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论文编号：	14172
作者编号：	2320213769
上传时间：	2023/12/7 16:24:52
中文题目：	S上市公司股权再融资策略优化研究
英文题目：	Research on Optimization of Equity Refinancing Strategy of S Listed Company
指导老师：	李莉
中文关键字：	LED芯片;股权再融资;经济效益
英文关键字：	LED Chip;Equity Refinancing;Economic Benefits
中文摘要：	随着经济总量的不断增长，我国已经成为能源消耗大国，在全球范围内低碳经济愈来愈受到重视的背景下，我国政府更是把节能减排作为经济发展中的重要考量因素。2020年9月，中国明确提出2030年“碳达峰”与2060年“碳中和”目标，在“碳达峰、碳中和”能源供给侧改革的背景下，节能环保的意识也愈发强烈。同时，欧美地区及主要发展中国家相继推出相关政策加快淘汰低效照明产品，以LED芯片为核心组件的LED照明产品为代表的新型节能环保照明产品营造了良好的发展空间。 S上市公司是一家从事全色系超高亮度LED外延片、芯片等产品的研发、生产与销售的公司。LED芯片产业是资金、技术密集型行业，前期需要大量的资金投入用于购买价格高昂的生产设备。2006年至今，我国LED芯片行业由于国家政策的推动和下游需求旺盛，实现了快速增长，这期间以S上市公司为代表的LED芯片公司利用上市平台融资优势，通过多轮的股权再融资实现了产能的快速扩大。然而股权再融资该如何选择具体的融资方式？融资取得经济效益如何？以及股权再融资过程中存在哪些问题？这些均值得探讨。本文通过对S上市公司借壳上市以来的股权再融资行为进行了梳理和探讨，希望为公司后续股权再融资提供依据，对该行业和相关企业股权再融资实施提供一些启示和借鉴。 本文通过选择LED芯片行业的龙头企业S上市公司作为案例进行分析，其在行业大发展背景下快速成长，布局垂直产业链，不断巩固市场竞争地位，首先梳理了其借壳上市以来的历次股权再融资种类和其他有关信息。通过分析其融资需求、融资成本、财务风险等探讨了其偏好股权再融资原因。然后进一步分析了定向增发在融资政策、引入战略投资者和宣告效应等方面的优势，解释了公司采取定向增发的原因。然后分别分析了公司历次募投项目的经济效益达成情况，从偿债能力、营运能力、盈利能力、发展能力四个方面的财务指标评价了公司股权融资的财务经济效益，以及对公司竞争优势和控制权的非财务经济效益。通过以上的研究分析，本文认为S上市公司借壳上市以来频繁采取定向增发方式进行股权融资，巩固了竞争优势，加强了龙头地位，但也存在股权稀释可能导致控制权不稳定，募集资金使用财务绩效不及预期，对定向增发存在路径依赖等问题，并提出了股权再融资要重视控制权稳定性，加强对募集资金投入的管理和监督，采取多元化的股权再融资形式等优化方案，并且要从加强风险管控，充分信息披露和完善公司治理几个方面保障以上举措的实施效果。
英文摘要：	With the continuous growth of economic aggregate, China has become a major energy consumer. In the context of the increasing attention paid to the low-carbon economy on a global scale, the Chinese government has taken energy conservation and emission reduction as an important consideration in economic development. In September 2020, China clearly put forward the goals of "carbon peak" in 2030 and "carbon neutral" in 2060. In the context of the "carbon peak and carbon neutral" energy supply-side reform, the awareness of energy conservation and environmental protection has become increasingly strong. At the same time, Europe and the United States and major developing countries have launched relevant policies to accelerate the elimination of inefficient lighting products. The new energy-saving and environmental protection lighting products represented by LED lighting products with LED chips as the core component have created a good development space. S listed company is a company engaged in the research and development, production and sales of panchromatic ultra-high brightness LED epitaxial slices, chips and other products. The LED chip industry is a capital and technology-intensive industry, which requires a large amount of capital investment in the early stage to purchase high-priced production equipment. Since 2006, China's LED chip industry has achieved rapid growth due to the promotion of national policies and strong downstream demand. During this period, LED chip companies represented by S listed company have realized rapid expansion of production capacity through multiple rounds of equity refinancing by taking advantage of the financing advantages of the listed platform. However, how to choose the specific financing method of equity refinancing? How about the economic benefits of financing? And what are the problems in the process of equity refinancing? These are worth discussing. This paper sorts out and discusses the equity refinancing behavior of S listed company since its backdoor listing, hoping to provide a basis for the company's subsequent equity refinancing, and provide some inspiration and reference for the implementation of equity refinancing in the industry and related enterprises. This paper chooses S listed company, the leading enterprise of LED chip industry, as a case for analysis. It grows rapidly under the background of the industry's great development, lays out the vertical industrial chain, and constantly consolidates its market competitive position. First, it sorts out the types of equity refinancing and other relevant information since its backdoor listing. It discusses the reasons for its preference for equity refinancing by analyzing its financing needs, financing costs and financial risks. Then it further analyzes the advantages of private placement in financing policy, the introduction of strategic investors and announcement effect, and explains the reasons for the company to take private placement. Then it analyzes the economic benefits of the company's previous raised projects, and evaluates the financial and economic benefits of the company's equity financing from the financial indicators of debt paying ability, operation ability, profitability and development ability, as well as the non-financial economic benefits of the company's competitive advantage and control right. Through the above research and analysis, this paper believes that S listed company has frequently adopted private placement for equity financing since its backdoor listing, which has consolidated its competitive advantages and strengthened its leading position. However, there are also problems such as equity dilution may lead to unstable control right, the financial performance of the raised funds is not as good as expected, and there is path dependence on private placement. It also proposes that equity refinancing should pay attention to the stability of control right, strengthen the management and supervision of the raised funds, adopt diversified forms of equity refinancing and other optimization plans, and ensure the implementation effect of the above measures from the aspects of strengthening risk control, fully disclosing information and improving corporate governance.
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