增发融资问题研究

增发融资是指上市公司以原股本为基础,再次筹集资金增加股本的行为。股份发行在经济周期上升时要高于债务发行,而增发融资更容易发生在公司自身股票价值上涨之后。在我国资本市场上,股权融资成本要低于债务融资成本,这与西方发达国家明显不一致,本文对其原因进行了分析,此外还分析了增发融资如何会导致股价下跌。最后揭露增发融资的缺陷即侵占流通股东利益等。     

增发融资问题研究

增发融资是指上市公司以原股本为基础,再次筹集资金增加股本的行为。股份发行在经济周期上升时要高于债务发行,而增发融资更容易发生在公司自身股票价值上涨之后。在我国资本市场上,股权融资成本要低于债务融资成本,这与西方发达国家明显不一致,本文对其原因进行了分析,此外还分析了增发融资如何会导致股价下跌。最后揭露增发融资的缺陷即侵占流通股东利益等。     

股市的投资机会——定向增发

定向增发是指中国的上市公司向一些条件符合的投资者实施的发行股份的行为,方式为非公开。定向增发投资以其高收益、低风险,使得众多投资者对其倍加关注。有两个必要的条件是定向增发应该具备的:第一个条件是针对于发行对象,其总数不允许超过10人,第二是针对于发行的价格,应不低于某日股票平均价格的90%,某日为指定日期之前20个交易日公司,指定日期为"定价基准日"。发行的股份在1年内不能转让(如果是大股东认购,则在3年内不能转让)。因为定向增发的融资方式对上市股份公司的业绩及盈亏情况没有太大的限制,整个发行的成本相比较其他方式而言也不高,操作方式也相对简便、容易获得监管层批准等优点,故很多公司愿意用定向增发的方式来扩大投投资,实现股东利益。从历史上的增发方案来看,定向增发能给投资者带来或多或少的投资机会。     

我国上市公司定向增发融资效应研究——基于中小投资者视角北大核心

定向增发是我国上市公司重要的融资手段。在当前我国资本市场相关制度尚不完善以及中小投资者自我保护意识不足的情况下,规模日益扩大的定向增发融资给上市公司侵害中小投资者利益提供了操作空间,这不利于资本市场持续稳定发展。以我国沪深A股作为研究样本,以上市公司定向增发公告前后的股票价格、财务绩效变化为研究对象,运用事件研究法和财务指标分析法测算定向增发的短期股价效应、长期股价效应、长期业绩效应,以此评估定向增发对中小投资者利益的影响。实证研究结果表明:样本期内,定向增发预案公告对短期股价有提升作用且可能存在信息泄露现象,对长期股价虽有正向推动作用,但定向增发后样本公司业绩并没有得到改善,尤其是定向增发过程中如果有关联股东参与,其股价上涨而业绩无实质性改善的现象更为突出。为防范上市公司通过定向增发侵害中小投资者利益,一方面需要完善定向增发融资的相关制度,加强对定向增发事项的监管;另一方面要加强中小投资者风险教育,引导中小投资者理性认识定向增发、提高信息甄别能力、减少盲目跟随投资。     

经济转型期证券理财新主题:掘金定向增发

定向增发融资是在股权分置改革的背景下,在借鉴成熟市场经验基础上引入的新型发行融资制度。其法律依据是2006年中国证监会颁布的《上市公司证券发行管理办法》。近年来,定向增发已成为上市公司再融资的首选方式。即使在2008年证券市场熊市期间,仍有107家上市公司通过定向增发再融资。2011年以来,定向增发方式的融资规模更是超过了IPO。     

上市公司定向增发融资偏好分析

股权分置改革以来,定向增发成为我国资本市场的一种主流融资方式。我国宽松的政策条件及上市公司自身的利益驱动使上市公司对定向增发方式比较青睐。针对此现象,分析定向增发偏好的外在、内在原因,采取相应措施,规范制度变迁中定向增发融资。     

项目融资型定向增发与上市公司绩效的关系研究

我国的股票在股权分置改革后进入全流通时代。在新的制度背景下,上市公司可以选择公开增发、定向增发、配股、发行可转换债券等多种方式实现股权再融资。其中,定向增发发行门槛低、发行速度快、发行费用低等诸多优势受到上市公司的追捧,目前,定向增发已经成为资本市场上股权再融资最主要的方式。本文以北汽福田为案例,对其定增前后的企业绩效进行比较和分析。     

