导　　师： 沈剑飞

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 华北电力大学

摘　　要： 随着我国上市公司股权再融资规模的不断扩大,上市公司的股权再融资效率问题越发应当引起我们的重视。再融资是上市公司继IPO后获取资金的重要途径之随着中国证券市场的发展,再融资在总融资规模中已占有主导地位。中国的上市公司多倾向于股权再融资。因此,对于上市公司的股权再融资行为及其效率展开研究对于上市公司的发展及资本市场的完善都具有一定的理论及现实意义。 本文的股权再融资效率是指在上市公司进行股权再融资之后,上市公司股权再融资所筹集到的资金是否发挥了积极的作用,在投入成本最小的情况下产出是否最大,这些问题的存在影响着我国资本市场能否长远健康发展。因此,从理论和实证角度对上市公司股权再融资效率进行分析具有非常重要的现实意义。第一,研究股权再融资文献和融资理论可以让我们更深层次的理解股权再融资,同时让我国上市公司的决策层了解国外上市公司的做法,对我国再融资行为起到借鉴作用。第二,对上市公司的股权再融资效率进行实证研究,使上市公司决策层在做出融资决策时能够更有效并且更谨慎。第三,对于投资者而言,了解上市公司股权再融资的效率,可以让投资者更准确的权衡风险和收益之间的关系,合理选择投资决策。这样可以使风险在保持一定的条件下收益最大或者在收益一定的情况下而风险最小。 本文首先对国内外上市公司的现状进行研究,其次介绍了股权再融资的基本理论,随后对我国上市公司的股权再融资偏好的现状进行阐述,分析了股权再融资偏好的影响因素,并分析了我国上市公司的股权再融资偏好的原因。最后采用定性与定量相结合,理论与实证相结合的分析方法,并运用DEA模型分析了/(2006-2010年/)上市电力公司股权再融资低效的原因,然后提出了完善上市公司股权再融资效率的建议。本文通过对上市公司股权再融资效率问题的深入研究,在理论层面上,希望能够丰富国内相关的研究成果,促进我国上市公司股权再融资研究理论的发展；在实务层面上,希望能够使各相关主体更好的理解和看待股权再融资及其效率的相关问题,为实务操作提供经验数据和相关的建议。 With the continuous expansion of the scale of seasoned equity offering of the listed companies in China, the seasoned equity offering effect of the listed companies should increasingly arouse our attention. After the IPO seasoned equity offering is one of the most important ways to acquire funds by listed companies, with the development of securities market of China, seasoned equity offering has a dominant position in the total financing scale. Listed companies of China tend to seasoned equity offering. Therefore, it has certain theoretical and practical significance to the development of listed companies and capital market which to research refinancing behavior and effect of listed companies. The effect of seasoned equity offering in this paper means that whether the funds play a positive role when the listed companies refinancing, and whether the companies can get a maximum value at a minimum cost. These problems influence the healthy development of China's Capital Markets in the long-term. Therefore, the analysis of seasoned equity offering effect of listed companies has a very important practical significance from a theoretical and empirical perspective. First, the research on literature and finance theory can allow us a deeper understanding of seasoned equity offering of listed companies, while allowing decision-makers to understand the action of foreign listed companies, which play a reference to refinancing behavior of China. Second, do empirical research into the seasoned equity offering effect of listed companies, which make the decision-making can be more effective and more cautious of listed companies in making financing decisions. Third, understand the seasoned equity offering effect of listed company, which allows investors to weigh the risks and benefits more accurately, to reasonable choice the investment decision-making. That can keep the gains large under certain risk conditions or keep the risk minimum in the case of certain income for investors. Firstly, the author study the status of listed companies at home and abroad, subsequently introduce the basic theory of seasoned equity offering, elaborate on the status and the influencing factors of seasoned equity offering preference of listed companies in China, and then analyze the preference reasons for seasoned equity offering of listed companies. Finally, analysis it with the combination of qualitative method and quantitative method, with the combination of theoretical method and empirical method, and use DEA model /(2006-2010/) to prove the inefficient seasoned equity offering of listed power company, then puts forward several suggestions on improving the seasoned equity offering effect of listed company. In this paper, the author further studies the seasoned equity offering effect of listed company. At the theoretical level, it can enrich the domestic related research and promote the development of seasoned equity offering theory of listed companies; At the practical level, it can make the relevant body better understand the equity refinance, provide empirical data and recommendations for the practical operation.

关 键 词： 上市公司 股权再融资 融资偏好

分 类 号： [F275 F426.61]

领　　域： [经济管理] [经济管理] [经济管理]