股票增发财务绩效及其市场反应

发布时间：2018-07-04 17:50

本文选题：增发统计 + 增发分类研究　；参考：《北京交通大学》2014年硕士论文

【摘要】：上市公司增发融资、收购资产是企业规模扩张的重要方式,而上市公司本身就是经济活动中最活跃的组织。因此,有必要针对上市公司增发情况进行相应的研究。上市公司增发到底有哪些方式,如何选择?上市公司增发完成后,绩效的提升情况如何?上市公司增发预案提出后,股价的短期表现如何?这三个问题,也是本论文主要的回答的问题。本论文的主要目的为梳理2006年—2013年以来上海证券市场上市公司的增发情况,并根据不同的增发方式对各类增发进行统计分类；在完成相关分类后,对增发后上市公司的绩效水平进行了研究,通过ROE绝对水平的变化、企业ROE相对水平变化(与行业的对比),对增发企业进行绩效研究；另外,就不同的增发类型,分别统计了相应的股价短期走势情况,并结合市场整体走势、注入资产的额度比例进行了关联性分析。根据统计结果,梳理了各类增发的情况,对8年内上海证券交易所上市公司所有增发进行了梳理；此外通过研究发现：在完成现金、资产增发后,上市公司的经营绩效在2-3年后反而出现了一定程度的下滑；投资者对于现金增发趋于理性,但对资产增发仍然存在较高的期待。
[Abstract]:The listed company is the most active organization in the economic activities. Therefore, it is necessary to conduct a corresponding study on the situation of additional issuance of listed companies. What are the ways of issuing additional shares of listed companies and how to choose them? How about the performance improvement of the listed company after the completion of the additional issuance? How about the short-term performance of the stock price after the advance plan of the additional issue of the listed company? These three questions are also the main answers in this paper. The main purpose of this paper is to sort out the situation of additional issuance of listed companies in Shanghai Stock Market from 2006 to 2013, and to classify all kinds of additional offerings according to different ways. Through the change of absolute level of ROE, the relative level of ROE (compared with the industry), the performance of the listed companies is studied. The short term trend of stock price is counted, and the proportion of injected assets is analyzed according to the overall market trend. According to the results of the statistics, this paper combs all kinds of additional offerings, and combs all the additional offerings of listed companies on the Shanghai Stock Exchange within 8 years. In addition, through the research, it is found that: after the completion of the additional issuance of cash and assets, The operating performance of listed companies declined to a certain extent after 2-3 years. Investors tend to rational cash issuance, but there is still a high expectation of additional asset issuance.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275;F224

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