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  • 定向增发论文 关于定向增发论文范文参考资料

    这篇定向增发论文范文为免费优秀学术论文范文,可用于相关写作参考。

    定向增发文献综述

    [摘 要] 近年来上市公司股权融资过程中的盈余管理行为成为学术界关注的热点问题.本文通过对定向增发的文献梳理,从定增中的盈余管理、增发折价、增发后经济后果等方面对前人研究成果进行了总结并做出简单评述.

    [关键词]定向增发;盈余管理;增发折价;经济后果

    定向增发:上市公司向不超过10名且符合条件的特定投资者非公开发行股份的行为,发行价不得低于公告前20个交易市价均价的90%,且具有1-3年的锁定期.很多另外的融资方式的发行条件都是要比定向增发要更为严格的,所以目前大多上市公司都更倾向于定向增发.自从主流的融资方式变成了定向增发后,对于定向增发的研究也受到格外关注,目前学者对定向增发从以下几方面进行了研究.

    1 定向增发中的盈余管理问题

    研究表明,上市公司定向增发前存在通过盈余管理进行利益输送的行为.研究发现,上市公司向控股股东及子公司进行定向增发时进行负向盈余管理,向非关联股东定增时,进行正向盈余管理(章卫东、刘珍秀、孫一帆2013);也有研究表明上市公司同时向外部投资者和控股股东方定向增发时,不存在显著的盈余管理行为(胡光怿、徐晓东,2013).相反,郑琦(2009)认为向大股东发行股份时,发行前未操纵利润;向机构投资者发行时,增发前后均进行了盈余管理.

    上市公司定增股份解锁时,不管是关联亦或是非关联股东目的都是想获取超额收益,都是想在解锁后高价出去的认购的定增股份获取这部分收益.而且解锁后股票价格受到了较大影响这都是由于实际减持之前公司所盈余的原因,所以由于盈余管理为了提高盈余,上市公司从而提高了股价,让认购的股份被大股东高价.目前,不仅关联股东在实际减持之前,上市公司就做出了正向的盈余管理,其程度是相对于新投资者实际减持之前比是更高的,而且这两者之间,上市公司的盈余管理比和关联股东的减持是有正相关的联系的.(章卫东、邹斌、廖义刚,2011).这表明上市公司存在利用盈余管理向关联股东进行利益输送的行为.

    2 定向增发的折价问题

    何贤杰、朱红军(2009)认为信息不对称程度会影响定向增发的价格,增发对象为大股东时,定向增发有着更高的折价,同时,以非资产认购增发股份的定向增发折价程度更高(姜来、罗党论、赖媚媚,2010).而章卫东、李德忠(2008)的实证结果表明,向控股股东及关联投资者定向增发新股的折扣率要低于向非关联投资者定向增发新股的折扣率.

    张鸣、郭思永(2009)通过研究表明,大股东有没有从上是公司中转移财富或者转移财富的多少都是由于上市公司青睐的定向增发在进行过程中由于大股东机会主义行为动机这一重要原因所受影响,大股东的认购比例和上是公司定向增发的折价水平一起决定的.但是,俞静、徐斌(2010)则认为定向增发过程中不存在一级市场抑价,定向增发折扣和大股东机会主义行为无关,定向增发低价发行的原因在于二级市场溢价.卢闯、李志华(2011)也认为投资者情绪对定向增发折价影响显著.

    3 定向增发的经济后果

    定向增发成为上市公司及大股东的重要 模式,大股东从中获取超额收益的背后隐藏着较大的风险.关于定向增发的经济后果,也有不少学者基于此进行了相关研究.

    徐寿福、龚仰树(2011)首次采用现有数据,从经营业绩的角度研究后发现上市公司定向增发前的长期业绩呈上升趋势,在增发后出现下滑趋势.在章卫东、李海川(2010)的研究中可以看出定增后有概率存在控股股东向上市公司注入比较劣质的资产,从而进行利益输送的情况,这是不可避免的.其原因在于定增后投资人得到的资产的注入类型以及他们长期持有的超额收益率关系密切,而短期所积累的超额收益率跟定增类型的关系就不是那么的明显.当注入和上市公司业务相关资产时,投资者获得的长期持有超额收益率显著高于注入和业务不相关资产的长期持有超额收益率.

    对于定向增发的短期财富效应,邹斌、章卫东等(2011)认为上市公司宣告定向增发再融资时短期财富效应为正,且定向增发新股的短期财富效应高于公开增发.股东证的长期财富效应体现了上市公司的定增效果,而且非关联股东定增的长期股东财富效应是远远差于关联股东定增的长期股东财富效应的(章卫东、赵安琪,2012).

    4 定向增发的其他相关研究

    关于我国上市公司定向增发的其他研究,主要包括定向增发方式选择、利益输送行为等方面.首先,关于定向增发方式的问题,邓路、廖明情(2013)首次在全流通背景下理论验证了投资者异质信念对上市公司定向增发方式选择的影响.章卫东(2008)认为定向增发新股的宣告效应要好于配股、公开增发新股,所以中国上市公司在选择再融资方式时,首选私募发行新股.关于定向增发利益输送方面,实施了定向增发的上市公司倾向于在增发后派发更多的股利且大股东参和使上市公司在增发后派发更多的股利(赵玉芳等2011).通过将定向增发样本分组后王志强等(2010)发现仅针对大股东和关联方发行组上市公司存在降低增发价格、向大股东及关联方进行利益输送的行为.

    5 研究不足及未来研究方向

    自2006 年股权分置改革以来,定向增发成为上市公司再融资的主要工具,也成为市场关注的焦点.我国学者对定向增发研究涉及范围较广,包括定增中的盈余管理、定增折价原因及影响因素、定增前后企业绩效、定增的短期公告效应、长期财富效应等.但是通过对现有研究的梳理后发现,现有研究在很多方面并未达成一致意见,所以在后续的研究中需要考虑更多的经济因素,增加对个案的研究以丰富现有的研究成果.

    参考文献

    [1]章卫东,刘珍秀,孙一帆.公开增发新股和定向增发新股中盈余管理的比较研究[J].当代财经,2013,01:118-129.

    [2]胡光怿,徐晓东.我国上市公司定向增发新股中的盈余管理研究[J].西南民族大学学报(自然科学版),2013,04:630-634.

    [3] 郑琦.定向增发公司盈余管理研究[J].上海金融学院学报,2009,03:53-58.

    [4] 章卫东,邹斌,廖义刚.定向增发股份解锁后机构投资者减持行为和盈余管理——来自我国上市公司定向增发新股解锁的经验数据[J].会计研究,2011,12:63-69.

    作者简介:

    席朋丹(1992—),性别女,民族汉,籍贯河南,学历硕士,单位西安工业大学.

    定向增发论文范文结:

    关于定向增发方面的论文题目、论文提纲、定向增发会稀释股权吗论文开题报告、文献综述、参考文献的相关大学硕士和本科毕业论文。

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