【作者】 杨帆；

【导师】 桑榕；

【作者基本信息】 辽宁大学 ， 金融学， 2017， 硕士

【摘要】 定向增发由于其对于企业的经营盈利指标要求比较低、发行程序比较简单、融资手续费低、审核时间短、发行审批成功率比较高等方面优势,已成为我国上市公司进行再融资主要手段和首要方式。我国2006年到2015年间,总计有2758家上市公司进行了再融资活动,其中有2460家公司是通过定向增发实现融资目的的,股权再融资总融资额达到48069.13亿,其中定向增发融资额为34811.35亿,股权再融资中定向增发的融资金额占比达到了72.42%。如今越来越多的上市公司通过定向增发进行融资,其在我国股权再融资中的地位日益提高,学术界也提高了对其的关注。其主要研究假说包括利益传输假说、信息不对称假说、管理层防御假说、监控成本补偿假说、流动性补偿假说、市场择机假说。这些假说从不同的角度对于定向增发折价做出了合理的解释。在参考相关研究的基础上,本文对于定向增发折价从投资者情绪的角度进行研究,以利益传输理论、信息不对称理论、流动性补偿理论、行为金融学等作为理论依据对投资者情绪对定向增发的影响和其作用路径进行研究。以2015年到2016年间在A股市场上进行定向增发的股票数据为样本,通过市场的角度对定向增发折价进行研究,验证两方面问题:第一,投资者情绪是否是定向增发折价的重要影响因素;第二,在投资者情绪对增发折价有影响的前提下,投资者情绪是否是通过二级市场间接影响的增发折价。通过实证检验本文发现:第一,投资者情绪对定向增发折价影响显著,整体投资者对于资本市场的前景越看好,对标的资产的定价就越高,公司股票价格越高,从而定向增发折价率越高;反之,投资者情绪越低,增发折价率越低。第二,通过中介效应检验对投资者情绪影响路径的研究表明市场错误定价并不是二者影响的中介变量。第三,IPO规模和市净率对具有显著的影响,定向增发折价就是对于外部投资者获得企业相关信息的成本的补偿,其信息不对称程度越大,获得完整信息的难度就越大,投资者要求的定向增发折价越大,而市帐比越大信息不对称程度越高,对公司未来的不确定性越大故增发折价程度越高。并在研究结果的基础上提出推动和发展对投资者的教育和培训、投资者选择更加专业的机构投资者进行资产配置等建议。更多还原

【Abstract】 Due to the advantages of requirements for low business profit index,simple procedures,low issuing financing fees,short audit time,high pass rate,private placement has become the main means of refinancing of the listed companies.From2006 to 2015,a total of 2758 listed companies occur refinancing activity,which has2460 companies through private placement to achieve the purpose of financing.refinancing amount 4 trillion and 806 billion 913 million,of which 3 trillion and 481 billion 135 million private placement financing,which accounted for72.42%.Nowadays,more and more listed companies are financing through private placement,and the status in China’s equity refinancing is increasing.The academic community has raised its concerns.The main research hypotheses include interest transfer hypothesis,asymmetric information hypothesis,managerial entrenchment hypothesis,monitoring cost compensation hypothesis,liquidity compensation hypothesis and market selection hypothesis.These hypotheses make a reasonable explanation for the discount of private placement from different angles.Based on related research results,In this paper,the private placement discount is studied from the perspective of investor sentiment.in the interests of transmission theory,information asymmetry theory,liquidity compensation theory and behavioral finance as the theoretical basis for investor sentiment on the impact of private placement and its effect on the path.In 2015 to 2016 in the A stock market stock data placement as samples,research on private placement through the market.This dissertation has been concerned with two problem:first,whether investor sentiment is an important factor affecting private placement discount;second,in the premise of investor sentiment has effects on the discount whether the investor sentiment is indirectly affected by the two-level market.Through the empirical research found that first,investor sentiment has a significant impact on private placement discount,investors are more optimistic about the prospects for the capital market,the higher the price of the underlying assets,the higher the stock price,thus the higher the rate of private placement discount.Conversely,the lower the investor sentiment,the lower the discount rate.Second,through the study of the effect of investor sentiment on the path of investor sentiment,we find that market mispricing is not an intermediary variable of the two effects.Third,the IPO scale and P/B have significant influence on the discount of private placement.The discount of private placement is the compensation for the cost of obtaining relevant information from the external investors,the greater the degree of information asymmetry,the greater the difficulty of obtaining complete information,investor demand for private placement will be higher discount.And the higher the P/B is,the higher the degree of information asymmetry,the greater uncertainty about the future of the company therefore,the higher the degree of issuance discount.Based on the results of the study,some suggestions are put forward,including that promote and develop education and training for investors,and investors should choose more professional institutional investors for asset allocation and so on.更多还原