我国上市公司股权再融资绩效评价与影响因素分析.pdfVIP

我国上市公司股权再融资绩效评价与影响因素研究 强内部监管系统的构建，增加会计的法规知识和专业素养。（2 ）监管部门设计 再融资门槛时应更加注重多元化指标，可以考虑用OPA 代替ROE 作为再融资绩效衡 量指标，同时坚持激励相容原则，惩处存在故意掏空行为的上市公司。 （3 ）投资者 应理性投资，杜绝盲目跟风，多关注行业和基本面的发展。 关键词：再融资绩效；影响因素 ii Abstract Abstract In 20 12，A regulation which called“The decision on revising the several provisions of the listed corporation cash dividend”required that the listed companies distributed their profits in total cash would be no less than 30% of the average profits which can be allocated in recent three years.This provision had pushed the equity refinancing into sharp focus.The semi mandatory dividend policy and the requirements of ROE reflected that regulators should pay more attention to advanced supervision of the listed corporations.But on the contrary of the tight refinancing threshold was the enduring issue “boom”and the listed corporation’s performance decline after the refinancing. Was the refinancing performance index selection problem or the listed corporations’ internal supervision and the CSRCs external supervision that should be blamed ? To get the answer ,we browsed a great deal of research literature in order to do research on refinancing performance evaluation and the influence factors. We selected the data of the listed corporation which has been refinanced in 2008 and 2009 as samples and analysised the sample’s refinancing performance two yaers before and four years after starting from comparing the real performance OPA index and the traditional performance ROE index and the investment performance APR index in this time interval and the three performance index’s advantages and disadvantages. We a