我国上市公司定向增发融资效应研究
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摘要
从尝试、探索为国有企业解困到成功完成股权分置改革，并从2006年开始实施定向增发股权再融资创新，二十多年来中国资本市场在聚集社会闲置资金，推动经济改革、优化资源配置、促进经济发展、扩大就业和扩大财政收入以及社会进步等众多方面都发挥了重要作用。随着市场经济的发展，中国市场作为新兴转轨的资本市场之一，既不能照搬国外成熟的市场经验，又得摸索中国特色的发展之路。
2006年5月8日，中国证券监督管理委员会为响应国务院提高上市公司质量的号召，出台并实施了《上市公司证券发行管理办法》，定向增发首次作为我国股权再融资形式之一，被引入资本市场。在我国特殊制度的安排下，定向增发这种在全流通背景下借鉴境外市场经验引入的证券发行制度，正在被越来越多的上市公司所追捧，其融资规模远远超过配股、公开增发新股和可转换债券等股权再融资方式。
本文针对近年来定向增发热这一现象，欲在介绍定向增发相关理论的基础上，对定向增发做一系统的短期效应与长期效应的实证研究分析，并辅以首例农业上市公司定向增发案例剖析，以验证定向增发这种融资方式是否对优化资源配置、促进上市公司发展起到了一定的作用，从而在丰富定向增发融资理论的同时，为中国上市公司进行融资决策及投资者参与股权再融资提供新的启示，并且为定向增发相关政策的具体改进和规范提供一定的方向和依据。
本文创新性工作及形成的主要结论如下：
第一，本文运用事件研究法，在对定向增发短期宣告效应的研究中，同时选择了定向增发预案公告日和定向增发实施公告日做为事件基准日，对定向增发的宣告效应进行了实证研究，结果表明我国定向增发存在正的短期宣告效应。
第二，由于定向增发是2006年5月以后开始实行的股权再融资新政，前期文献研究定向增发的长期效应时间跨度及样本可能受限。本文在保证时间期限和样本数量的基础上，从短期宣告效应到长期融资效应，对定向增发融资效应做出了比较系统的研究。研究结果表明，我国上市公司定向增发存在正的短期宣告效应，但从长期效应来看，定向增发绩效并未得到显著改善。
第三，本文用法与金融理论解释了保护中小股东权益的重要性，本文认为落实法律制度对投资者保护的作用，有利于金融发展和经济增长。控制大股东掏空行为、保障中小股东利益是资本市场健康发展的基本保证。
From trying to resolve difficulties for State-owned enterprises to havingcompleted the work of the split share structure reform successfully, and from startingthe implementation of innovative private equity placements in2006, China's capitalmarket had, for over two decades, played an important role in many ways, such asaggregating social idle funds, facilitating economic reform, optimizing the allocation ofresources, promoting economic development, expanding employment, raising revenueand promoting social progress. With the development of market economy, China, as anemerging capital market, must explore its own way of development other than copy theother countries’ experience.
To respond to the State Council’s call of improving the quality of listed companies,China Securities Regulatory Commission promulgated and implemented “Issuance ofSecurities of Listed Companies” on May8,2006. The private equity placements, hence,was introduced to China's capital markets as a form of equity refinancing for the firsttime. Under our country’s special system, the private equity placements borrowed fromthe overseas market in full circulation background were being sought after by anincreasing number of listed companies. Its financing scale was far more than manyequity refinancing ways, such as public offering, right offering and convertiblecorporate bond issuing.
A series of empirical studies on long-term and short-term effects of the privateequity placements were done based on relevant theories with a combination of casestudy in the dissertation to verify whether private equity placements played a role inoptimizing the allocation of resources, and promoting the development of listedcompanies. The research enriched the theory of private equity placements, and willprovide Chinese listed companies’ and investors with references for financing andrefinancing decisions, and also offer basis for improvements and specification ofprivate placement policy.
The conclusions of this study and innovation were mainly reflected in thefollowing aspects:
(1) An empirical study on short-term announcement effect of private equityplacements was done by means of even study through selecting a private equity placements plan announcement date and an implementation plan announcement date asthe event reference date. The results showed that there was a positive short-termannouncement effect in China’s private equity placements.
（2）Since China's private equity placements was introduced after May2006, theremay be limits in the research of its long-term effects in terms of time span and samplesize. Hence, a more systematic study on short-term announcement effect and long-termfinancing effect was done in the dissertation on the basis of sufficient long period andadequate number of samples. The results showed that there was a positive short-termannouncement effect in private equity placements of listed companies, in the long run;however, the private equity placements performance had not been improvedsignificantly.
