【作者】 李红；

【导师】 张安民； 陶向京；

【作者基本信息】 上海交通大学 ， 工商管理（MBA）（专业学位）， 2017， 硕士

【摘要】 中小企业如何获取合理的融资方式以满足生存及快速成长的需要,获取融资后是否能够解决快速成长的问题?一直是实业界关注的焦点问题。国内外的学者对IPO新股发行和定向增发进行了深入研究,给出了许多有意义的结论。但由于中国新三板市场的特殊性,目前的研究较多局限于政策规定和发行条件等方面,缺乏针对性的实证研究。为了深入研究新三板市场对于中小企业融资的意义和影响,以及从投资人角度出发,分析中小企业进行融资后是否能达到预期发展效果,本文从实证方面对中小企业在新三板市场中的定向增发行为和结果进行了深入系统的研究。本文以新三板市场2013年到2014年已成功实施定向增发的50家和234家企业为研究样本,选取体现公司经营绩效的13项财务指标,组成研究体系,从盈利、偿债、运营和发展等四个方面对新三板挂牌企业的综合经营绩效进行实证分析。在具体方法上本文采用因子分析法对样本公司财务指标进行降维处理,构造出综合因子模型后,得到样本公司的综合绩效分值。通过比较定向增发前后新三板挂牌企业的综合经营绩效,我们发现:(1)虽然新三板挂牌企业通过定向增发得到了企业发展所必要的资金或其他资源,但这些公司的实际经营绩效并没有发生显著性的改变或提升,仅仅在某些方面如运营能力等方面有所改进。(2)本文还针对反映企业成长率的息税前利润增长率来对定向增发的效应进行研究分析,检验结果表明,无论是单变量还是因子分析法,都得到同样的结果。(3)定向增发动机和目的会影响公司在定向增发后的经营业绩。根据分析结果,以补充流动资金为定向增发目的的新三板公司,在定向增发后1-2年的时段中,综合经营绩效稳定并有所提高,改善速度高于以其他目的进行定向增发的新三板公司。那么,定向增发除了作为新三板挂牌企业的融资渠道外,是否还给企业带来更多收益,是否值得投资者积极参与新三板定向增发?这无疑给我们带了更深的思考。最后,本文在实证分析的基础上,结合目前新三板市场发展的特点,提出了更有针对性的解释和建议。更多还原

【Abstract】 It has always been the focused question that how the small and medium business can get a proper financing tool for rapid growth and surviving in a competition market.And it is a more important question,whether financing is the key contributing factor that really helps the business to grow.There are a lot of in-depth researches by foreign and domestic scholars.They have examined and analyzed the issue from different perspectives,and found many significant conclusions.But due to the particularity of China’s New Third Board market,the systematic theoretical or empirical studies are very rare.The majority of existing researches only focus on the regulation and issue conditions.In order to study the meaning and the influence of the new third board for small and medium sized business,and analyze the results after business get financing,this article examines the private issue of the new third board market theoretically and empirically.We used data of private placement from 50 companies in 2013 and 234 companies in 2014.All of these companies are listed in China New Third Board market.We chose 13 financial indexes to establish an empirical system,which measure the operating performance in 4 aspects,including profitability,debt paying ability,operation capability and growth.The factor analysis method was used to for dimension reducing and we calculated all samples’ performance scores with the factor analysis model.By the comparison between the operation performance scores before and after the private placement,the follow results are found:1)The overall operating performance are NOT improved as promised,after the companies implemented private placement and got the capital and resources required for business growth.We can only see very limited improvement in some areas,such as operating capability.2)We can see NO obvious profit improvement before and after the private placement,no matter we use factor analysis method or simply using EBIT data.3)The purpose of private placement will affect the operation performance.If the capital from the private placement is to increase working capital,it usually shows stable and continuous operating performance improvement in the next 2 years after the implementation.Meanwhile,the improvement trend is better than other companies which implement the private placement for other purposes.As the important financing channel,will the private placement bring more profit to the new third board companies? Should investors such as PE/VC take active part in the private placements? There should be more in-depth questions and answers.At last,we provide several explanation and recommendations,based on the possible reasons why the companies’ operating performance has not been improved with private placement.更多还原