我国上市公司增发新股再融资研究

【作者】 吴梦远；

【导师】 田建芳；

【作者基本信息】 上海海事大学 ， 会计学， 2004， 硕士

【摘要】 增发新股(SPO)是与初始发行相对而言的证券发行方式，在国外证券市场中泛指除首次发行(IPO)之外的上市公司再次发行股本性证券，属于已上市公司对外增资扩股的一种方式，目的是为了实现增资以扩大生产、改进技术或者实现发起人股东将其所持有的股份变现。我国上市公司增发的历史不长，遗憾的是市场反应却很快地经历了由投资者认可到不认可的转变过程。 分析我国增发市场的目前现状发现诸多问题：增发常伴随市价下跌业绩下降；动机演变为原非流通股大股东吞噬原流通股股东财富；定价偏高，以少量流通股形成的二级市场价格为基础进行少许折价缺乏合理性；募集资金往往闲置或变更投向；监管层只提高增发门槛等解决部分矛盾，缺乏有效的监管手段等等。为了合理发挥证券市场筹资功能，切实保护投资者利益，应当研究增发再发行方式如何更有效地适合我国的市场。本文将探讨目前国情下非理性增发再融资方式存在的问题，分析影响上市公司采取增发融资的倾向性的诸多相关因素，研究非流通大股东发动增发新股提案背后的利益驱动根源及其对管理层增发决策的影响，针对性地提出完善增发融资机制的若干政策建议，使广大投资者利益在上市公司再融资行为中得到应有的体现。 文章首先简要回顾我国上市公司增发新股历程，对增发新股再融资的非理性特征、现阶段存在的问题障碍及其内外成因进行详细探讨，如运用理论模型假说解释为何增发公告常引致股价下跌效应等等。接着，通过国际比较与经验借鉴，对我国上市公司增发新股工作提出一系列重要的理论启发和实践措施。然后，以1998—2002年实施过增发的上市公司为样本进行计算和统计，对影响增发融资决策倾向的相关因素进行研究。紧接着，结合构建增发新股对新老股东权益重新分配影响的基本模型，从理论上剖析我国上市公司非理性增发决策倾向的利益驱动根源——增发会造成股东财富向非流通股老股东转移，并用实证数据验证该结论。最后，针对该利益驱动本质及各决策倾向影响因素提出一些解决增发新股制度缺陷及其负面影响的建议和策略，以期能为关心增发新股在中国证券市场发展的机构和人士略微开拓一点思路。更多还原

【Abstract】 Seasoned public offerings (SPO) make a general reference that the listed company issues new stocks once again after the initial public offering. It is one financing way to widen investment, expand production, improve the technology or shift the founder-stockholders’ shares into cash. The history of SPO in china isn’t long, but the market response to it has experienced the transform from approval to disgust.Many problems have appeared in the SPO market. First, the SPO has evolved into the nonnegotiable stockholders swallowing the negotiablestockholders’ equities. Second, the pricing policy of SPO is not reasonable-itbases on the secondary market stocks price and discounts only a little, such as 15%~20%.Third, the funds raised from SPO are used out of restrain. They are let lying idle or altered the scheduled use. Furthermore, the listed company’s stock market price and EPS often decline after SPO. As to the Security Supervise Commission, it only relies on enhancing the threshold and lacks the effective controlling measures. In order to give full play to financing function of security market and protect the investors’ profit, it is necessary to research how to improve the SPO policy to suit our security market. This dissertation will discuss the problems existing in the unreasonable SPO pattern, analyze those factors that affect the management level’s decision-making of SPO and research the profit-driving source of the nonnegotiable stockholders’ preferable motion of SPO. Based on above, the article will promote some measures to reform SPO and embody the investors’ profit into the refinance actions taken by the listed company.This article first reviews the course of seasoned new equity offerings in Chinese listed companies. It discusses the problems, barriers correlated with SPO and their contributing factors, such as the reason why the declaration of SPO often causes the decline of stock market price. Next, by the comparison and drawing on international SPO experience-reference, it brings up a series of enlightened theory to Chinese SPO practices. Afterwards, the dissertation takes those listed companies which have seasoned public offerings during 1998 to 2002 as the samples, analyses the factors which affect the management level decision-making of SPO. Furthermore, combined with the influential model, the article measures the effects of SPO on the equity-distribution, sustainedgrowing-up and policy-making in the listed companies. At last, we promote some suggestions and tactics to reform and regulate the Chinese Seasoned Public Offerings.Wu Mengyuan(Accounting) Directed by: Tian Jianfang(Associate Professor)更多还原