上市公司再融资资金利用效果研究

【作者】 金国方；

【导师】 姚铮；

【作者基本信息】 浙江大学 ， 管理科学与工程， 2002， 硕士

【摘要】 我国上市公司的再融资的规模越来越大，2001年再融资募集资金与IPO募集资金规模相当，表明再融资已经成为我国股票市场进行资源配置的重要方式。然而，上市公司对再融资的偏好正如未上市公司对IPO的偏好一样，存在着很多误区，包括对股权融资的偏好，利润操纵，资金的大量闲置等等，部分上市公司通过与母公司的关联交易进行资产的转移的现象已经屡见不鲜。 论文研究的主要内容： 首先是对再融资的研究现状和不同融资方式及融资现状进行了详细的叙述，为下面的经验和实证分析作理论的铺垫。并指出我国上市公司的融资偏好影响上市公司的资本结构，继而很可能影响上市公司的绩效。 接着，对上市公司偏好股权融资，进行利润操纵以及资金闲置问题进行经验和相关性实证分析，并对上市公司的再融资资金的利用效果提出置疑，紧接着对再融资误区的制度性根源进行了揭示。这部分研究为对策建议和实证研究的必要性提供依据。 再者是通过一系列的实证研究方法，对上市公司再融资的利用效果进行全面的实证研究，所使用的方法是样本均值检验，相关性分析及检验以及二元同归模型分析，并得出结论：整体而言，我国上市公司的再融资资金利用效果很差。 最后为对策建议部分，提出了通过利用新技术，建立电子决策系统，为中小股东参与上市公司的股东大会议案的投票提供新途径，解决上市公司经营缺乏约束的问题。还提出将主营业务收入增长率作为上市公司配股资格的要求之一。更多还原

【Abstract】 The corporation of china was refinanced more and more capitals from stock market In 2001, the capitals of refinancing amount to the capitals of IPO. The refinancing is one of important manner of distributing resource. But the refinancing exists many errors like the errors of IPO, example for the liability of equity capital financing, the control of profit, many capitals leaving unused and so on. Some corporation transferred the assets by the relation exchange with parent company. Then it is the paper’s main contents.The first part is the research actuality, the compare of all kind of refinancing and status of refinancing. It is prepared for next part in theory. The liability of refinancing of the corporations influenced the structure of capital, then the structure influenced the performance of corporations.The second part is the research on statistic and experience about the liability of equity capital financing, the control of profit and so on, then put forward the suspicion of the utility of refinancing capitals. At last it open out the systemic rootstock of the refinancing errors for next part.The third part is demonstration analysis about the utility of refinancing capitals. The manner of the analysis is means test, correlation analysis and linear regression. The conclusion that the capitals of refinancing have been utilized in all by the corporation was bad.Finally part is suggests. It includes building an electronic system for votes of shareholders. It will solve the problem that corporations lack restriction. The advice also involve that corporation’s mounting ratio of thc earning of main operation will be one of request which want to refinance.更多还原