【作者】 高山；

【导师】 朱涛；

【作者基本信息】 东南大学 ， 工商管理（专业学位）， 2017， 硕士

【副题名】基于定向增发股价表现的角度

【摘要】 中国资本市场新发展、新尝试日趋增多,正在经济进程中扮演者愈加重要的角色,A股市场的融资功能被视为产业转型、收购并购的重要推手,企业融资作为一个长期被研究的课题,经过了深入的研究和进步,从最初的MM理论不探讨所得税和经营风险的前提下研究公司的资本结构与公司价值的关系,到引入了公司税赋因素和个人所得税的米勒模型理论、考虑了财务成本和代理成本的权衡模型理论的演进,后有出现了基于需要层次的激励理论、基于信息掌握角度的信息不对称理论、代理理论和优序融资理论等等。这些研究脉络延伸,经过实证研究的考验,但是理论引入我国的企业后,实证发现中西方的差异较大,例如优序融资理论来说,西方的融资顺序是债券优先于股权,而中国的顺序恰好相反是股权优先于股权。如此,关于中国市场的企业融资课题被细化成很多方面进行研究,从融资方式的分类到企业大小的分类,再到企业性质的分类,都有详实的研究资料和文章。在这个基础上,本文主要分析探讨中国的A股上市公司的融资偏好的其中一个——定向增发。定向增发是自2006年再融资新的政策放宽了配股条件后的一个新的再融资方式,定增近年来的发行体量和盈利模式导致了一级半市场的极度活跃,市场上的大量资金囤积在此处进行定增套利,上市公司的频频使用和市场上资金的强烈认可引起了广泛的关注,定向增发必有过人之处和深入研究的价值。而从市场上曾出不穷的资管产品角度看,发行的定向增发的产品确屡屡亏损,在水下的不乏少数,这也引发了对于定增方案的细节的讨论,到底什么样的定增方案可以进行套利,什么样的定增方案会导致参与资金的亏损,本文站在定向增发发行前各项要素分析的角度进行研究,并且希望建立一个判断框架,研究定向增发不同因素下综合导致的股价和公司价值波动情况。定向增发作为一种重要的再融资方式存在于资本市场,无论是从上市公司的市值管理、项目开发、还是从长期投资角度,更好的研究定向增发的各项要素以及对应的股价关系都是很有价值的,也是本文希望建立的一个判断框架。本文梳理了公司融资与公司价值的相关理论、统计了上市公司定向增发的方式、按照上市公司内外部的因素划分研究了定向增发的各项要素对于后续投资价值的影响,得出了几个对于定增方案实施后对于股价有显著的影响的因素构建判断框架,并且根据专家打分法的方式对于这类要素赋予了权重,依据此建立了一个完整的评价体系,并且根据这个评价体系进行了三个案例的研究,分别选取了评价高、中、低的三个定向增发的案例,由评价体系进行判断,并且对比后续的股票走势,用以佐证该评价体系的实用性。更多还原

【Abstract】 China’s capital market new development,new attempts are increasing,is the economic process plays an increasingly important role in the play,A-share market financing function is regarded as an industrial restructuring,acquisition and acquisition of an important promoter,corporate finance as a long-term research topic,After the in-depth research and progress,from the initial MM theory without considering the income tax and operating risks under the premise of the company’s capital structure and the relationship between the value of the company to the introduction of corporate tax factors and personal income tax Miller model theory,Considering the evolution of trade-off model of financial cost and agency cost,there are incentive theory based on demand level,information asymmetry theory based on information mastery,agent theory and optimal order financing theory.However,after the introduction of Chinese enterprises,the empirical findings found that the difference between China and the West is very large,with the theory of advanced order financing,the Western financing order is the bond over the equity,while China’s On the contrary,the equity is prior to the equity.So,on the Chinese market,corporate finance issues have been refined into many aspects of research,from the classification of financing to the size of the enterprise classification,to the nature of the classification of enterprises,have detailed research materials and articles.On this basis,this paper mainly studies the financing preference of China’s A-share listed companies.Private placement is a new way of refinancing after a new policy of refinancing in 2006,and the volume and profit model in recent years have led to the extreme activity of the first and a half markets.The large amount of funds on the market Hoarding here to increase the arbitrage,the frequent use of listed companies and the strong recognition of funds on the market caused widespread concern,private placement must have extraordinary and in-depth study of the value.And from the market has been endless management of the product point of view,the issue of private placement of the product often repeated losses in the water no shortage of a few,which also led to the details of the program for the discussion,in the end what kind of It is hoped that the establishment of a judgment framework,the study of the development of different factors under the combination of different factors lead to the development of the factors that lead to the increase in the number of factors,Of the stock price and the value of the company fluctuations.With the emergence of private placement as an important means of refinancing in the capital market,whether from the listed company’s market value management,program development point of view or from the perspective of investors long and short investment,better study of the elements of the additional issuance and the corresponding share price Relations are very valuable,but also hope that the establishment of a judgment framework.This paper combs the theory of corporate finance and corporate value,and summarizes the formulation of private placement of listed companies.According to the factors of internal and external factors of listed companies,this paper studies the influence of various factors on the value of follow-up investment,For the factors that have a significant impact on the stock price after the implementation of the program,the author has established a complete evaluation system based on this method,and according to the evaluation system,Three cases of the study,respectively,to select the evaluation of high,medium and low three private placement cases,judgments by the evaluation system,and follow the follow-up stock movements,to support the evaluation of the practicality of the system.更多还原