《后股权分置时代非公开发行股份对上市公司的影响》由会员分享，可在线阅读，更多相关《后股权分置时代非公开发行股份对上市公司的影响（40页珍藏版）》请在金锄头文库上搜索。
1、后股权分置时代非公开发行股份对上市公司的影响摘 要众所周知，在股权分置之前我国上市公司有三分之二的股份不能流通。由于同股不同权、同股不同利等的弊端，“股东利益最大化”难以成为公司管理的目标，公司治理结构普遍存在缺陷，经营发展的可持续性不足，严重影响着股市的发展。随着股权分置改革的基本完成和全流通新股的上市，我国证券市场步入后股权分置时代，上市公司的融资理念、价值投资理念、股票定价理念以及证券公司经营模式等，均将发生革命性变化。股票流动性增强及机构投资者日益壮大，新的潜在股东、原来的非流通股股东、相关利益方在追求各自利益最大化的出发点上，将直接或间接促使公司的融资决策发生改变，高价“圈钱”行为减
2、少。由于股权分置的解决以及非公开发行股份本身的优点，非公开发行受到了企业的青睐并成为主流的权益再融资方式。据Wind资讯统计数据，截至2008年4月末，我国已经有283家上市公司提出了非公开增发预案，已成功获准发行的有244家。与非公开发行为市场广为采用形成鲜明对比的是，目前我国对非公开发行于改善了上市公司的公司治理结构、经营管理、财务状况等的理论研究还为数不多，对通过非公开发行使公司二级市场股价和业绩提升的研究更少。另外，非公开发行是否能够改进公司治理和实现大股东和中小股东的利益协同等多重期望，需要进行实证研究的支持，包括大样本的实证分析和深入的案例分析。虽然金融领域已有大量文献研究了股权再
3、融资（SE0）中的配股行为，但对定向增发（private placement）的理论研究却为数不多，专门研究此类问题的文献非常缺乏。目前对于非公开发行缺少实证研究的支撑和市场的反馈，政策面上尚处于急需完善的状态。这使得研究大股东主导下的非公开发行显得尤为必要，尤其是通过现有的定向增发理论和代理理论分析大股东在定向增发中与中小股东的利益冲突与利益协同，并具体考察大股东的行为是否有利于公司治理改善、业绩提升、市值提高等具有重大的意义。本文结合案例研究，就新引入的非公开发行制度对上市公司质量的提升，使绩差公司变成绩优公司、使绩优公司做大做强及二级市场股价和业绩的提升产生的影响及利弊展开探索和研究。本
4、文在对融资理论研究分析的基础上，采用案例分析的方式，对鹏博士这一上市公司非公开发行的典型案例进行了深入的理论研究和分析，力图通过对其非公开发行发展历程的剖析，揭示公司的非公开发行是如何贯穿于企业发展变化，影响鹏博士的经营、质量及二级市场的股价和业绩。实践证明，从鹏博士来看，这种市场化的增发行为，使公司有了动力改善基本面，公司的治理结构、财务状况、经营业绩等也随之有较大的改观，以致于以此为基础的二级市场股价也随之一飞冲天。本文的研究结论，对于引导上市公司非公开发行股票行为规范、有序进行, 及时、有效地处理、解决出现的问题,对促进上市公司做大做强，以及对整个资本市场的健康发展具有良好的作用。关键词
5、：后股权分置时代 非公开发行 定向增发 再融资AbstractAs well known, two-part of stock that the public companies hold can not exchange in stock market before reform of the shareholder structure in our country. Stockholder equity maximization cannot be a target due to there has not equal right and not dividend for the same
6、 share. There are some problems in Corporate Governance Structure, lacking sustainability to company developing, both influence on the stock market.With the solution of non-tradable share problem, securities market will step into Post-Non-Tradable Share Period. financing concept, value investment id
7、ea, the stock valuation method of public companies and management mode of securities will change revolutionary. Liquidity of stock will tone up and institutional investors will become power, the goal that new stockholder, non-tradable share stockholder and other interest groups is in the pursuiting
8、of benefit maximization will promote financing decision changing of public companies. High price money-looping will be reduced.Due to strongpoint of the solution of non-tradable share problem and Non-public Offering, non-public offering has become favourite financing way that it will be the primary
9、one of re-financing. Referring to the wind stat, before the end April 2008, there were 283 public companies to apply non-public offering and 244 companies have got approved.In contrast with taking of non-public offering, it is not much that the research about the effect to public companies from non-
10、public offering, it is even less that the research about secondary market and performance promotion to the public companies. In addition, whether non-public offering can improve Corporate Governance and benefits associate, it needs support by empirical study, including large sample analysis and case
11、 analysis. Although there were some literature about SE0, but Theoretical Research on Private Placement is few, the production is very lack.Now the policies of capital market need improved because support is lack by theoretical research and feedback from stock market. This show its necessary and sig
12、nificance of research about non-public offering non-public offering by large shareholder, especially the analysis about interest conflict and benefits associate getting across private placement theory and agency theory, also review whether the actions of large shareholder is benefit to the Corporate
13、 Governance, performance promotion , stock price raised.This paper attempts to discuss the effect on public companies from non-public offering rules, whether they can improve performance of companies and make companies to be more power, raising the stock price.The paper try to analysis and research
14、based on case analysis and financing theory analysis via the case of Peng Technology CO., Ltd. Try to discover the action of non-public offering how to change the companies performance via its process of reform of the shareholder structure. Practice by this company has proved that non-public offerin
15、g can improve the financial position, Corporate Governance, companys basic situation, so as to its stock price has a sharp raised.Conclusion of the paper， will lead the action of non-public offering in the manner of criterion and order, deal with the problem in process, make the company bigger and s
16、tronger. It is meaningful for accelerating the capital market healthy in our country.Key Words: Post Non-tradable Share Reform Era Non-public Offering private placement SE0目 录第一章 引言1第一节 选题背景和研究的意义1第二节 研究方法及研究对象3一、研究方法3二、研究对象3第二章 文献综述5第一节 国内外文献综述5一、MM理论5二、优序理论6三、代理成本理论6四、控制权理论7第二节 相关文献的理论述评8一、对西方融资理论的评述8二、与非公开发行相关的理论的评述9第三章 企业非公开发行的动因及企业行为分析11第一节 非公开发行的特点及类型分析11一、非公开
