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MBA硕士论文_中国A股市场定向增发二级市场实证研究DOC

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文本描述
摘要等部分内容。论文的公布(包括以电
子信息形式刊登)授权东南大学研宄生院办理

研宄生签名:导师签名:
曰期: 中国A股市场定向增发二级市场实证研宄
—基于定向増发股价表现的角度
研宄生:高山
导师:朱涛
东南大学
摘要
中国资本市场新发展、新尝试日趋增多,正在经济进程中扮演者愈加重要的角色,
A股市场的融资功能被视为产业转型、收购并购的重要推手,企业融资作为一个长期被
研宄的课题,经过了深入的研宄和进步,从最初的MM理论不探讨所得税和经营风险的
前提下研宄公司的资本结构与公司价值的关系,到引入了公司税赋因素和个人所得税的
米勒模型理论、考虑了财务成本和代理成本的权衡模型理论的演进,后有出现了基于需
要层次的激励理论、基于信息掌握角度的信息不对称理论、代理理论和优序融资理论等
等。这些研宄脉络延伸,经过实证研宄的考验,但是理论引入我国的企业后,实证发现
中西方的差异较大,例如优序融资理论来说,西方的融资顺序是债券优先于股权,而中
国的顺序恰好相反是股权优先于股权。如此,关于中国市场的企业融资课题被细化成很
多方面进行研究,从融资方式的分类到企业大小的分类,再到企业性质的分类,都有详
实的研究资料和文章。在这个基础上,本文主要分析探讨中国的A股上市公司的融资偏
好的其中一个

—定向增发。定向增发是自2006年再融资新的政策放宽了配股条件后
的一个新的再融资方式,定增近年来的发行体量和盈利模式导致了一级半市场的极度活
跃,市场上的大量资金囤积在此处进行定增套利,上市公司的频频使用和市场上资金的
强烈认可引起了广泛的关注,定向增发必有过人之处和深入研究的价值。而从市场上曾
出不穷的资管产品角度看,发行的定向增发的产品确屡屡亏损,在水下的不乏少数,这
也引发了对于定增方案的细节的讨论,到底什么样的定增方案可以进行套利,什么样的
定增方案会导致参与资金的亏损,本文站在定向增发发行前各项要素分析的角度进行研
究,并且希望建立一个判断框架,研究定向增发不同因素下综合导致的股价和公司价值
波动情况

定向增发作为一种重要的再融资方式存在于资本市场,无论是从上市公司的市值管
理、项目开发、还是从长期投资角度,更好的研究定向增发的各项要素以及对应的股价
关系都是很有价值的,也是本文希望建立的一个判断框架。本文梳理了公司融资与公司
I 价值的相关理论、统计了上市公司定向增发的方式、按照上市公司内外部的因素划分研
宄了定向增发的各项要素对于后续投资价值的影响,得出了几个对于定增方案实施后对
于股价有显著的影响的因素构建判断框架,并且根据专家打分法的方式对于这类要素赋
予了权重,依据此建立了一个完整的评价体系,并且根据这个评价体系进行了三个案例
的研宄,分别选取了评价高、中、低的三个定向增发的案例,由评价体系进行判断,并
且对比后续的股票走势,用以佐证该评价体系的实用性

