我国交通运输类市公司股权再融资业绩效应研究.docVIP

摘 要 上市公司公开发行募集资金后，其后续发展的关键很大程度上要看其再融资能力。再融资为上市公司的后续发展提供了坚实的动力。我国上市公司的再融资主要采用了股权融资方式，具体包括配股、增发新股及发行半股权半债权的可转换债券。随着我国证券市场的发展，股权再融资越来越成为上市公司筹措资金的重要手段。而上市公司再融资后的业绩表现一直是业内比较关心的问题。上市公司再融资后，获得大量资金，投资于新项目，本应大幅提升其业绩，而事实上近年来对上市公司再融资持批判态度的专家和学者越来越多。在我国不断发展经济的影响下,交通运输行业出于自身发展的需要,在再融资市场上非常活跃。由于它有着受外界经济形势影响大、融资金额巨大的特点,成为再融资市场上不可忽视的力量。本文主要对我国交通运输行业上市公司的再融资进行实证研究,具体选择研究我国交通运输类上市公司再融资。ABSTRACT After the Initial Public Offerings, the following development of listed companies mainly depends on its refinancing ability. Refinancing provide a solid power for the following development of listed companies. Recent years, the listed companies in China often select Secondary Equity Offering which include Right Issuing, Seasoned Equity Offering, Convertible Bonds. With the development of China’s securities market, equity financing has increasingly become an important financing means of listed companies. However, what has been concerned is the performance of listed companies after refinancing. Through refinancing, a listed company has substantial fund to invest in the planned project, and this should improve its performance. But more and more experts and scholars are critical of the refinancing of listed companies in recent years. Traffic transport industry is taking on a promising look thanks to the influence of China’s constantly developing economy. Companies in this industry are also very active in refinancing market. Because of the features of great impact by the external economic situation and huge financing amount, it increasingly becomes an important power in the refinancing market. This paper mainly focuses on the empirical research on the performance effects of listed companies of traffic transport industry. This paper mainly uses the empirical and normative combination of research methods. First, the author sorts out systems of the western financing theories and summarizes the predecessor’s research conclusion. Then, this paper analyzes the equity refinancing of the evolution of