发行对象、市场行情与定向增发折扣

定向增发股票的发行折扣的影响因素已经引起国内外财务学界和实务界的关注，取得了很多对现实具有一定解释力的研究成果，但是由于各国证券市场不同的发展阶段以及独特的制度文化环境使得具有普适性的解释理论的可能性力大为减弱。本文研究了大股东和机构投资者认购股票的价格折扣之间的关系，在对中国证券市场各种特征进行分析的基础上，提出在排除“同股不同价”样本后大股东的发行折扣与机构投资者发行折扣不存在显著差别这一与现有理论相左的假说；在分析中国特殊的市场环境和制度背景的基础上，提出了“牛”市定向增发折扣大于“熊”市定向增发折扣的假说；系统实证研究了定向增发折扣、市场行情以及发行对象之间的关系。本文进一步分析指出，不同发行对象发行折扣存在差异的原因来自于“同次发行不同价格”的定向机制，2006年-2007年的牛市行情所引起的二级市场投资者非理性的乐观情绪是我国定向增发高折扣的主要根源之一，而核准制下的我国定向增发存在发行周期长是导致这一现象存在的深层制度背景，并在此基础上对中国上市公司定向增发定价政策提出了建设性对策。     

定向增发：上市公司再融资及资本运作盛宴？

在当前市场环境下，定向增发已成为上市公司再融资及资本运作盛宴。本文研究结果表明，倾向融资者的制度设计、再融资监管制度套利、利用定向增发进行资本运作以实现参与各方利益是上市公司热衷于定向增发的主要原因；定向增发及其资本运作中的各种违法违规行为给资本市场带来的负面影响巨大。因此，本文建议监管部门修改完善顶层设计、强化信息披露为核心的过程监管、加大违法违规查处力度、切实加强二级市场投资者保护，以规范定向增发及其资本运作行为，保障其有序健康发展。     

我国上市公司定向增发目的实例分析

定向增发新股的再融资方式,自2006年在我国资本市场采用以来,其增发数量、平均融资规模及其在再融资市场中占的比重均增长迅速,目前已经成为我国上市公司最重要的股权再融资手段。本文将从换购优质资产实现整体上市、募集项目资金、引入战略投资者、公司并购、借壳上市、反向以股抵债、股权激励等七个方面并结合实例来对定向增发的目的进行分析,以使该再融资方式在中国得到进一步的完善和发展。     

Accounting information and the valuation of Seasoned Equity Offerings (SEOs)

This study investigates the association between publicly available information disclosed in the SEO prospectus and offer prices of SEOs, as well as the association between this type of publicly available information and stock returns subsequent to an SEO after controlling for self-selection bias. The empirical evidence shows that disclosure of the planned uses of the SEO proceeds reveals value-relevant information which has been incorporated by the underwriters in setting the offer prices. Control for self-selection bias appears necessary to obtain unbiased estimates in the regression model explaining the determinants of offer price in SEOs.     

Equity issues when in distress

We investigate the role of financial distress in the seasoned equity market. We find that distressed firms comprise about 40% of SEOs and these distressed issuers have worse abnormal announcement returns than non‐distressed issuers. Stock return volatility is an important determinant for announcement returns for non‐distressed SEO issuers but not for distressed SEO issuers. Signals of firm quality are associated with better announcement returns, larger issues, increased investment, improved operating performance, and lower likelihood of delisting for distressed SEO firms as compared to non‐distressed firms. Our findings suggest equity finance is valuable for financially distressed firms with strong growth prospects.     

SEO Cycles

Public equity offerings by seasoned firms (SEOs) exhibit similar but less volatile cycles than initial public offerings (IPOs) of newly public firms. Our paper provides a comprehensive examination of the factors that cause variation in the number of firms issuing SEOs. Specifically, we use four factors from studies of IPOs as potential determinants of SEO cycles. We find that whether tested separately or collectively, only the demand for capital and market timing hypotheses receive strong empirical support in explaining SEO volume. Investor sentiment is not an important factor in explaining SEO volume, nor is information asymmetry.     

