定向增发过程中的折扣以及累计超常收益率研究

发布时间：2018-01-22 21:59

本文关键词： 定向增发定向增发折扣超常收益大股东机构投资者　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：中文摘要：定向增发,是上市公司向特定的投资者发行股权,募集资金的一种方式,属于上市公司再融资的一种手段。在中国,定向增发等同于非公开发行。从2006年上市公司股权分置改革以来,定向增发在上市公司增发融资行为中就开始占据了相当大的比例,无论是定向增发的次数还是金额,都要明显超过公开增发,这也是定向增发值得重视和研究的重要原因。无论是对于上市公司的股东还是对于投资者,定向增发均具有深远意义和影响。由于大股东和大股东关联方以及机构投资者均属于定向增发的主要发行对象,其中大股东有一定的能力和动机影响上市公司的股票的价格和发行折扣,所以本文利用了历史数据,着重分析了大股东和大股东关联方以及机构投资者是否在定向增发过程中获得折扣,并且分析研究了影响定向增发发行折扣的各种主要原因,以及在整个定向增发过程中,一般的投资者在一个短暂的窗口期内所能够获得的超常收益。本文选择了从2006年到2013年的定向增发数据,通过理论研究与实证检验得出了影响折扣率的主要因素有大股东的参与,上市公司股权的市值以及定向增发募集资金数额,定向增发的增发比例和上市公司的市净率。其中我们最关心的是上市公司大股东参与认购的情况,在该情况下定向增发的折扣率得到了显著的提升。并且经过本文的研究论证机构投资者参与定向增发认购时能有效降低定向增发的折扣率。并且本文通过理论证明以及实证研究两方面阐述了各个影响定向增发发行折扣的关键因素。在研究定向增发过程前后的平均累计超常收益率曲线时,本文也发现,在短期内,我国的上市公司定向增发对公司的股价确实起到了良好的推动作用,尤其是在有机构投资者的参与之下,上市公司市场表现更加明显。这也说明我国的定向增发过程中的不合理的行为需要进一步的监管同时企业利益定向增发进行再融资本身值得进一步鼓励。
[Abstract]:English abstract: directional additional issuance is a way for listed companies to issue equity and raise funds to specific investors. It is a means of refinancing of listed companies in China. Since the reform of split share structure of listed companies in 2006, private placement has occupied a large proportion in the financing behavior of listed companies. Both the number of times and the amount of additional private offerings are obviously higher than the public issuance, which is also an important reason worthy of attention and research, whether for the shareholders of listed companies or investors. The directional additional issuance has profound significance and influence. Because large shareholders, related parties of large shareholders and institutional investors all belong to the main issuing object of directional additional issuance, the major shareholders have certain ability and motivation to influence the price and discount of the listed company's stock. Therefore, this paper makes use of the historical data to analyze whether large shareholders, related parties of large shareholders and institutional investors get discounts in the process of IPO. This paper also analyzes the main reasons that affect the discount of placement, and the extraordinary return that the general investors can obtain in a short window period during the whole process of the placement. This paper selects the data from 2006 to 2013. Through theoretical research and empirical test, the paper concludes that the main factors affecting discount rate are the participation of large shareholders. The amount of capital raised by the listed company, the proportion of the additional shares and the price-to-book ratio of the listed company, among which we are most concerned about the participation of the major shareholders of the listed company in the subscription. In this case, the discount rate of additional directional issuance has been significantly increased, and through the research of this paper, it is proved that institutional investors can effectively reduce the discount rate of directional additional issuance when they participate in the subscription. In both Ming and empirical studies, the key factors that affect the discount of placement are discussed. The average cumulative abnormal yield curve before and after the process of directional placement is studied. This paper also finds that, in the short term, the listed companies in China have a good role in promoting the share price of the company, especially with the participation of institutional investors. The market performance of listed companies is more obvious, which also shows that the unreasonable behavior in the process of private placement in our country needs further supervision and the refinancing of enterprise interests should be further encouraged.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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