定向增发整体上市的绩效分析金融学专业论文.docxVIP

I 摘 要 随着股权分置改革的成功推进和全流通时代的到来，大股东纷纷将原剥离的资 产注入到上市公司，进而实现大股东优质资产的整体上市。尤其是《上市公司证券 发行管理办法》和《上市公司收购管理办法》的相继颁布实施，明确了上市公司以 非公开发行股份作为支付方式的合法性，使得定向增发迅速成为大股东整体上市的 最主要模式。基于定向增发的整体上市究竟会产生怎样的绩效成为了大家普遍关注 的问题。 本文对上市公司通过向控股股东定向增发新股实现整体上市这一并购重组活 动所产生的并购绩效进行了理论分析和案例分析。本文首先对定向增发整体上市的 相关概念进行了界定并对其基础理论进行了总结。然后从规模效应、关联交易、同 业竞争、大股东控制权以及协同效应五个方面理论上分析了定向增发整体上市并购 绩效的产生，并得出定向增发整体上市能够产生正的公告效应以及良好的财务绩 效。接下来以徐工机械主业资产通过定向增发实现整体上市为例，重点应用事件研 究法和会计研究法对其公告效应与财务绩效进行了分析，通过对案例进行分析得 出，上市公司徐工机械在交易公告日前后 5 天的累积超额收益率为 25.89%大于零， 整体上市事件确实引起了股价的上升，有着正的公告效应，同时上市公司徐工机械 在整体上市当年的财务绩效有了大幅提升，主要表现为偿债能力、营运能力、盈利 能力、成长能力的大幅提升上。最后通过对案例的分析指出了定向增发整体上市在 实践中应注意的问题以及得到的启示。 关键词：定向增发 整体上市 并购绩效 II Abstract Along with the finish of share merge reform and the times of all-circulation coming, more and more big shareholders inject the assets into the listed companies, and then achieve these assets holistic listing. Especially with the implement of “Measures for the administration of securities issuance of listed companies” and “Administration of the Takeover of Listed Companies Procedures”, non-public shares as payment becomes legal and makes private placement becoming the main mode of holistic listing. The holistic listing based on private placement can generate what MA performance becomes the issue of common concern. This paper covers both theoretical analysis and case study of the MA performance generated by holistic listing based on private placement. The article first defines relative concepts about the holistic listing based on private placement and summarizes relevant basic theories. Then theoretically analyses the MA performance generated by holistic listing based on private placement from five aspects, namely scale effect, related party transaction, horizontal competition, big shareholders’ control rights and synergy effect. Through theoretical analysis, the results show that holistic listing based on private placement can generated positive announcement effects and good financial performance. In addition, this paper taking