贤成矿业定向增发案例研究

发布时间：2018-03-21 01:02

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

【摘要】：上市公司为了进一步发展壮大需要资金、资产的支持,就需要再融资,股权融资成为上市公司的首选。在股权融资中,作为中国兴起的筹资方式,上市公司又因为定向增发发行快、风险小、费用低、门槛低等众多优点而选择定向增发,定向增发逐渐在各行业各大公司中得到广泛运用,但是由于国内对于定向增发的研究和经验尚不成熟,相关法律并不完善,使得随着定向增发在公司中的广泛使用,开始显现出越来越多各种各样的问题,例如大股东的侵权行为、疯狂套现侵占中小股东的利益、如何制定发行价格、许多上市公司破发频频等问题。如何有效的解决和预防定向增发带来的一系列问题便成了上市公司发展的重点。本文通过案例研究法以贤成矿业2011年度定向增发为主,期间穿插09年和15年度的定向增发,并且结合当年定向增发大环境以及公司相关对策,分析在注入资产的过程中存在哪些问题,是否存在利益输送问题,注入的资产是否提升了上市公司的业绩,进而针对存在的问题提出相应的建议。首先是介绍了贤成矿业定向增发的发展历史,接下来对贤成矿业2011年定向增发存在的内外部原因以及经济后果进行了深刻分析。最后结合本次定向增发中存在的问题提出相应的建议,希望能够有助于定向增发制度的完善,保护公司以及中小投资者的利益,促进上市公司长远发展。
[Abstract]:In order to further develop and grow, listed companies need the support of capital and assets, so they need to refinance. Equity financing has become the first choice of listed companies. Because the listed companies have many advantages, such as fast issuance, low risk, low cost, low threshold and so on, they choose to issue additional directional, which is gradually widely used in all major companies in various industries. However, due to the immature research and experience in China, and the imperfection of relevant laws, with the widespread use of directional placement in the company, more and more various problems begin to appear. For example, the tort of the major shareholders, the frenzy to cash out and encroach on the interests of the minority shareholders, and how to set the issue price. Many listed companies break hair frequently. How to effectively solve and prevent a series of problems brought by directional additional issuance has become the focus of the development of listed companies. During the period of 2009 and 15 years of directional additional issuance, and combined with the year of directional additional issuance environment and the company's relevant countermeasures, analysis in the injection of assets in the process of what problems, whether there is a problem with the transmission of benefits, Whether the injected assets improve the performance of listed companies, and then put forward the corresponding suggestions for the existing problems. Firstly, it introduces the development history of directional additional issuance of Xiancheng Mining Industry. Then the paper makes a deep analysis of the internal and external reasons and economic consequences of the private placement in Xiancheng Mining Industry in 2011. Finally, it puts forward corresponding suggestions combined with the problems existing in the private placement, hoping that it can contribute to the perfection of the system of directional additional issuance. Protect the interests of companies and small and medium investors, and promote the long-term development of listed companies.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.1;F406.7

【参考文献】