【作者】 张伟；

【导师】 马金城；

【作者基本信息】 东北财经大学 ， 企业管理， 2011， 硕士

【摘要】 自从中国证监会于2006‘年5月实行了《上市公司证券发行管理办法》以来,定向增发在再融资市场中呈现出快速发展的趋势,并且成为我国上市公司进行股权再融资最主要的方式之一。增发新股对上市公司绩效能否带来可持续的正向影响,本文从不同增发对象的视角对这一问题进行实证研究。本文以我国2009年成功实施定向增发的80家上市公司作为研究样本,并根据样本企业在2008-2010年三年的业绩数据,对上市公司增发新股前一年、当年及之后一年的绩效变化情况展开研究。本文首先对定向增发的市场绩效、经营绩效和增发对象分类的研究成果进行了系统梳理,在此基础上,对现阶段定向增发的发展历程和动机进行分析。在实证研究部分,本文分别从定向增发的市场绩效、经营绩效两个方面分析不同增发对象对样本公司绩效的影响。在对市场绩效的研究过程中,本文以定向增发公告日前后5个交易日为事件窗口,运用事件研究法计算出总体样本在事件期内的超额收益,并进行相关的统计分析。结果显示：定向增发行为对上市公司市场绩效有显著的正的影响；其中仅面向非关联股东的市场绩效显著高于另外两类增发类型,即仅面向大股东及关联股东和同时面向两者的增发类型。在经营绩效的研究中,本文以样本企业实施定向增发前后共三年的财务数据为基础,对样本企业经营绩效的持续性进行研究,发现定向增发行为对上市公司的经营绩效并没有显著的改善作用；在分类研究中,发现仅面向股东及关联股东的样本企业的经营绩效明显优于另外两类增发类型,其中仅面向非关联股东的定向增发对绩效的影响最小通过实证研究,本文认为上市公司在设计定向增发方案时要合理确定发行对象,使定向增发行为能够为持续增加企业的价值服务。上市公司实施定向增发的主要目的为财务融资、引入战略投资者时,应该鼓励非关联股东积极参与；当上市公司实施定向增发的目的为资产重组、实现集团整体上市时,应鼓励大股东及关联股东积极参与。同时作为金融市场的监管机构,要严格规范定向增发过程中的信息披露制度,防止增发信息成为内幕交易的工具。更多还原

【Abstract】 The securities regulatory commission of china to implement the "listed company of securities issuance management method" in 2006, directional shares since in refinancing market on a fast development tendency, and become China’s listed companies, the main equity re-financing one of the ways. Secondary offerings to the listed company performance can bring the positive influence on the sustainable, this article from the perspective of objects of different shares an empirical study.In this paper, the successful implementation in China in 2009. directed the additional issuance of 80 listed companies as research samples, and according to the sample enterprise in the 2008-2010 three years of performance data, to the listed company secondary offerings the year before that, after a year of performance and the change of the research on. In this paper, first, the additional issuance of directional market performance, operational performance and secondary object classification research results were systematically reviewed, based on this, the present development and motivation of the directional shares were analyzed. In the empirical study, this paper respectively from the part of the directional shares market performance, performance analysis of the two aspects of the sample company shares different objects of the influence of performance.In the course of market performance, this essay on directional shares before or after the announcement 5 days for the event window, with cumulated excess profits calculated overall samples in the event of the period, and the excess profits related statistical analysis. The result shows:the only to the non-affiliated shareholders market performance is significantly higher than the other two kind of secondary type that only to big shareholders and related shareholders and at the same time faced the issuance of the two types. In the business performance of the study, based on sample enterprise implementation of directional shares were three years before and after the financial data based on sample enterprise management performance of continuous research, found directional shares of the listed company, behavior operating performance and no significant improvement action. On business performance classification of. found only to big shareholders and related enterprises of the shareholders the performance of sample was better than the other two kind of secondary type; Among them only to the non-affiliated shareholders of the directional shares for the performance affect the minimum.Through an empirical research, this paper argues that the listed company in the design scheme to reasonable directional shares when set a release object, make directional shares for increasing behavior to the value of a business service. Listed companies conduct orientation the main purpose of the issuance of financial financing, should encourage the non-affiliated shareholders to participate actively; When the listed company for the purpose of implementing the additional issuance of directional asset restructuring, should encourage big shareholders and related shareholders participating. At the same time as a financial market regulator, the should regulate directional shares process information disclosure system and prevent shares information become insider trading tool.更多还原