地区金融发展水平对申请股权再融资上市公司的影响研究

发布时间：2018-04-27 14:03

本文选题：股权再融资 + 地区金融发展水平　；参考：《东北财经大学》2014年硕士论文

【摘要】：股权再融资在我国从1993年开始兴起,从最初1993年60.19亿元的规模发展到2013年4575.08亿元的规模,而股权再融资在股权融资中所占的比例也从1993年的20.5%增加到2012年的79.32%,由于2013年的IPO暂停,2013年所有的股权融资都是通过增发和配股这两种股权再融资方式来实现的。可见如今,股权再融资在融资市场上占据着非常重要的地位。这些资金为促进企业的发展起到了积极的作用。另一方面,随着我国市场经济的不断发展壮大,地区金融发展的不平衡也是我国经济社会的一大现实问题。金融市场越发达,规模越大,融资企业能够享受金融发展带来的机会越多,而在金融发展水平差的地区,融资企业则明显受到当地金融机构规模的限制。有研究发现,我国金融发展程度相对较弱地区的企业更偏向于股权融资,由于在统一的股票市场上股权融资的成本在不同地区之间的差异不大,金融发达地区的优势更多的体现在债权融资的低成本上,因为金融发展有助于企业克服“道德风险”和“逆向选择”的问题,进而减少信息不对称和契约不完备所导致的资本市场的不完善,因此金融发展有利于缓解上市公司(尤其是民营上市公司)的融资限制。那么,在证券市场可提供的资金相对有限于我国企业的股权再融资偏好的情况下,金融发展水平不相同的地区获得股权再融资资金的机会是否平等,在获得股权再融资机会之后是否会有相同的表现,对这些问题的研究可以扩展到对股权再融资的研究之中。最初,关于股权再融资资源配置效率的研究是从盈余管理开始着手的,研究认为,一些企业使用盈余管理的手段来达到股权再融资的条件进而使得部分资金未能流入资源配置效率更高的企业,降低了资源配置效率。随后出现了从产权性质角度对股权再融资资源配置效率进行的研究,研究认为,在其他条件相同的情况下,国有性质的企业比非国有性质的企业更容易得到股权再融资的机会,而实证分析结果表示非国有性质的企业在得到股权再融资的资金后会有更出色的表现,因此,这种融资机会的不平等现象降低了股权再融资的资源配置效率。本文在借鉴已有文献的基础上,以2003年至2013年间中国资本市场中进行股权再融资申请的上市公司为研究样本探讨地区金融发展水平不同对申请股权再融资上市公司事前和事后的影响。首先,通过对数据的描述性分析可以看出金融发展水平高的地区比金融发展水平低的地区更容易获得股权再融资的机会；其次,通过Logistic回归模型对数据进行分析,发现在控制变量相同的情况下,地区金融发展水平高的地区依然比金融发展水平低的地区更容易获得股权再融资的机会；然后,通过多变量线性回归模型对申请进行股权再融资的企业未来两年的盈利情况进行回归分析,发现获得股权再融资的企业未来的经营业绩更好,还发现金融发展水平高的地区的企业在获得股权再融资后,企业未来的经营业绩会有更快的增加；最后得出结论：在盈利能力、企业规模、资本结构、发展水平不变的情况下,金融发展水平高的地区的企业更容易获得股权再融资的机会,而且金融发展水平高的地区利用股权再融资募集资金以后的投资效率更高,这可能是由于融资机会的不平等影响了企业的发展并进一步加深了这种不平等。因此,政府决策部门应在再融资政策方面适当增加对金融欠发达地区上市公司的政策支持,保证金融欠发达地区上市公司合理的资金需求,尽量保证股权再融资资源配置的公平,促进地区经济更加平衡的发展。
[Abstract]:The equity re - financing began to rise in our country from 1993 to 457.08 billion yuan in 2013 , from 20.5 % in 1993 to 79.32 % in 2012 , and all equity financing in 2013 has been realized through the two ways of equity financing and equity financing . Now , equity refinancing plays a very important role in the financing market . These funds play a positive role in promoting the development of the enterprise .

On the other hand , with the development of market economy in our country , the imbalance of regional financial development is one of the realistic problems of our country ' s economy and society . The more developed the financial market , the more the financing enterprises can enjoy the financial development , the more the financing enterprises can enjoy financial development .

Then , if the funds available in the securities market are relatively limited to the equity refinancing preferences of Chinese enterprises , whether the opportunities for obtaining equity re - financing funds are equal in different regions of the financial development level are equal , and whether the same performance will occur after the equity re - financing opportunities are obtained , and the research on these issues can be extended to the study of equity refinancing .

At first , the research on the efficiency of equity re - financing resources allocation was started from the beginning of earnings management , and the study concluded that some enterprises could not flow into enterprises with higher resource allocation efficiency by using the means of surplus management , thus reducing the efficiency of resource allocation .

Based on the existing literature , listed companies that apply for equity refinancing in China ' s capital market from 2003 to 2013 are used as the research samples to explore the impact of different levels of regional financial development on the pre - and post - events of the listed companies . First , through the descriptive analysis of the data , it can be seen that the region with high level of financial development is more likely to obtain the opportunity to refinance the equity in the region with low level of financial development ;
Secondly , by analyzing the data by Logistic regression model , it is found that in the case of the same control variables , the region with high level of regional financial development is still more likely to get the chance to refinance equity in the region with low level of financial development ;
Then , through the regression analysis of the earnings of the enterprises applying for equity re - financing for the next two years , the multi - variable linear regression model finds that the future operation performance of the enterprise that obtains equity refinancing is better , and it is also found that the enterprise in the region with high financial development level will have a faster increase in the future operating performance of the enterprise after the equity re - financing is obtained ;
Finally , it comes to the conclusion that in the case that the profitability , the size of the enterprise , the capital structure and the development level are unchanged , the enterprises in the areas with high financial development level are more likely to have the opportunity to refinance the stock rights , and the investment efficiency of the region with high financial development level is higher than the investment efficiency after the equity re - financing is raised . This may be due to the unequal influence of the financing opportunity on the development of the enterprise and further deepening the inequality .

Therefore , the government decision - making department should properly increase the policy support of listed companies in the less developed areas in the aspect of refinancing policy , guarantee the reasonable capital requirements of listed companies in the underdeveloped areas of the financial system , and ensure the equity of the allocation of equity re - financing resources and promote the more balanced development of the regional economy .

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.7;F832.51

【参考文献】