上市公司定向增发影响因素的实证研究-数量经济学专业论文.docxVIP

I I 摘 要 从 2006 年实行股权分置改革，证监会颁布并实施《上市公司证券发行管理 办法》以来，市场再融资功能得以迅速恢复，定向增发也正式成为上市公司新 型的股权融资方式，广泛地用于在证券市场上募集资金。 尽管定向增发在国外早已流行，其相关研究也比较充裕。但在国内却由于 2006 年实行股权分置改革，定向增发才逐渐成为我国上市公司在市场上募集资 金的重要渠道，因此从股改后，国内才开始意识到定向增发的重要性，之后并 出现了一定数量的相关研究。尽管定向增发的相关研究比较广泛，但其实证研 究主要集中在其公告效应、定增后公司业绩等方面，而很少涉及影响上市公司 成功实施定增的影响因素，而这正是本文研究的重点和创新性体现。 本文首先介绍定增的流程，并看出增发能否成功实施最终取决于是否有投 资者愿意购买定增发行的股票。因此本文从投资者的角度出发，研究作为投资 者，在考察定向增发项目时，会考虑哪些因素，用于决策其是否购买定增股票。 通过查找 2012 年 3-8 月所有披露非公开发行股票预案公告的上市公司，以此为 总体样本，以披露新增股份上式报告书等相关公开信息为成功实施定向增发的 依据。将投资者考察的所有影响因素分成三类，即定增因素，财务因素，其他 影响因素，通过建立二元 Logit 模型来对定向增发影响因素进行实证研究，并 为增强研究意义，将发行成功的公司作为新样本进行主成分分析。 研究发现折价率相比于其他影响因素，对定向增发的影响最大，在此结论 上，本文进一步分别为上市公司和投资者给出建设性意见。 关键词：定向增发，折价率，Logit 模型 II II Abstract Since the implementation of the reform of the shareholder structure at 2006, the CSRC promulgated and implemented the Measures for the Administration of the Issuance of Securities by Listed Companies, this contribute to the quick restoration of market refinance functions. The private placement of listed companies also became the new equity financing, widely used in fund-raising on the stock market. Although the private placement have been popular in foreign countries for a long time and its research is abundant, but until the implementation of the share reform, the private placement gradually become an important financing way for Chinas listed companies，and the country began to realize the importance of the private placement, then appeared a number of studies. Although the research is extensive, but in fact empirical research, researchers focused more on announcement effect, performance after placement and other aspects, and they rarely pay attention to factors affecting Private Placement, which in this study is focus and innovation reflected. This paper described the process of private placement and found success of placement depends on whether the investors are willing to buy the issued shares. Therefore, this article stand on the view of investors, select factors which will be cons