关键词:定向增发、公司价值、股价、公司融资
II An empirical study on the two tier private
placement market in China A
Based on the perspective of the performance of
private placement
Postgraduate: Gao shan
Tutor: Zhu tao
Southeast University
Abstrsct
China&39;s capital market new development, new attempts are increasing, is the economic
process plays an increasingly important role in the play, A-share market financing function is
regarded as an industrial restructuring, acquisition and acquisition of an important promoter,
corporate finance as a long-term research topic, After the in-depth research and progress, from
the initial MM theory without considering the income tax and operating risks under the
premise of the companyfs capital structure and the relationship between the value of the
company to the introduction of corporate tax factors and personal income tax Miller model
theory, Considering the evolution of trade-ofF model of financial cost and agency cost, there
are incentive theory based on demand level, information asymmetry theory based on
information mastery, agent theory and optimal order financing theory. However, after the
introduction of Chinese enterprises, the empirical findings found that the difference between
China and the West is very large, with the theory of advanced order financing, the Western
financing order is the bond over the equity, while Chinafs On the contrary, the equity is prior
to the equity. So, on the Chinese market, corporate finance issues have been refined into many
aspects of research, from the classification of financing to the size of the enterprise
classification, to the nature of the classiJBcation of enterprises, have detailed research
materials and articles. On this basis,this paper mainly studies the financing preference of
China’s A-share listed companies. Private placement is a new way of refinancing after a new
policy of refinancing in 2006, and the volume and profit model in recent years have led to the
extreme activity of the first and a half markets. The large amount of fluids on the market
Hoarding here to increase the arbitrage, the frequent use of listed companies and the strong
in recognition of funds on the market caused widespread concern, private placement mxxst have
extraordinary and in-depth study of the value. And from the market has been endless
management of the product point of view, the issue of private placement of the product often
repeated losses in the water no shortage of a few, which also led to the details of tiie program
for the discussion, in the end what kind of It is hoped that the establishment of a judgment
framework, the study of the development of dififerent factors under the combination of
different factors lead to the development of the factors that lead to the increase in the number
of factors, Of the stock price and the value of the company fluctuations.
With the emergence of private placement as an important means of refinancing in the
capital market, whether from the listed company&39;s market value management, program
development point of view or jfrom the perspective of investors long and short investment,
better study of the elements of the additional issuance and the corresponding share price
Relations are very valuable, but also hope that the establishment of a judgment framework.
This paper combs the theory of corporate finance and corporate value, and summarizes the
formulation of private placement of listed companies. According to the factors of internal and
external factors of listed companies, this paper studies the influence of various factors on the
value of follow-up investment For the factors that have a significant impact on the stock price
after the implementation of the program,the author has established a complete evaluation
system based on this method, and according to the evaluation system, Three cases of the study,
respectively, to select the evaluation of high, medium and low three private placement cases,
judgments by the evaluation system, and follow the follow-up stock movements, to support
the evaluation of the practicality of the system.
Keywords: private placement, corporate value, stock price
IV 目录
摘要 1
ABSTRSCT. III
第一章引言 1
1.1研宄背景及意义 1
1.1.1研宄背景 1
1.1.2研宄意义 5
1.2研宄方法与框架结构 8
1.2.1研究方法 8
1.2.2论文结构 9
1.3可能的创新点与不足第二章文献综述 11
2.1公司融资与公司价值相关理论2.1.1 MM理论的演进 11
2.1.2信息不对称理论2.1.3代理理论 13
2.1.4优序融资理论 14
2.2中国上市公司融资行为分析2.2.1融资方式的优劣势分析2.2.2融资方式的偏好顺序2.3中国上市公司定向增发方式分析2.3.1定向增发发行对象2.3.2定向增发认购方式2_3.3定向增发增发价格2.3.4定向增发参与项目2.3.5定向增发其他要素第三章上市公司定向增发影响因素研宄.3.1内部影响因素分析 20
3.1.1大股东行为分析3.1.2认购方式分析 23
3.1.3定增参与项目分析
24
3.1.4公司盈利情况分析
25
3.1.5公司市值大小分析
26
3.2外部影响因素分析 27
3.2.1定向增发参与价格与市场价格差异度分析
27
3.2.2上市公司行业转型分析
29
3_2.3上市公司增发前股价涨跌分析
32
3.2.4监管层政策分析
33
3.3定增流程因素分析 33
3.3.1预案公告日的数据统计分析
34
V 3.3.2发行日的数据分析
37
3_3.3股权登记日的数据统计
38
3.3.4股份变动日的数据统计
39
3.3.5解禁日的数据统计
40
3.3.6时间轴统计总结
41
第四章定增条款判断框架
42
4.1定增条款判断框架 42
4.2专家打分法确定要素权重
43
4.3完整的判断框架 45
第五章案例分析 46
5.1苏宁环球定向增发案例分析
46
5.1.1苏宁环球公司基本情况(以2016年9月30日为准)
46
5.1.2苏宁环球定增预案分析
46
5.1.3苏宁环球后续公告分析
47
5.1.4其他情况分析 50
5.1.5苏宁环球定增打分
50
5.2牧原股份定向增发案例分析
51
5.2.1牧原股份基本情况(以2016年9月30日为准)
51
5.2.2牧原股份方案分析
51
5.2.3其他情况分析 52
5.2.4牧原股份定增打分
52
5.3石基信息定向增发
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