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论文编号：	1936
作者编号：	031715
上传时间：	2010/5/13 10:56:55
中文题目：	中国上市公司配股行为对公司业绩影响的实证研究
英文题目：	Listed companies
指导老师：	谷卫
中文关键字：	上市公司 配股行为 会计业绩 股票回报率业绩
英文关键字：	Listed companies, rights issues behavior, accounting performance, stock return performance
中文摘要：	集资金是企业健康、持续发展的重要保障，而配股作为我国上市公司权益融资的重要渠道，对于上市公司的发展具有重要意义。配股在我国自1993年正式出现以来发展迅速，但是由于所处市场环境的影响，在发展的同时也产生了一些不正常的现象，给市场带来了新的问题。上市公司为了获取配股资格，往往采用多种手段进行盈余操纵，造成配股之后公司业绩普遍下滑。 本文通过对我国1997-2001年实施配股的上市公司为样本，对其业绩进行分析研究，探讨了在我国特定的制度背景下，不同配股行为可能隐含的行为者的操作动机，并结合实证检验，分析了不同配股行为的上市公司长期业绩的走势。第一，选取与配股公司行业和规模相同或相近的未配股公司为对照组，比较配股公司与对照组的长期业绩。第二，把配股公司按照资产规模大小进行分组，发现规模较大的公司在配股后长期回报率比市场回报率出现了明显的下滑趋势，而规模较小的公司，配股后业绩下滑统计上并不显著。第三，按照配股政策是否严格将配股公司分为两个研究期间，发现配股政策严格的期间，公司配股的长期回报率业绩比市场回报率显著恶化。第四，把配股公司分为一次配股公司和多次配股公司，研究两者的长期业绩，发现多次配股公司的长期会计业绩和长期回报率业绩均好于一次配股公司。第五，本部分研究了大股东配股行为不同的上市公司的业绩，发现大股东认购比率高的公司未来会计业绩明显好于大股东配股认购比率低的公司的业绩；从大股东认购方式来看，采用现金方式认购公司未来的会计业绩好于采用实物方式认购的公司。 最后本文阐述了研究的实践意义及针对研究结论提出了一系列的对策和解决办法，期望能给投资者的投资决策提供一定的借鉴意义，使证券监管部门提高监管手段和方法，使上市公司更有计划和理性地做出配股决策，使资源能有效配置和利用，促进市场的健康发展和良性循环。
英文摘要：	Raising capital is the foundation of an enterprise's sound and continuous development, while as an important channel for equity capital raising of China's Listed companies, Right offering has significant influence to their further development. Right offering has been developing quickly since 1993, however, due to China's economic environment; it also causes some illegitimate phenomenon and brings new problems to the capital market. The listed companies use many kinds of methods to manipulate reporting earnings in order to obtain equity offers, and result in drops in the performance of the listed company. This paper selects a sample of China's listed corporations implementing rights issues during 1997-2001, analyses and researches their performance. We use empirical examination to analyze the company's long-term performance trends in different right offering behaviors. First, we select no right offerings' company as comparison group which are similar to right offerings' companies in industry and scale, and observe the differences in long-term performance between them. Secondly, we divide right offerings' company into four groups according to assets' scale, find the bigger companies are, the more drops in the long-term performances are. Thirdly, we divide the right offerings' companies into two groups according to whether the policies of right offering are strict; we find that the stock return performances are more digressive than the market return performances markedly in the period of rigorous policies. Fourthly, this paper analyzes the amount of rights issues and conducts comparison between the single issuing rights firms and multiple issuing rights firms. We find the multiple issuing rights firms' long-term performance is better than the single issuing rights firms. Fifthly, this part observes the offering behavior of large shareholders and its' economic consequence. According to the empirical test, we find the firms which the large stockholders buy the stocks in high ratios will have better performance than those firms which the large stockholders buy the stocks in low ratios; From the way of buying stocks, the firms which the large stockholders buy stocks in cash will have better performance than those firms which the large stockholders buy the stocks in assets. Finally, this paper elaborates the meaning of research and provides some suggestions for investors on the investment directions, and also offers some advice for government's supervision section to improve their regulatory methods. we hope this paper can make the listed companies to use the rights issues more carefully and impel the securities market to develop healthily.
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