(3) The importance of protecting the rights and interests of minority shareholderswas explained through legal and financial theory. It argued that the implementation ofthe system to protect investors by law is conducive to financial development andeconomic growth. It maintained that to control the major shareholders’ asset tunnelingto protect the interests of minority shareholders was the basic guarantee for the healthydevelopment of the capital market.
2006年5月8日，中国证券监督管理委员会为响应国务院提高上市公司质量的号召，出台并实施了《上市公司证券发行管理办法》，定向增发首次作为我国股权再融资形式之一，被引入资本市场。在我国特殊制度的安排下，定向增发这种在全流通背景下借鉴境外市场经验引入的证券发行制度，正在被越来越多的上市公司所追捧，其融资规模远远超过配股、公开增发新股和可转换债券等股权再融资方式。
本文针对近年来定向增发热这一现象，欲在介绍定向增发相关理论的基础上，对定向增发做一系统的短期效应与长期效应的实证研究分析，并辅以首例农业上市公司定向增发案例剖析，以验证定向增发这种融资方式是否对优化资源配置、促进上市公司发展起到了一定的作用，从而在丰富定向增发融资理论的同时，为中国上市公司进行融资决策及投资者参与股权再融资提供新的启示，并且为定向增发相关政策的具体改进和规范提供一定的方向和依据。
本文创新性工作及形成的主要结论如下：
第一，本文运用事件研究法，在对定向增发短期宣告效应的研究中，同时选择了定向增发预案公告日和定向增发实施公告日做为事件基准日，对定向增发的宣告效应进行了实证研究，结果表明我国定向增发存在正的短期宣告效应。
第二，由于定向增发是2006年5月以后开始实行的股权再融资新政，前期文献研究定向增发的长期效应时间跨度及样本可能受限。本文在保证时间期限和样本数量的基础上，从短期宣告效应到长期融资效应，对定向增发融资效应做出了比较系统的研究。研究结果表明，我国上市公司定向增发存在正的短期宣告效应，但从长期效应来看，定向增发绩效并未得到显著改善。
第三，本文用法与金融理论解释了保护中小股东权益的重要性，本文认为落实法律制度对投资者保护的作用，有利于金融发展和经济增长。控制大股东掏空行为、保障中小股东利益是资本市场健康发展的基本保证。
From trying to resolve difficulties for State-owned enterprises to havingcompleted the work of the split share structure reform successfully, and from startingthe implementation of innovative private equity placements in2006, China's capitalmarket had, for over two decades, played an important role in many ways, such asaggregating social idle funds, facilitating economic reform, optimizing the allocation ofresources, promoting economic development, expanding employment, raising revenueand promoting social progress. With the development of market economy, China, as anemerging capital market, must explore its own way of development other than copy theother countries’ experience.
To respond to the State Council’s call of improving the quality of listed companies,China Securities Regulatory Commission promulgated and implemented “Issuance ofSecurities of Listed Companies” on May8,2006. The private equity placements, hence,was introduced to China's capital markets as a form of equity refinancing for the firsttime. Under our country’s special system, the private equity placements borrowed fromthe overseas market in full circulation background were being sought after by anincreasing number of listed companies. Its financing scale was far more than manyequity refinancing ways, such as public offering, right offering and convertiblecorporate bond issuing.
A series of empirical studies on long-term and short-term effects of the privateequity placements were done based on relevant theories with a combination of casestudy in the dissertation to verify whether private equity placements played a role inoptimizing the allocation of resources, and promoting the development of listedcompanies. The research enriched the theory of private equity placements, and willprovide Chinese listed companies’ and investors with references for financing andrefinancing decisions, and also offer basis for improvements and specification ofprivate placement policy.
The conclusions of this study and innovation were mainly reflected in thefollowing aspects:
(1) An empirical study on short-term announcement effect of private equityplacements was done by means of even study through selecting a private equity placements plan announcement date and an implementation plan announcement date asthe event reference date. The results showed that there was a positive short-termannouncement effect in China’s private equity placements.
（2）Since China's private equity placements was introduced after May2006, theremay be limits in the research of its long-term effects in terms of time span and samplesize. Hence, a more systematic study on short-term announcement effect and long-termfinancing effect was done in the dissertation on the basis of sufficient long period andadequate number of samples. The results showed that there was a positive short-termannouncement effect in private equity placements of listed companies, in the long run;however, the private equity placements performance had not been improvedsignificantly.
(3) The importance of protecting the rights and interests of minority shareholderswas explained through legal and financial theory. It argued that the implementation ofthe system to protect investors by law is conducive to financial development andeconomic growth. It maintained that to control the major shareholders’ asset tunnelingto protect the interests of minority shareholders was the basic guarantee for the healthydevelopment of the capital market.
引文
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