定向增发对我国A股上市公司经营绩效的影响

发布时间：2018-03-31 16:18

本文选题：定向增发　切入点：经营绩效　出处：《辽宁大学》2014年硕士论文

【摘要】：在2012年11月2日浙江世宝公开发行股票之后，直到2014年1月8日才有新宝股份公开发行股票，在这长达14个月的停止发行新股过程中，上市公司的融资方式也在悄然的发生转变，定向增发在这期间规模不断扩大，由2011年的183家增加到2013年底的217家。这个转变正在引起学术界和投资者的众多关注，定向增发能否真正改变上市公司的经营绩效还存在疑问。基于这个问题，才有学者开始研究新形势下定向增发对A股经营绩效的影响，但相关文献较少，大多数文献研究的重点是：定向增发对公司股价的影响、增发前盈余管理以及增发目的的影响。本文在前者的基础上着重研究了定向增发对我国A股上市公司经营绩效的影响，，因此,本文的研究具有一定的参考价值和现实意义。通过筛选2011年实施定向增发的108家在沪深A股上市公司的样本,本文选取与盈利能力指标、偿债能力指标、营运能力指标、发展能力指标和现金流量能力这五个大方面相关联的13项财务指标，组成研究体系,这些指标体系能够比较全面地反映出公司的经营绩效情况。本文应用因子分析法对挑选的13项指标进行降维然后提取出公因子,构造出因子分析模型,再计算出样本公司的综合绩效得分。通过对比定向增发前后模型的得分情况,得出结论,定向增发对我国A股上市公司的经营绩效没有得到明显改善。从实证的结果看来,在2011年实施定向增发的公司业绩并没有想象中那么乐观,甚至有不增反降的趋势，这一现象应当引起众多投资者的关注。在此结论的基础上，在论文的结尾部分提出了相关政策和建议：从宏观角度出发，上市公司应当改善定向增发后的信息披露制度；提高投资者的素质，同时投资者在进行投资时应当保持谨慎的态度；确保机构投资者注入的资产是优良资产。这些建议可以规避上市公司在定向增发中的一些不足，使上市公司的经营绩效能有显著的提高。
[Abstract]:It was not until January 8, 2014, after the Zhejiang Shibao public offering of shares on November 2, 2012, that Xinbao shares were publicly issued, during the 14-month process of suspending the issuance of new shares.The way of financing of listed companies is also quietly changing, the size of targeted issuance has been expanding during this period, from 183 in 2011 to 217 at the end of 2013.This change is attracting a lot of attention from academic circles and investors. It is still doubtful whether directional placement can really change the operating performance of listed companies.Based on this problem, some scholars have begun to study the impact of private placement on the performance of A shares under the new situation, but there are few related documents, most of the research focus is: the impact of private placement on the share price of the company.Earnings management before additional issuance and the impact of the purpose of additional issuance.On the basis of the former, this paper focuses on the impact of directional placement on the operating performance of A-share listed companies in China, so this study has certain reference value and practical significance.By screening the samples of 108 A-share listed companies in Shanghai and Shenzhen in 2011, this paper selects the indexes of profitability, solvency, operating capacity, etc.There are 13 financial indexes which are related to the five aspects of development ability and cash flow ability, which can reflect the performance of the company in a more comprehensive way.In this paper, we use factor analysis to reduce the dimension of 13 selected indexes, then extract common factors, construct a factor analysis model, and then calculate the comprehensive performance score of the sample company.By comparing the scores of the models before and after the placement, it is concluded that the performance of the A-share listed companies has not been significantly improved.According to the empirical results, the performance of the companies in 2011 is not as optimistic as expected, and there is even a tendency to decline rather than increase. This phenomenon should attract the attention of many investors.On the basis of this conclusion, the paper puts forward some relevant policies and suggestions at the end of the paper: from the macro point of view, the listed companies should improve the information disclosure system after the placement, and improve the quality of investors.At the same time, investors should be cautious in their investments to ensure that the assets injected by institutional investors are good assets.These suggestions can avoid some shortcomings of the listed companies in the directional additional offering, so that the operating performance of the listed companies can be significantly improved.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】