导　　师： 罗其安

学科专业： 120202

授予学位： 硕士

作　　者： ;

机构地区： 暨南大学

摘　　要： 2006年股权分置改革是中国资本市场上一个重要的里程碑，这之后包括定向增发、配股和可转债等再融资在内的市场融资功能开始得以全面恢复。2006年5月8日《上市公司证券发行管理办法》的正式颁布，标志着定向增发作为一种主流的的再融资方式，它与公开发行股票、配股成为上市公司三大主要的股权融资的方式之一。目前，中国大陆定向增发以其较低的发行成本、便捷的发行方式成为了上市公司融资的首选，动辄在资本市场上募集千亿元的资金，能量巨大。而定向增发作为一种重要的上市公司融资手段，究竟能否能优化资本市场上资源配置，改善上市公司的绩效，并使其优胜劣汰，定向增发对公司治理结构的影响会不会因认购者不同而不同，这不仅对上市公司自身的业绩和经营有重要的意义，而且对我国政府监管部门出台政策措施，促进国内产业升级，优化产业布局有积极的意义，同时对于维护我国广大的中小投资者的利益有积极的意义。 以往学者对定向增发的长期绩效的研究表明，定向增发后上市公司的绩效普遍是下降的。作者通过阅读大量的文献发现，定向增发前后上市公为了迎合市场的需求，增加定向增发被审核通过的几率，会存在一定程度的盈余管理。本文在研究方法的选取上将先通过文献研究等规范研究对国内外相关的文献进行梳理，之后通过实证方法，对定向增发的上市公司在增发前是否存在盈余管理，公司的长期绩效是否有所提高，以及不同认购对象、不同资产认购方式会不会对上市公司的绩效的改善有影响进行研究。通过以上理论预测和实证分析之后，本文研发现上市公司在进行定向增发前一年普遍存在正向的盈余管理，并且显著为正，在剔除长期经营业绩中盈余管理的影响后发现其真实经营业绩逐 In2006, the split share structure reform is an important milepost in Chinese capitalmarket, after which the market financing function, including refinancing such as privateplacement, share allotment and convertible bonds, began to be fully restored. In May8,2006,the "administrative measures for the issuance and listing of securities" was officiallypromulgated, marking that the private placement had been a mainstream refinancing way andhad become one of the three major equity financing of listing Corporation, coupled with publicoffering of shares and share allotment. At present, Chinese, private placement became apreferred financing way of listing Corporation with the advantages of low cost and convenientways of issuing. It raise funds to100billion yuan in the capital market frequently. It isimportant to know the role of private placement, as an important financing way of listingCorporation, in optimizing the capital market allocation of resources and improving theperformance of listing Corporation for the survival of the fittest. Simultaneously, this role issensitive to the type of corresponding subscribers or not. Those factors are important not only tothe listing Corporation's performance and operating, but also to the supervision department ofthe Chinese government introducing policies and measures, to the upgrading of domesticindustries and to the optimizing of industrial layout, and have positive significance for themaintenance of the medium and small investors the interests of our country. Moreover, it alsohas a positive significance for the interests maintenance of the medium and small investors inour country. Previous research on the long-term performance of private placement shows that, theperformance of listing Corporation generally declined after that. By reading a lot of literature,author found, earnings management will be done in a certain extent by the Corporation to meetmarket demand in order to increase the risk of private placement through the audit successfullybefore or after private placemen

关 键 词： 定向增发 绩效 盈余管理 机构投资者

领　　域： [经济管理—金融学] [经济管理—国民经济]