發(fā)布時間：2018-06-20 05:23

  本文選題：定向增發(fā) + 增發(fā)股價效應(yīng)�。� 參考：《南京師范大學》2012年碩士論文

【摘要】：定向增發(fā)作為我國自《證券發(fā)行管理辦法》發(fā)布以來最早恢復的再融資方式,與公開增發(fā)、配股等股權(quán)再融資方式相比,由于其具有審核程序簡單、籌資成本低、發(fā)行成功率高等特點深受上市公司的青睞,因此,就定向增發(fā)的有關(guān)問題進行深入研究具有很重要的理論和實踐意義。國內(nèi)已有不少學者對定向增發(fā)引起的股票異常收益率即股價效應(yīng)進行過研究,但對股價效應(yīng)影響因素的實證研究卻很少,本文試圖通過理論和實證分析相結(jié)合的方法較全面地分析我國A股市場定向增發(fā)股價效應(yīng)的影響因素。 首先,本文運用有效資本市場假說以及國內(nèi)外主流效應(yīng)假說對定向增發(fā)股價效應(yīng)進行相關(guān)理論分析,重點討論了市場態(tài)勢、認購對象、增發(fā)動機以及投資者情緒對股價效應(yīng)的影響。 然后,以我國A股市場2006年5月～2010年12月期間實施定向增發(fā)的494家上市公司為樣本,采用事件研究法驗證了實施定向增發(fā)的上市公司的股價效應(yīng)為正,接著在前人研究的基礎(chǔ)之上,根據(jù)相關(guān)理論和假說分析了可能影響我國A股上市公司非公開增發(fā)股價效應(yīng)的因素,選取上市公司規(guī)模、資產(chǎn)負債率、股權(quán)集中度、增發(fā)對象、增發(fā)動機以及投資者情緒作為解釋變量,以平均累計異常收益率作為因變量建立了多元線性回歸模型,通過研究得出實施定向增發(fā)公司的規(guī)模和資產(chǎn)負債率對股價效應(yīng)具有顯著為負的影響,股權(quán)集中度、增發(fā)對象以及增發(fā)動機對股價效應(yīng)具有顯著為正的影響,同時,投資者情緒對股價效應(yīng)的影響也獲得了預(yù)期的符號和顯著性,從而表明,監(jiān)督效應(yīng)假說、股權(quán)結(jié)構(gòu)效應(yīng)假說、信息不對稱假說以及投資者情緒理論能很好地解釋我國A股市場實施定向增發(fā)的上市公司的股價效應(yīng)。 最后,根據(jù)文章的研究分析結(jié)果,提出了相應(yīng)的政策建議。
[Abstract]:As one of the earliest refinancing methods recovered since the issuance of the measures for the Administration of Securities issuance in China, directional additional issuance is compared with other equity refinancing methods, such as public issuance and rights issue, because of its simple audit procedure and low financing costs. The characteristics of high success rate of issuance are favored by listed companies. Therefore, it is of great theoretical and practical significance to deeply study the related problems of directional additional issuance. There are many scholars in China who have studied the abnormal return rate that is the stock price effect caused by the directional placement, but the empirical research on the influencing factors of the stock price effect is rare. This paper attempts to analyze the influencing factors of the price effect of directional placement in China's A-share market by means of theoretical and empirical analysis. Firstly, using the efficient capital market hypothesis and the mainstream effect hypothesis at home and abroad, this paper makes a theoretical analysis of the price effect of directional placement, and discusses the market situation and the target of subscription. The effect of engine and investor sentiment on stock price effect. Then, with the sample of 494 listed companies in China's A share market from May 2006 to December 2010, the stock price effect of the listed companies with additional directional offerings is verified by the event study method. Then on the basis of previous studies, according to relevant theories and hypotheses, this paper analyzes the factors that may affect the effect of non-public additional share price of A-share listed companies, and selects the scale of listed companies, the ratio of assets and liabilities, the degree of concentration of equity, the object of additional issuance. The increasing engine and investor sentiment are taken as the explanatory variables, and the multiple linear regression model is established with the average cumulative abnormal return rate as the dependent variable. Through the research, it is concluded that the scale and the asset-liability ratio of the directional placement company have a significant negative impact on the stock price effect, and the equity concentration, the additional issue object and the increasing engine have a significant positive impact on the stock price effect, at the same time, The influence of investor sentiment on the stock price effect has also obtained the expected symbol and significance, which shows that the supervision effect hypothesis, the equity structure effect hypothesis, The information asymmetry hypothesis and investor sentiment theory can explain the stock price effect of the listed companies in China's A-share market. Finally, according to the research and analysis results of the article, the corresponding policy recommendations are put forward.
【學位授予單位】：南京師范大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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本文編號：2043128