【作者】 马佳；

【导师】 邹高峰； 曾明华；

【作者基本信息】 天津大学 ， 会计硕士（专业学位）， 2021， 硕士

【摘要】 定向增发由于对公司业绩要求不高同时具有资金成本低、程序简单便捷等优势因而在我国股权融资方式中占据了重要的地位。然而,当上市公司通过定向增发的方式募集资金或者注入资产之后,到底是否获得了市场的认可从而提升了公司的股价,是否改善了公司的经营情况从而提升了财务绩效。定向增发的效果越来越得到投资者的关注。科大讯飞是我国人工智能领域的龙头企业,截止到2020年末,已先后五次通过定向增发的方式募集资金用于项目建设、资产并购等事项。而定向增发到底给科大讯飞的股价和财务绩效带来什么影响,引起了广大投资者的关注。本文以国内外研究定向增发和财务绩效的相关理论为基础。首先介绍了科大讯飞2016年和2018年两次定向增发的基本情况;其次,为了分析定向增发的市场反应,我们需要观察三个与定向增发有关的重要事件日的股价变化并且计算出窗口期的累计超额收益率。在计算累计超额收益率时,采用的是事件研究法;再次,运用财务指标分析法研究了科大讯飞在两次定向增发之后财务绩效的变化情况。最后通过以上分析,得出以下结论:2016年的定向增发为科大讯飞带来了积极的市场反应,而2018年的定向增发并没有带来明显积极的反应;科大讯飞在2016年非公开发行股份收购乐知行后,提升了其整体的财务绩效。而2018年非公开发行股份募集资金投资项目之后,对其偿债能力和营运能力有一定的积极影响,但是其盈利能力和成长能力并没有因此而得到有效的提高。对科大讯飞的定向增发提出四条建议:适当引进有管理经验的战略投资者;选择可以产生协同效应的资产;投资项目要充分考虑风险与收益问题;监管机构加强对定向增发的信息管理。更多还原

【Abstract】 The private placement has an important position in Chinese equity financing methods due to its low requirements for company performance,low capital cost,simple and convenient procedures and other advantages.However,when a listed company raises funds or injects assets through private placement,has it been recognized by the market to increase the company’s stock price,and whether it has improved the company’s operating conditions and improved financial performance.The effect of private placement is getting more and more attention from investors.IFlytek is a leading company in the field of artificial intelligence in my country.As of the end of 2020,it has raised funds through private placement five times for project construction,asset mergers and other matters.What impact the private placement has on the stock price and financial performance of i Flytek has aroused the attention of investors.This article is based on the domestic and foreign research on private placement and financial performance related theories.Firstly,it introduces the basic situation of the two private placements of i Flytek in 2016 and 2018;Secondly,in order to analyze the market reaction of private placement,we need to observe the stock price changes on three important event days related to private placement and calculate the cumulative excess return rate during the window period.The event research method is used when calculating the cumulative excess return rate;Thirdly,it studies the changes in the financial performance of i Flytek after two private placements by using the method of the financial index analysis.Finally,after the above analysis,the following conclusions can be drawn: The private placement in 2016 brought positive market response to i Flytek,in contrast,the private placement in 2018 did not bring a significant positive response to i Flytek;After the acquisition of Lezhixing through the method of private placement in 2016,i Flytek has improved its overall financial performance.After the private placement of shares to raise funds in 2018,it has a certain positive impact on its solvency and operating capabilities,but its profitability and growth capabilities have not been effectively improved as a result.Four suggestions are put forward for the private placement of i Flytek: Introduce strategic investors with management experience in private placement;Select assets that can produce synergistic effects in private placement;Full consideration of risks and returns should be made when investing in projects;Regulatory agencies should strengthen information management for private placement.更多还原