發(fā)布時(shí)間：2018-01-03 02:36

  本文關(guān)鍵詞：上市公司股權(quán)再融資選擇方式的影響因素研究　出處：《合肥工業(yè)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 股權(quán)再融資 配股 增發(fā)

【摘要】：隨著我國(guó)經(jīng)濟(jì)的迅猛發(fā)展，市場(chǎng)制度的逐步完善，上市公司的成長(zhǎng)速度也越來(lái)越快。大批上市公司需要外源性資金支持企業(yè)的快速發(fā)展，股權(quán)再融資就成為其首選的籌資渠道，其中采用配股和增發(fā)新股進(jìn)行股權(quán)再融資已經(jīng)成為我國(guó)上市公司兩種最常用的融資方式。雖然這兩種方式是上市公司自主選擇的結(jié)果，但選擇何種方式更有利必然成為上市公司關(guān)注的重要問(wèn)題。因此，研究我國(guó)上市公司股權(quán)再融資方式選擇的影響因素具有重要的理論和現(xiàn)實(shí)意義。 本文研究的主題圍繞著哪些因素影響上市公司在配股和增發(fā)之間進(jìn)行選擇這個(gè)問(wèn)題，文章以2009-2012年滬深兩市A股上市公司為研究樣本，運(yùn)用主成分分析法和Logit回歸方法研究影響上市公司股權(quán)再融資選擇方式的因素。實(shí)證研究結(jié)論：第一，規(guī)模越大的公司越可能在股權(quán)再融資時(shí)選擇增發(fā)方式；第二，公司成長(zhǎng)性越好，吸引投資者的能力就越強(qiáng)，為了獲得高額收益，，公司會(huì)選擇增發(fā)方式進(jìn)行股權(quán)再融資；第三，增發(fā)新股會(huì)改變各個(gè)股東的持股比例，但是為了公司更好地發(fā)展，為了調(diào)整合理的股權(quán)結(jié)構(gòu)，公司很可能會(huì)選擇增發(fā)方式進(jìn)行股權(quán)再融資；第四，加權(quán)平均凈資產(chǎn)收益率與增發(fā)方式正相關(guān)；第五，投資者情緒越高漲，公司越傾向于增發(fā)；第六，市盈率和資產(chǎn)負(fù)債率沒(méi)能成為評(píng)價(jià)上市公司股權(quán)再融資方式選擇偏好的影響因素。最后，提出相關(guān)的政策建議。
[Abstract]:With the rapid development of China's economy and the gradual improvement of market system, the growth rate of listed companies is also getting faster and faster. A large number of listed companies need foreign funds to support the rapid development of enterprises. Equity refinancing has become its preferred financing channel. Among them, equity refinancing with rights issue and new shares has become the two most commonly used financing methods of listed companies in China, although these two ways are the result of the independent choice of listed companies. Therefore, it is of great theoretical and practical significance to study the factors affecting the choice of equity refinancing mode of listed companies in China. The theme of this study revolves around which factors influence the choice between rights issue and additional issue of listed companies. This paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in 2009-2012 as a sample. Using principal component analysis and Logit regression method to study the factors that affect the choice of equity refinancing of listed companies. Empirical research conclusion: first. The larger the company is, the more likely it is to choose the way of equity refinancing. Second, the better the growth of the company, the stronger the ability to attract investors, in order to obtain high returns, the company will choose to issue equity refinancing; Third, issuing new shares will change the shareholding ratio of each shareholder, but for the better development of the company, in order to adjust the reasonable ownership structure, the company will probably choose the way of equity refinancing. In 4th, the weighted average net asset return is positively correlated with the way of issuance. 5th, the higher the investor sentiment, the more likely the company is to issue more shares; In 6th, the price-earnings ratio and the asset-liability ratio did not become the influencing factors to evaluate the preference of equity refinancing of listed companies. Finally, the relevant policy recommendations were put forward.
【學(xué)位授予單位】：合肥工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1372018