發(fā)布時(shí)間：2018-06-20 05:23

  本文選題：定向增發(fā) + 增發(fā)股價(jià)效應(yīng)　； 參考：《南京師范大學(xué)》2012年碩士論文

【摘要】：定向增發(fā)作為我國(guó)自《證券發(fā)行管理辦法》發(fā)布以來(lái)最早恢復(fù)的再融資方式,與公開(kāi)增發(fā)、配股等股權(quán)再融資方式相比,由于其具有審核程序簡(jiǎn)單、籌資成本低、發(fā)行成功率高等特點(diǎn)深受上市公司的青睞,因此,就定向增發(fā)的有關(guān)問(wèn)題進(jìn)行深入研究具有很重要的理論和實(shí)踐意義。國(guó)內(nèi)已有不少學(xué)者對(duì)定向增發(fā)引起的股票異常收益率即股價(jià)效應(yīng)進(jìn)行過(guò)研究,但對(duì)股價(jià)效應(yīng)影響因素的實(shí)證研究卻很少,本文試圖通過(guò)理論和實(shí)證分析相結(jié)合的方法較全面地分析我國(guó)A股市場(chǎng)定向增發(fā)股價(jià)效應(yīng)的影響因素。 首先,本文運(yùn)用有效資本市場(chǎng)假說(shuō)以及國(guó)內(nèi)外主流效應(yīng)假說(shuō)對(duì)定向增發(fā)股價(jià)效應(yīng)進(jìn)行相關(guān)理論分析,重點(diǎn)討論了市場(chǎng)態(tài)勢(shì)、認(rèn)購(gòu)對(duì)象、增發(fā)動(dòng)機(jī)以及投資者情緒對(duì)股價(jià)效應(yīng)的影響。 然后,以我國(guó)A股市場(chǎng)2006年5月～2010年12月期間實(shí)施定向增發(fā)的494家上市公司為樣本,采用事件研究法驗(yàn)證了實(shí)施定向增發(fā)的上市公司的股價(jià)效應(yīng)為正,接著在前人研究的基礎(chǔ)之上,根據(jù)相關(guān)理論和假說(shuō)分析了可能影響我國(guó)A股上市公司非公開(kāi)增發(fā)股價(jià)效應(yīng)的因素,選取上市公司規(guī)模、資產(chǎn)負(fù)債率、股權(quán)集中度、增發(fā)對(duì)象、增發(fā)動(dòng)機(jī)以及投資者情緒作為解釋變量,以平均累計(jì)異常收益率作為因變量建立了多元線性回歸模型,通過(guò)研究得出實(shí)施定向增發(fā)公司的規(guī)模和資產(chǎn)負(fù)債率對(duì)股價(jià)效應(yīng)具有顯著為負(fù)的影響,股權(quán)集中度、增發(fā)對(duì)象以及增發(fā)動(dòng)機(jī)對(duì)股價(jià)效應(yīng)具有顯著為正的影響,同時(shí),投資者情緒對(duì)股價(jià)效應(yīng)的影響也獲得了預(yù)期的符號(hào)和顯著性,從而表明,監(jiān)督效應(yīng)假說(shuō)、股權(quán)結(jié)構(gòu)效應(yīng)假說(shuō)、信息不對(duì)稱(chēng)假說(shuō)以及投資者情緒理論能很好地解釋我國(guó)A股市場(chǎng)實(shí)施定向增發(fā)的上市公司的股價(jià)效應(yīng)。 最后,根據(jù)文章的研究分析結(jié)果,提出了相應(yīng)的政策建議。
[Abstract]:As one of the earliest refinancing methods recovered since the issuance of the measures for the Administration of Securities issuance in China, directional additional issuance is compared with other equity refinancing methods, such as public issuance and rights issue, because of its simple audit procedure and low financing costs. The characteristics of high success rate of issuance are favored by listed companies. Therefore, it is of great theoretical and practical significance to deeply study the related problems of directional additional issuance. There are many scholars in China who have studied the abnormal return rate that is the stock price effect caused by the directional placement, but the empirical research on the influencing factors of the stock price effect is rare. This paper attempts to analyze the influencing factors of the price effect of directional placement in China's A-share market by means of theoretical and empirical analysis. Firstly, using the efficient capital market hypothesis and the mainstream effect hypothesis at home and abroad, this paper makes a theoretical analysis of the price effect of directional placement, and discusses the market situation and the target of subscription. The effect of engine and investor sentiment on stock price effect. Then, with the sample of 494 listed companies in China's A share market from May 2006 to December 2010, the stock price effect of the listed companies with additional directional offerings is verified by the event study method. Then on the basis of previous studies, according to relevant theories and hypotheses, this paper analyzes the factors that may affect the effect of non-public additional share price of A-share listed companies, and selects the scale of listed companies, the ratio of assets and liabilities, the degree of concentration of equity, the object of additional issuance. The increasing engine and investor sentiment are taken as the explanatory variables, and the multiple linear regression model is established with the average cumulative abnormal return rate as the dependent variable. Through the research, it is concluded that the scale and the asset-liability ratio of the directional placement company have a significant negative impact on the stock price effect, and the equity concentration, the additional issue object and the increasing engine have a significant positive impact on the stock price effect, at the same time, The influence of investor sentiment on the stock price effect has also obtained the expected symbol and significance, which shows that the supervision effect hypothesis, the equity structure effect hypothesis, The information asymmetry hypothesis and investor sentiment theory can explain the stock price effect of the listed companies in China's A-share market. Finally, according to the research and analysis results of the article, the corresponding policy recommendations are put forward.
【學(xué)位授予單位】：南京師范大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51;F224

