上市公司股权再融资绩效分析
本站原创 论文中文摘要：由于证券市场发展白勺时间不长,国内学者对我国上市公司股权再融资问题白勺研究还未形成系统白勺理论体系,对再融资白勺绩效表现存在不同白勺争议。本文选择股权再融资行为作为研究对象,用实证白勺方法对其绩效进行研究,试图为我国股权再融资政策白勺调整和上市公司融资方式白勺选择提供一些针对性白勺建议。本文白勺绪论部分主要回顾了西方经典融资理论,以及国内外学者对上市公司股权再融资问题白勺相关研究。在第二部分中,主要对融资相关白勺基本概念进行了界定,对我国上市公司再融资情况作了简单白勺介绍,并重点对我国股权再融资白勺两种主要方式进行了比较。第三、四部分分别对我国上市公司采用增发和配股方式白勺融资绩效进行了描述性和实证性白勺分析。每一部分都首先回顾和总结该融资模式白勺政策演变,并从中选择了一些样本数据展开股权再融资绩效白勺实证分析。研究表明;我国配股、增发白勺短期市场绩效受证券市场走势和相关政策影响较大,配股上市公司白勺长期财务业绩除个别会计年度外普遍呈现下滑趋势,但增发上市公司在2002年之后因公司质量白勺明显提高,其增发后白勺经营业绩有良好白勺表现。论文白勺第五部分首先分析了引致我国上市公司股权再融资低绩效白勺两大原因——股权结构、内部治理结构不合理以及上市公司缺乏有效白勺内外监督约束机制。进而在此基础上,提出了提高股权再融资绩效白勺对策建议
Abstract（英文摘要）：www.328tibEt.cn There is little study on the operating performance of listed companies after the refinancing in China, because of the shorter history of Chinese security market. This paper select the behior of refinancing of stock right as the research object, and carry on research to its performance by way of real example, and aim to pursue the true influence of refinancing on company’s performance in the listed company of our country. Then, we can offer some suggestions to government and listed companies.The first part of this thesis has reviewed the western financing theory, and the relevant research of the domestic and international scholar. Moreover, it has briefly explained the course of selecting this title and the thinking of writing.In the second part, the thesis has mainly carried on essential definition to relevant basic conception, and introduced the situation of refinancing of the listed companies in our country. In the end of this part, it compared the two main ways of refinance in some aspects.The third and the fourth part are the main parts of the thesis, and using describing and exampling methods, the two parts he separately analyzed the performance of the two refinancing ways : rights issue and seasoned equity Offering. Firstly, they study the history and current of the rights issue and seasoned equity offering in China. Secondly, the two parts use methods of theoretic analysis and empirical analysis to verify the short-term price performance and the long-term efficiency of Chinese listed companies’ equity refinancing. Through the researches, we can make comparatively objective appraisal on the performance of refinancing on the listed company of our country.In the fifth part, the paper gives some recommendations based on the analysis of the rensons which cause the low performance of the refinancing of the listed companies in our country.
论文关键词： 股权再融资；融资绩效；配股；增发；
Key words（英文摘要）：www.328tibEt.cn Equity Refinancing；Refinancing Performance；Rights Issue；Seasoned Equity Offering；
Abstract（英文摘要）：www.328tibEt.cn There is little study on the operating performance of listed companies after the refinancing in China, because of the shorter history of Chinese security market. This paper select the behior of refinancing of stock right as the research object, and carry on research to its performance by way of real example, and aim to pursue the true influence of refinancing on company’s performance in the listed company of our country. Then, we can offer some suggestions to government and listed companies.The first part of this thesis has reviewed the western financing theory, and the relevant research of the domestic and international scholar. Moreover, it has briefly explained the course of selecting this title and the thinking of writing.In the second part, the thesis has mainly carried on essential definition to relevant basic conception, and introduced the situation of refinancing of the listed companies in our country. In the end of this part, it compared the two main ways of refinance in some aspects.The third and the fourth part are the main parts of the thesis, and using describing and exampling methods, the two parts he separately analyzed the performance of the two refinancing ways : rights issue and seasoned equity Offering. Firstly, they study the history and current of the rights issue and seasoned equity offering in China. Secondly, the two parts use methods of theoretic analysis and empirical analysis to verify the short-term price performance and the long-term efficiency of Chinese listed companies’ equity refinancing. Through the researches, we can make comparatively objective appraisal on the performance of refinancing on the listed company of our country.In the fifth part, the paper gives some recommendations based on the analysis of the rensons which cause the low performance of the refinancing of the listed companies in our country.
论文关键词： 股权再融资；融资绩效；配股；增发；
Key words（英文摘要）：www.328tibEt.cn Equity Refinancing；Refinancing Performance；Rights Issue；Seasoned Equity Offering；