發(fā)布時(shí)間：2018-03-22 06:07

  本文選題：定向增發(fā)　切入點(diǎn)：折價(jià)率　出處：《沈陽(yáng)工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：改革開(kāi)放以來(lái),我國(guó)經(jīng)濟(jì)發(fā)展水平直線上升,資本市場(chǎng)再融資方式也多種多樣,一般以發(fā)行企業(yè)債券、資產(chǎn)證券化居多。自股權(quán)分置改革以來(lái),定向增發(fā)與其他融資方式相比,有著其無(wú)可比擬的優(yōu)勢(shì),比如發(fā)行資格要求不高、發(fā)行程序簡(jiǎn)單、發(fā)行成本比較低、鎖定期的存在不會(huì)增加市場(chǎng)擴(kuò)容壓力,而且對(duì)實(shí)現(xiàn)公司的整體上市有著巨大的好處等。2006年從我國(guó)正式頒布關(guān)于定向增發(fā)的法律法規(guī)開(kāi)始,一直到2016年底,我國(guó)A股證券市場(chǎng)上共有2,725家上市公司進(jìn)行了定向增發(fā)再融資,在這其中,2016年A股定向數(shù)量為793家,募資總額為16,685.68億元,這一金額和數(shù)量創(chuàng)歷史新高,定向增發(fā)日漸成為主流融資方式。但是不能忽視的是,定向增發(fā)大多面向的是少數(shù)的特定發(fā)行對(duì)象,往往發(fā)行規(guī)模比較小,涉及到新股東與原股東的財(cái)富分配,特別是在涉及到大股東參與定向增發(fā)的情況下,折價(jià)發(fā)行就成了大股東參與時(shí)的潛規(guī)則,并且其享有的折扣率要比沒(méi)有大股東參加時(shí)的折扣率高很多;在這其中中小股東則沒(méi)有發(fā)言權(quán)。再者定向增發(fā)的發(fā)行價(jià)格與股東認(rèn)購(gòu)比例共同影響財(cái)富分配,所以關(guān)鍵就在于如何定價(jià),在我國(guó)定向增發(fā)存在高折價(jià)現(xiàn)象很普遍,這其中就涉及到大股東的利益輸送行為。本文研究定向增發(fā)的折價(jià)問(wèn)題,先介紹了關(guān)于上市公司定向增發(fā)的折價(jià)動(dòng)因和增發(fā)后引起的經(jīng)濟(jì)后果和財(cái)務(wù)效應(yīng)的相關(guān)理論,主要以研究定向增發(fā)過(guò)程中大股東的利益輸送行為和折價(jià)率為主線,通過(guò)對(duì)國(guó)泰安數(shù)據(jù)庫(kù)所有定向增發(fā)公司的對(duì)比,最終選取了新華傳媒這一研究對(duì)象,采取了文獻(xiàn)綜述法和案例研究的方法對(duì)其定向增發(fā)的折價(jià)動(dòng)因和增發(fā)后的經(jīng)濟(jì)后果進(jìn)行了分析。有以下內(nèi)容:首先對(duì)新華傳媒公司進(jìn)行了一個(gè)簡(jiǎn)要的介紹,并羅列出相關(guān)的增發(fā)方案和過(guò)程,然后對(duì)其折價(jià)動(dòng)因進(jìn)行了重點(diǎn)分析,提供了兩個(gè)思考角度即大股東利益輸送和市場(chǎng)行情,排除利益輸送的嫌疑后,得出市場(chǎng)行情是影響新華傳媒定向增發(fā)折價(jià)的原因;之后查驗(yàn)了定向增發(fā)后股市的長(zhǎng)期反應(yīng),從市場(chǎng)反應(yīng)和財(cái)務(wù)效應(yīng)兩個(gè)角度定義了其增發(fā)后的經(jīng)濟(jì)后果,發(fā)現(xiàn)了增發(fā)后引起了積極的正的財(cái)富效應(yīng)和良好的財(cái)務(wù)效應(yīng)。最后,總結(jié)全文得出結(jié)論,從對(duì)投資者的保護(hù)的視角出發(fā),提出了完善定向增發(fā)定價(jià)機(jī)制和對(duì)資本市場(chǎng)、公司治理的建議。
[Abstract]:Since the reform and opening up, the level of economic development in China has risen sharply, and the refinancing methods of the capital market are also varied. Generally speaking, the issuance of corporate bonds and the securitization of assets are the majority. Since the reform of split share structure, the directional additional issuance has been compared with other financing methods. It has unparalleled advantages, such as low requirements for issuing qualifications, simple issuance procedures, relatively low distribution costs, and the existence of locking periods will not increase the pressure of market expansion. Moreover, it has great benefits for realizing the overall listing of the company. In 2006, from the beginning of our country's formal promulgation of the laws and regulations on additional directional offerings to the end of 2016, A total of 2725 listed companies in China's A-share securities market have carried out additional placement refinancing. Of these, 793 A-shares were targeted in 2016, raising a total of 1.668568 trillion yuan, which is a record high in both amount and quantity. But it can not be ignored that most of the additional offerings are aimed at a small number of specific objects and tend to be relatively small, which involves the distribution of wealth between the new shareholders and the original shareholders. Especially when it comes to the participation of large shareholders in directional additional issuance, discount issuance becomes the latent rule of large shareholders' participation, and the discount rate is much higher than that without the participation of large shareholders. Moreover, the issuing price of additional directional offering and the proportion of shareholders' subscription jointly affect the distribution of wealth, so the key lies in how to price. In our country, the phenomenon of high discount in directional additional offering is very common. This paper studies the discount problem of the directional additional offering, and introduces the theory about the discount motivation and the economic consequence and financial effect of the listed company after the additional offering, which is related to the behavior of the large shareholders' interest transmission, this paper studies the discount problem of the directional additional offering, and introduces the related theories about the discount motivation and the financial effect of the listed company. The main line is to study the behavior and discount rate of large shareholders' interest transmission in the process of directional placement. Through the comparison of all the listed companies in Cathay's database, the author finally selects Xinhua Media as the research object. This paper adopts the method of literature review and case study to analyze the motivation of discount and the economic consequences after the increase of directional placement. There are the following contents: first of all, a brief introduction to Xinhua Media Company is given. And listed the relevant plans and processes of the additional offering, and then analyzed its discount motivation, and provided two angles of thinking, that is, large shareholder interest transmission and market price, after removing the suspicion of interest transmission, It is concluded that the market situation is the reason that affects the discount price of the new directional additional offering, and then the long-term reaction of the stock market after the placement is checked, and the economic consequences after the increase are defined from the market reaction and the financial effect. The positive wealth effect and good financial effect are found after the issuance. Finally, the conclusion is drawn from the view of investor protection, and the pricing mechanism and the capital market are put forward. Recommendations on corporate governance.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：G206-F;F832.51

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本文編號(hào)：1647379