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 張人驥,劉春江;基于政策監(jiān)管下的新股增發(fā)與股市波動(dòng)研究[J];財(cái)經(jīng)研究;2005年06期

2 李夢(mèng)軍,陸靜;上市公司增發(fā)新股信息與股票價(jià)格波動(dòng)的實(shí)證研究[J];財(cái)經(jīng)理論與實(shí)踐;2001年04期

3 張穎杰;;定向增發(fā)模式的選擇[J];法制與社會(huì);2010年36期

4 王志彬;周子劍;;定向增發(fā)新股整體上市與上市公司短期股票價(jià)格的實(shí)證研究——來(lái)自中國(guó)證券市場(chǎng)集團(tuán)公司整體上市數(shù)據(jù)的經(jīng)驗(yàn)證明[J];管理世界;2008年12期

5 李獻(xiàn)剛;;上市公司實(shí)施定向增發(fā)的動(dòng)因分析[J];華東經(jīng)濟(jì)管理;2007年11期

6 陳漢文,陳向民;證券價(jià)格的事件性反應(yīng)——方法、背景和基于中國(guó)證券市場(chǎng)的應(yīng)用[J];經(jīng)濟(jì)研究;2002年01期

7 王美今,孫建軍;中國(guó)股市收益、收益波動(dòng)與投資者情緒[J];經(jīng)濟(jì)研究;2004年10期

8 伍燕然;韓立巖;;不完全理性、投資者情緒與封閉式基金之謎[J];經(jīng)濟(jì)研究;2007年03期

9 易志高;茅寧;汪麗;;投資者情緒測(cè)量研究綜述[J];金融評(píng)論;2010年03期

10 劉力,王汀汀,王震;中國(guó)A股上市公司增發(fā)公告的負(fù)價(jià)格效應(yīng)及其二元股權(quán)結(jié)構(gòu)解釋[J];金融研究;2003年08期

相關(guān)碩士學(xué)位論文 前2條

1 張宇;基于定向增發(fā)收購(gòu)資產(chǎn)事件對(duì)中國(guó)股市半強(qiáng)式有效研究[D];西南政法大學(xué);2008年

2 張晶晶;我國(guó)上市公司定向增發(fā)公告效應(yīng)的實(shí)證研究[D];華中科技大學(xué);2008年

，

本文編號(hào)：2043128