摘要
证券市场发展以来,上市公司再融资主要有增发、配股、可转债等几种公募方式,但2005年开始的股改,尤其是中国证监会《上市公司证券发行管理办法》的正式实施是对当今中国证券市场的一次洗礼,形成了全流通的环境,定向增发本着“一简三低”的特点一跃成为上市公司再融资的首选途径。
2006年1月至2008年3月,上市公司一共实施了定向增发230例,募集资金合计4313.6亿元,占到整个再融资市场的90%以上。本文采用对比法、实证分析法、案例分析法来对定向增发的动机和后果进行深入的研究。研究发现,定向增发的盛行是有来自于主观因素和客观因素的共同作用的。定向增发的参与者即上市公司、大股东、战略投资者及一般机构投资者之间动机不一,但基本上以募集资金、并购资产完成整体上市、引进战略投资者为主要目的,同时不排除利用定向增发机会寻求寻租效应、圈钱效应、变卖劣质资产及造成垄断。同时也发现,定向增发的后果总体上还属于利好的,对参与的投资者,对公司业务发展,对公司财务状况,对二级市场的影响等都是相当有利的。看一个定向增发实施的后果是否成功,关键的因素来自于定向增发的参与者即向谁增发,增发的动机,及增发的价格三个方面。另外,文中尽量采用最新最全的数据和案例,来论证大股东的参与是影响增发价格和后果的关键,论证资产并购和引进战略投资者为动机的两大类定向增发对业绩的提高最为明显的论点。
Since the development of the securities market in China, listed companies used to refinance through several public offering methods like additional issues, rights issues and convertible bonds. Until the reformation of stock market beginning from 2005, especially the implementation of the new policy of "Management of listed companies to issue securities", China's securities market changed definitely and it began to form a full circulation environment. And then, the targeted additional issuing, a new method of refinancing with the advantage of "One Simple Three Low", became the preferred mean of refinancing to China listed companies.
From January 2006 to March 2008, it reports there have total 230 China listed companies refinanced successfully and raised fund 431.36 billion Ruan through the method of targeted additional issuing, accounting for 90% of the total refinancing fund raised in the market. In this paper, the major purpose is to find out motivations and consequences related to the method of the targeted additional issuing. After research and study, the paper indicated both subjective and objective factors impelling to the prevalence of the targeted additional issuing. The paper summarized some common motivations, such as fund raising, excellent assets M&A to be listed as a whole and strategic investors introduction, among all different participants including listed companies, large shareholders, strategic investors and institutional investors. But on the other side, it does not rule out some bad purpose like to seek money, sell inferior assets or monopolize. Meanwhile, the paper also found that the consequences of the targeted additional issuing is generally positive, it is favorable to the participated investors, the company business, the company financial situation and the stock market. The consequence of the targeted additional issuing depends on three key factors to a large extent, which are participants, motivation and issuing price. In addition, the paper proved that the large shareholders is the most key factor to impact both issuing price and consequence of the targeted additional issuing, and it also verified that two kinds of motivation of excellent asset M&A and strategic partners introduction lead to the most favorable to listed company's performance enhancing.
引文
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