基于企业生命周期视角的上市公司定向增发财务绩效研究

发布时间：2018-03-25 01:30

本文选题：定向增发　切入点：财务绩效　出处：《河北大学》2014年硕士论文

【摘要】：2006年股权分置改革完成，证监会开启上市公司定向增发新股的大门，颁布的《上市公司证券发行管理办法》正式对定向增发做出全面解释。定向增发凭借其容易达到的标准，立即成为上市公司满足融资需求的新宠，直至今日仍然热度不减，依旧是上市公司进行股权融资的首选。但是另一方面，现有的资料显示，我国上市公司定向增发产生较晚，没有外国那种成熟的运作模式和相关法律法规，尚处于摸索阶段。由于没有系统的操作模式，导致现在很多上市公司都只是照搬国外经验，而缺少对定向增发的全面、理性认识，，从而导致定向增发过程出现漏洞，定向增发效果不尽如人意。从目前我国的现状来看，认真研究定向增发对中国上市公司财务绩效的影响，总结出一套适合中国上市公司定向增发的经验教训，是上市公司改善财务状况的迫切需要，也是提高资本市场效率和活力、明确资本市场发展方向的根本保证。因此，研究上市公司定向增发财务绩效，同时结合企业生命周期理论，从不同视角审视上市公司定向增发的影响，为上市公司在企业融资方面起到参考作用。本文在对相关理论进行梳理的基础上，阐述了定向增发的定义、原则、程序、目的，以及定向增发的优势、弊端。同时，探讨了生命周期理论的定义、划分标准、划分方法，并以生命周期理论为切入点研究定向增发的意义。本文将生命周期理论和定向增发理论相融合，通过Dickinson现金流组合法对定向增发的上市公司进行五个阶段的划分，分阶段衡量定向增发对上市公司的业绩影响。通过因子分析法构造一个定向增发的综合得分模型，对财务指标体系中的14个指标进行降维，划分为五个公共因子，以此获得财务业绩的综合得分，从而对不同生命周期上市公司定向增发的财务绩效进行对比、衡量。本文经研究认为处于不同生命周期的上市公司定向增发将产生不同的财务绩效影响，而且成长期的上市公司定向增发产生的短期财务绩效影响最为显著。
[Abstract]:In 2006 the completion of the share reform, the Commission on the private placement of listed company shares issued "gate, issuance of securities of listed companies management measures on the formal issuance of make a comprehensive interpretation of directional private placement. With its easy to reach the standard, immediately became a listed company to meet the financing needs of the market, until today still alive, is still the listed company equity financing choice. But on the other hand, the existing data show that the private placement of Listed Companies in China have not late, the mode of operation and the relevant laws and regulations that foreign mature, is still in the exploratory stage. Due to the lack of system operation mode, resulting in many listed companies are now just copy foreign experience, and the lack of the placement of the comprehensive, rational knowledge, which leads to loopholes in the process of private placement, private placement is not satisfactory. At present in China The current situation, carefully study the impact of the private placement on the financial performance of listed companies China, summarizes the experience for a Chinese private placement of listed companies, is an urgent need to improve the financial situation of listed companies, but also improve the efficiency of capital market and vitality, fundamental guarantee to clear the capital market development direction. Therefore, the research orientation of listed companies the issuance of financial performance, combined with the enterprise life cycle theory, examine the influence from different perspectives of listed companies private placement, for listed companies to play a reference role in enterprise financing.
Based on the review of relevant theories, expounds the definition of the private placement program, purpose, principle, and advantage of private placement disadvantages. At the same time, discusses the definition, theory of life cycle division standard, classification, and the life cycle theory as the starting point to study the significance of the private placement. The integration of life cycle theory and the theory of private placement, five stages of the private placement of listed companies through the Dickinson cash flow combination method, phase to measure the impact of the private placement of listed company's performance. Through factor analysis, the comprehensive score method to construct a private placement model, to reduce the dimensionality of the 14 indicators of financial indicators in the system, divided into five common factors, in order to get the comprehensive score of financial performance, so the placement of different life cycle oriented financial performance of listed companies compared to measure. This paper believes that the private placement of listed companies with different lifecycle will produce different financial performance, and the short-term financial performance of the growth oriented listed companies is most significant.

【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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