资产注入型定向增发对公司业绩的影响研究

发布时间：2018-03-14 08:46

本文选题：定向增发　切入点：资产注入　出处：《东华大学》2017年硕士论文　论文类型：学位论文

【摘要】：自2006年股权分置改革圆满完成,以及证监会颁布《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之后,资本市场过去流通股与非流通股股权分置的局面已经被改变,这个过程中兴起和发展了一些现象,大股东向上市公司定向增发资产注入就是其中之一。由于定向增发有着诸多优势,故已逐渐成为我国上市公司股权再融资的首选方式。而且通过定向增发,大股东可以将自己的优良资产注入上市公司。然而定向增发在我国的兴起时间较短,与国外研究相比,我国对定向增发资产注入相关问题的研究尚在发展阶段,相关理论研究并不成熟。由于我国与定向增发相对应的法律法规、审核监管等都尚不健全,且我国证券市场其自身的特殊性,这也就意味着国外学者的相关研究并不能完全适用于我国资本市场。本文以沪深A股市场为研究对象,取2007至2012年实行定向增发的754家上市公司为研究样本,采集2006-2014年的相关财务数据,通过不断深入细化研究对象并建立回归模型,研究定向增发中资产注入、注入资产质量、大股东所有权性质、国企受政府干预程度等对上市公司业绩的影响,得出以下结论:1)资产注入型定向增发上市公司业绩要好于非资产注入型定向增发上市公司的业绩,结果显著;2)资产注入型定向增发中,注入相关资产公司的业绩好于注入非相关资产公司的业绩,结果显著;3)民营企业定向增发资产注入后长期业绩优于国有企业,结果不显著;4)政府干预程度越强,国有上市公司定向增发资产注入后公司业绩越差,结果显著;5)市场化程度越高,国有上市公司定向增发资产注入后公司业绩越好,结果显著。本文的贡献在于选取了时间跨度比较长的数据,通过不断的层层深入细化研究对象分别研究定向增发中是否资产注入、注入资产质量、所有权性质、政府干预程度和市场化程度等因素对上市公司业绩的影响,细化了资产注入型定向增发对公司业绩的影响研究。且研究得出政府干预程度与国有上市公司定向增发注入资产后的业绩负相关,从另一个角度揭示了政府干预不利于公司经营。
[Abstract]:Since the successful completion of the split share structure reform in 2006 and the promulgation by the Securities Regulatory Commission of the "measures for the Administration of Securities issuance of listed companies" for the first time, In the past, the situation of split tradable and non-tradable shares in the capital market has been changed. In the process, some phenomena have arisen and developed. One of them is that large shareholders inject additional assets into listed companies. Because of its many advantages, it has gradually become the preferred way of equity refinancing of listed companies in our country. Large shareholders can inject their excellent assets into listed companies. However, the rise time of directional additional issuance in China is relatively short. Compared with foreign research, the research on the related problems of directional additional equity injection in China is still in the development stage. The relevant theoretical research is not mature. Because the corresponding laws and regulations, audit supervision and so on are not perfect in our country, and the particularity of our country's securities market, This means that the relevant research of foreign scholars can not be fully applicable to China's capital market. This paper takes the Shanghai and Shenzhen A-share market as the research object, taking 754 listed companies with directional additional offerings from 2007 to 2012 as the research samples. Through collecting the relevant financial data from 2006 to 2014, through the further refinement of the research object and the establishment of the regression model, the paper studies the asset injection, the injected asset quality, the ownership nature of the majority shareholder in the directional additional issuance. Under the influence of the degree of government intervention on the performance of listed companies, the following conclusions can be drawn: (1) the performance of listed companies with injection of assets is better than that of listed companies with non-asset injection. The results showed that the performance of injection related assets companies was better than that of non-related assets companies, and the long-term performance of private enterprises was better than that of state-owned enterprises. The results are as follows: (1) the stronger the degree of government intervention, the worse the performance of state-owned listed companies after the injection of additional assets, and the higher the degree of marketization, the better the performance of state-owned listed companies after the injection of additional assets. The results are significant. The contribution of this paper is to select the data with a long time span, and to study whether the assets are injected, the quality of the assets injected, and the property of ownership, respectively, through layers of in-depth research objects. The influence of government intervention and marketization on the performance of listed companies, The research shows that the degree of government intervention is negatively correlated with the performance of state-owned listed companies. From another point of view, the government intervention is not conducive to the operation of the company.
【学位授予单位】：东华大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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