發(fā)布時(shí)間：2018-03-16 04:05

  本文選題：烽火通信　切入點(diǎn)：定向增發(fā)　出處：《東華大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2006年中國(guó)證監(jiān)會(huì)頒布的《上市公司證券發(fā)行管理辦法》首次將定向增發(fā)納入法律約束層面。由于定向增發(fā)融資方式具有門(mén)檻低、發(fā)行成本低、定價(jià)機(jī)制靈活、增發(fā)規(guī)模不受限制的優(yōu)點(diǎn)迅速得到了很多發(fā)行公司的青睞。萬(wàn)得數(shù)據(jù)顯示定向增發(fā)已經(jīng)成為上市公司股權(quán)再融資的最主要方式。但目前定向增發(fā)改革實(shí)踐剛走過(guò)十年,新情況、新問(wèn)題不斷出現(xiàn),有些公司頻頻實(shí)施定向增發(fā),經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流存在短缺的問(wèn)題,對(duì)上市公司定向增發(fā)及其經(jīng)營(yíng)績(jī)效問(wèn)題的研究具有重要的現(xiàn)實(shí)意義。首先通過(guò)梳理和歸納相關(guān)文獻(xiàn),本文對(duì)定向增發(fā)這一領(lǐng)域的國(guó)內(nèi)外相關(guān)理論研究成果進(jìn)行整理,并就定向增發(fā)的制度背景和現(xiàn)狀予以了分析。其次,再以企業(yè)財(cái)務(wù)報(bào)告等資料為主要依據(jù),選擇烽火通信公司作為案例,運(yùn)用理論研究和案例研究相結(jié)合的方法,對(duì)烽火通信定向增發(fā)后的經(jīng)營(yíng)績(jī)效予以分析。烽火通信公司業(yè)績(jī)表現(xiàn)良好但近年來(lái)頻頻實(shí)施定向增發(fā),分別在2009年、2012年分別實(shí)施了一次定向增發(fā),又在2015年實(shí)施了兩次定向增發(fā),且在2016年公布了新的定向增發(fā)預(yù)案。所以針對(duì)企業(yè)情況,本文深入研究了定向增發(fā)對(duì)公司經(jīng)營(yíng)績(jī)效的影響。本文主要沿著定向增發(fā)可能是現(xiàn)金流存在問(wèn)題這一思路,先分析企業(yè)在現(xiàn)金流上存在的問(wèn)題,然后分別對(duì)烽火通信進(jìn)行增發(fā)后的財(cái)務(wù)績(jī)效、資本市場(chǎng)表現(xiàn)進(jìn)行了剖析與評(píng)價(jià),探究企業(yè)經(jīng)營(yíng)管理上存在的問(wèn)題怎樣影響了企業(yè)的現(xiàn)金流。進(jìn)一步分析企業(yè)經(jīng)營(yíng)績(jī)效的影響因素,并對(duì)定向增發(fā)影響企業(yè)經(jīng)營(yíng)績(jī)效的路徑進(jìn)行剖析。通過(guò)以上研究本文發(fā)現(xiàn)企業(yè)的經(jīng)營(yíng)活動(dòng)現(xiàn)金流量存在短缺的問(wèn)題,且企業(yè)存在著存貨周轉(zhuǎn)效率低下、應(yīng)收賬款回收效率低等經(jīng)營(yíng)管理方面的問(wèn)題,并就如何解決這些問(wèn)題理提出相關(guān)的建議,指出了烽火通信定向增發(fā)值得借鑒的地方。本文的貢獻(xiàn)之處在于系統(tǒng)分析了烽火通信定向增發(fā)前后財(cái)務(wù)績(jī)效,并具體分析了定向增發(fā)前后企業(yè)在資本市場(chǎng)的表現(xiàn)以及定向增發(fā)對(duì)企業(yè)資產(chǎn)結(jié)構(gòu)和業(yè)務(wù)結(jié)構(gòu)的影響,指出了企業(yè)存在的實(shí)際問(wèn)題,為投資者深入了解公司的經(jīng)營(yíng)狀況和財(cái)務(wù)狀況,更好的認(rèn)識(shí)企業(yè)未來(lái)的發(fā)展情況提供參考。
[Abstract]:In 2006, China Securities Regulatory Commission promulgated the Regulation of Securities issuance of listed companies, which for the first time brought additional directional issuance into the legal constraint level. Due to the low threshold, low issuing cost and flexible pricing mechanism, the financing method of additional directional issuance is of low threshold, low issuing cost, and flexible pricing mechanism. The advantages of unlimited size of additional offerings have quickly gained the favor of many issuing companies. Data from Wanda show that private placement has become the most important form of equity refinancing for listed companies. But at present, the practice of private placement reform has just passed a decade, and new circumstances have emerged. New problems continue to arise, some companies frequently implement additional directional offerings, and the cash flow generated by operating activities is short. It is of great practical significance to study the issue of directional additional offering and its management performance of listed companies. Firstly, by combing and summarizing the relevant literature, this paper collates the relevant theoretical research results in the field of directional placement at home and abroad. Secondly, based on the enterprise financial report and other information as the main basis, select beacon fire communication company as a case, using the combination of theoretical research and case study method. This paper analyzes the business performance of beacon fire communication after directional additional issuance. The company has good performance, but in recent years, it has frequently implemented directional additional issuance, respectively in 2009, 2012, respectively. In 2015, two additional private offerings were implemented, and in 2016, a new plan for additional directional issuance was announced. This paper deeply studies the effect of directional additional offering on the performance of the company. This paper mainly follows the idea that the directional additional offering may be a cash flow problem, and analyzes the existing problems in the cash flow of the enterprise. Then the financial performance, capital market performance and capital market performance of Fiberhome Communications are analyzed and evaluated respectively. To explore how the problems in the management of enterprises affect the cash flow of enterprises, and further analyze the factors that affect the performance of enterprises. Through the above research, we find that the cash flow of business activities is short, and the efficiency of inventory turnover is low. Problems in the management of low recovery efficiency of accounts receivable, and relevant suggestions on how to solve these problems, The contribution of this paper lies in the systematic analysis of the financial performance before and after the targeted increase of beacon fire communication. The paper also analyzes the performance of enterprises in the capital market before and after the placement, and the influence on the asset structure and business structure of the enterprises, and points out the practical problems of the enterprises. For investors to understand the company's business and financial situation, a better understanding of the future development of enterprises to provide a reference.
【學(xué)位授予單位】：東華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F626.115;F832.51

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