上市公司增发再资选择及效果分析.pdfVIP

提 要 现代企业财务管理理论及国外实证研究表明 公司融资和再融资遵循啄食 顺序原则1 一般优先使用内部股权融资 其次是债务融资 再次是债权和股 权混合融资 即可转换债券 最后才是外部股权融资 90 年代证券市场建立以前 国有企业的外部资金来源几乎百分之百地依赖 或者说偏好银行贷款的债务融资 经过十余年的发展 我国股票市场已经初具 规模 股权融资成为我国上市公司融资的重要渠道 增发新股 配股等股权融 资方式更成为上市公司再融资的主要方式 我国上市公司以增发新股方式融资 源于 1994 年 在探索中不断改进 在争议中不断完善 其间主要经历了四个阶 段 并形成增发政策演变的五个特点 然而 绝大多数上市公司在大量进行增发再融资的同时 却没有提高公司 的经营业绩 尽管上市公司对此给出了解释 但深入研究 发现上市公司与提 供资金方的投资者的权利义务严重不对称是导致上市公司增发再融资失效的深 层原因 本文认为由于这种权利义务严重不对称导致的约束监督机制缺位下的 证券市场造假成本低下 增发再融资过渡竞争 上市公司资金使用效率低下 非公平的关联交易监督失效及中介机构运作失效最终形成绝大多数上市公司增 发融资后经营业绩下滑的局面 1 1984 年梅耶斯和迈基里夫合作研究 提出不对称信息下的啄食顺序原则 亦称优序融资理论 是以信 息不对称理论为核心的新融资理论的一种 2 Abstract The source including inside financing and outside of enterprises fund finance in two irrigation ditches, modern enterprises financial management theory and foreign positive research indicate, the listed company generally uses inside stock financing preferentially, secondly it is the debt financing, it is that creditors rights and stock right mix financing again (namely convertible bond), it is the outside stock financing finally, issue the bond, convertible bond and issue additional new stock mainly. Reformed from the end of the seventies of the 20th century to the 1990s before the security market set up, the external capital source of the state-owned enterprise nearly relies on having a partiality for the debt financing of the bank loan in other words absolutely. The listed company of our country raises the fund and comes from April of 1994 by way of issuing additional new stock, since June of 1998, the additional issue scheme is updated in exploring Summarize but the speech,The additional issue scheme is innovating and putting emphasis on financing the market-based development of the market constantly, it has four stages and five characteristics