's new three-board market. First of all, this paper collates the existing hypothesis and the data of directional additional issuance. We have learned about the hot degree of the new three boards' targeted additional issuance market. Secondly, through the data collected from May 2014 to December 2016, which was disclosed on the date of completion of the announcement of the preliminary plan, the mean value test has been carried out. The conclusion that there is a significant announcement effect is obtained. Furthermore, by introducing the objective of additional placement for project financing, a single factor variance analysis is carried out, and the conclusion that the announcement effect of the project financing type of directional additional offering is more significant is obtained. On the basis of this, several other factors are introduced, and multivariate regression analysis is carried out to investigate its influence on cumulative excess return. Finally, the conclusion of this paper is compared with that of other A-share market. The research results of this paper are based on the empirical analysis, literature analysis, comparative analysis, and suggestions to the participants of the new three boards. For the investors, financiers and regulators of the new third-board market, they should put forward more standardized and effective suggestions. The author believes that investors should be cautious about every targeted additional issue project, and the financiers should manage the enterprises in a sound manner. Regulators should improve the related system of directional issuance as soon as possible, hoping to contribute a small contribution to the improvement of China's new third board market.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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