我国股权再融资制度变迁回顾与研究

发布时间：2018-06-20 13:09

本文选题：股权再融资制度 + 变迁分析　；参考：《贵州财经大学》2016年硕士论文

【摘要】：股权再融资是继首次公开发行后再次通过证券市场发售股票募集资金的融资行为。随着股票市场不断的发展,从1992年到2014年的统计数据可以看出,基于我国特殊国情的再融资市场有股权再融资的偏好,股权再融资总额在逐年增加,2008年之前我国上市公司主要通过首次公开发行的方式筹集资金,但随着我国股票市场的改革,对首次公开发行市场的门槛要求越来越高,更多的企业开始选择股权再融资的方式筹集资金,2008年之后,上市公司股权再融资的规模已经远远超过上市公司首次公开发行的规模,甚至在2013年首次公开发行的空窗期期间,股权再融资成为上市公司筹集资金的首选,股权再融资成为重要的直接融资模式。同时伴随着股权再融资规模的扩大,其中出现了筹资者盲目融资,投资者利益受到损害等情形,这就需要有效的制度进行约束,规范股权再融资市场,使得资金在供给者和需求者间进行有效配置。基于此,研究股权再融资制度变迁的原因、过程及制度机制对筹资者、投资者约束的有效性对未来制度的改进有一定的现实意义。因此本文以理论分析为基础,回顾并分析了自1992年到2104年配股和增发再融资的制度变迁及其起因和过程,总结其中变迁规律,在次基础上运用描述性统计分析法对净资产收益、股利政策、配股比例政策等进行统计分析,得出政策的变迁对筹资者会产生约束性,在政策变迁会对筹资者筹资额和投资者收益产生影响的假设前提下,运用多元线性回归模型、单因素方差分析法等进行验证,分析了制度变迁机制对股权再融资行为的约束力,得出如下结论:首先,股权再融资制度变迁过程所产生的变迁机制对筹资者筹资额产生有效影响。通过建立政策哑变量的多元线性回归方程,进行验证得出,控制筹资者盲目融资的政策有增发政策、净资产收益率政策、股利政策。第二,股权再融资制度变迁过程所产生的机制对投资者收益率的有一定影响。通过方差检验的方式验证得出增发方式变迁产生的约束力不显著,而定价方式的变迁产生的约束力显著。
[Abstract]:Equity refinancing is a kind of financing behavior that raises funds through the stock market after the initial public offering. With the continuous development of the stock market, from the statistics from 1992 to 2014, we can see that the refinancing market based on the special conditions of our country has a preference for equity refinancing. The total amount of equity refinancing is increasing year by year. Before 2008, the listed companies in our country mainly raised funds through the way of initial public offering, but with the reform of the stock market in our country, the threshold of the initial public offering market is becoming higher and higher. After 2008, the scale of equity refinancing of listed companies has far exceeded the scale of initial public offerings of listed companies, even during the empty window period of initial public offerings in 2013. Equity refinancing has become the first choice for listed companies to raise funds and equity refinancing has become an important direct financing mode. At the same time, with the expansion of the scale of equity refinancing, there are some cases such as blind financing by financiers and damage to the interests of investors, which requires effective system to regulate the equity refinancing market. So that funds between the supplier and the demand for effective allocation. Based on this, it is of practical significance to study the reasons, process and institutional mechanism of the institutional change of equity refinancing for the finder and investor to improve the system in the future. Therefore, based on theoretical analysis, this paper reviews and analyzes the institutional changes, causes and processes of rights issue and refinancing from 1992 to 2104, summarizes the law of change, and applies descriptive statistical analysis to the net assets income. Based on the statistical analysis of dividend policy and dividend proportion policy, it is concluded that the policy changes will have binding effect on the financiers, and on the assumption that the policy changes will have an impact on the fund-raising amount and investor returns, By using multiple linear regression model and single factor variance analysis method, this paper analyzes the binding force of institutional change mechanism on equity refinancing, and draws the following conclusions: first, The mechanism of the institutional change of equity refinancing has an effective effect on the amount of fund-raising. By establishing the multivariate linear regression equation of policy mute variables, it is concluded that the policy of controlling the blind financing of financiers includes the policy of additional issuance, the policy of net asset return, and the policy of dividend. Secondly, the mechanism produced by the institutional change of equity refinancing has a certain influence on the investors' return. By means of variance test, it is concluded that the binding force produced by the change of issuance mode is not significant, but the binding force of the change of pricing mode is significant.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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