THE ENDOGENEITY OF INFORMATION ASYMMETRY AND CORPORATE FINANCING DECISIONS

Firms endogenize the extent of information asymmetry by choosing the optimal level and channels of direct communication with the capital markets. Firms choose more communication when they have a greater potential demand for external financing (characterized by higher growth, less cash, and higher leverage). We demonstrate that a higher level of communication is associated with a higher probability of equity issuance. We further document that the previously observed negative market reaction to seasoned equity offering (SEO) announcements is attributed only to low‐communication firms; high‐communication SEO firms experience no significant adverse market reaction.     

Implications of Internal Funds Surplus for Determining Agency Spending of SEO Proceeds and Timing Incentives

According to the pecking order theory, firms with potential investment projects should raise external capital if and only if sufficient internal funds are not available. The theory can be violated if equity issuers are motivated by market timing and increasing funds for insiders’ benefits, indicating that firms may already have internal funds surplus without including external funds, but still issue equity. By controlling for future funds needs, the analyses show that issuers that engage in market timing and spend the SEO proceeds on value-destroying projects are strongly associated with their internal funds surplus. Moreover, SEO announcement returns are lower for issuers with internal funds surplus. This pattern strongly supports the predictive ability of internal funds surplus to detect the need for external capital and ultimately to determine timing incentives and agency spending of SEO proceeds.     

信息不对称对中小企业融资决策的影响研究——以东莞市中小企业为例

本文以信息不对称理论所强调的代理成本和资本市场层次理论所强调的信息披露成本为理论出发点,以东莞中小企业为案例,研究表明,我国创业板市场建立的意义不在于它能够彻底地解决中小企业融资过程中的代理成本问题,而在于它使中小企业能够通过融资渠道的选择,降低其融资过程中的代理成本,并且通过衡量不同资本市场层级的融资收益与信息披露成本之间的差额,实现企业价值最大化。     

Customer information disclosure and corporate financing constraints

We examine the impact of voluntary customer information disclosure by Chinese-listed companies on their financing constraints from the perspective of information transparency. The results show that voluntary disclosure can alleviate financing constraints, and the effect is pronounced when detailed customer information is disclosed. Analyst following and information opacity are used as a proxy for information transparency to test the mediating effect, and it is found that voluntary disclosure reduces financing constraints by increasing information transparency. In addition, the results indicate that when industry competition is fierce and the quality of internal control is low, disclosure of customer information has a more pronounced effect on the alleviation of financing constraints. Policymakers and corporate decision-makers should be aware that voluntary customer information has great significance for the improvement of information environment in China's capital market.     

信息披露、公司规模与债券市场发展困境

我国债券市场面临着缺乏规模效益、发展不均衡等发展困境。通过实证结果表明：我国债券市场准入的门槛限制与公司信息披露质量不高是造成其发展困境的主要原因;在公司规模一定时,信息披露质量越高,债券融资比例越高;信息披露质量一定时,公司规模越小,债券融资比例越高。因此,降低债券市场准入的门槛限制,提高公司信息披露质量是促使我国债券市场走出发展困境的两个关键措施。     

加强市场基础建设 提高风险预警能力——希腊主权债务危机的反思

近来,希腊债务危机成为全球经济舆论的焦点。文章指出,希腊债务危机是希腊经济自身缺陷、主权债务信息披露不完善、欧元区体制弊端等问题的集中体现。借鉴希腊债务危机的教训,我们应进一步强化信息披露对金融市场发展基础性作用的认识,通过发展直接融资促进地方政府融资的显性化,并尽快建立和完善我国金融市场的风险监控、预警和处理机制。     

Seasoned Equity Offerings: Stock Market Liquidity and the Rights Offer Paradox

This paper examines the impact of market liquidity on seasoned equity offerings (SEO) characteristics in France. We find that, besides blockholders’ takeup, liquidity is an important determinant of SEO flotation method choice. We document higher direct equity offering flotation costs, but also improved stock market liquidity after public offerings and standby rights relative to uninsured rights. After controlling for endogeneity in the choice of SEO flotation method, we find that pure public offerings and standby rights are comparable in terms of direct costs and liquidity improvement. Our results provide new insights as to why firms choose public offerings despite apparently higher costs.